This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is money planned for budget categories? A) Allowance. B) Budget variance. C) IRA. D) Tax credit. Show Answer Correct Answer: A) Allowance. 2. If your income is $ 20 per month, how much should you spend each month to stay on budget? Choose the best answer. A) Exactly $ 20. B) Between $ 10 and $ 30. C) Nothing. D) $ 20 or less. Show Answer Correct Answer: D) $ 20 or less. 3. Which of the following is not a common fee assessed by your bank? A) ATM Fee. B) Sales Fee. C) Overdraft Fee. D) Monthly Service Fee. Show Answer Correct Answer: B) Sales Fee. 4. Jamie has 2 quarters, 4 dimes, and 2 pennies in her pocket. How much money does Jamie have in all? A) $ 0.72. B) $ 0.62. C) $ 92.00. D) $ 0.92. Show Answer Correct Answer: D) $ 0.92. 5. Calculate the "Net worth"Cash $ 4, 670Investment account $ 26, 910Credit card debt $ 2, 670House value $ 93, 780House mortgage-$ 76, 230 A) $ 31, 950. B) $ 46, 460. C) $ 78, 900. D) $ 125, 000. Show Answer Correct Answer: B) $ 46, 460. 6. Extra money that can be spent or saved is called a ..... A) Deficit. B) Budget variance. C) Surplus. D) Opportunity cost. Show Answer Correct Answer: C) Surplus. 7. You find out that you are going to have to purchase your first car. You need to start using which of the following personal finance terms? A) Savings. B) Budget. C) Credit. D) You would need to use all 3 of these. Show Answer Correct Answer: D) You would need to use all 3 of these. 8. Preparing a budget includes A) Only listing your debts. B) Only listing your expenses. C) Only listing your income. D) Income, Expenses, Saving. Show Answer Correct Answer: D) Income, Expenses, Saving. 9. Saving a certain amount of money to be used later for financial goals A) Cash flow. B) Pay yourself first. C) Spending Log. D) Income. Show Answer Correct Answer: B) Pay yourself first. 10. Minimum wage was established by the citizens A) True. B) False. C) Maybe. D) Sometimes. Show Answer Correct Answer: B) False. 11. By investing you should ..... more money than you ..... in due to interest. A) Get, save. B) Get, borrow. C) Put, get. D) Get, put. Show Answer Correct Answer: D) Get, put. 12. If you save your money in a bank account ..... A) You will not be able to spend it until your are 21. B) You will earn interest, but it will be low. C) You will be able to spend it with a credit card. D) Your money will compound quickly. Show Answer Correct Answer: B) You will earn interest, but it will be low. 13. Your needs should override A) Wants. B) Savings. C) All of the above. D) Budget. Show Answer Correct Answer: A) Wants. 14. Money management is necessary for ..... A) Consumers. B) Businesses. C) Governments. D) All of these. Show Answer Correct Answer: D) All of these. 15. Money in savings/investment kept for future use accumulates to determine how much money a person has A) Medium of exchange. B) Store of value. C) Measure of value. D) Standard of deterred payment. Show Answer Correct Answer: B) Store of value. 16. My cousin wanted to borrow $ 300 from me. I loaned him the money but I told him that he would have to pay me back $ 330. The money that was paid back to me on top of the loan is known as ..... A) Debt. B) Credit. C) Savings. D) Interest. Show Answer Correct Answer: D) Interest. 17. What would happen if your expenses are greater than your income? A) You could loan people money. B) You could save more oney. C) You would be in debt. D) You would be rich. Show Answer Correct Answer: C) You would be in debt. 18. When making financial decisions, you can find information that will help you ..... A) On the Internet. B) On corporate Web sites. C) In finance-oriented newspapers and magazines. D) All of these. Show Answer Correct Answer: D) All of these. 19. Which of the following is an example of a need for most people? A) A place to live. B) A nice car. C) Designer jeans. D) None of above. Show Answer Correct Answer: A) A place to live. 20. The total amount of money earned during the pay period before deductions. A) FICA. B) Gross Pay. C) Take Home pay. D) Net Pay. Show Answer Correct Answer: B) Gross Pay. 21. What is sacrifice? A) Making good choices. B) Going without good and services. C) Exchanging one thing for another. D) Giving up something to do something else. Show Answer Correct Answer: D) Giving up something to do something else. 22. Government assistance, retirement, alimony, investments A) Income. B) Benefits. C) Needs. D) Wants. Show Answer Correct Answer: A) Income. 23. Light and water is referred to as ..... on the budget A) Other. B) Miscellaneous. C) Utilities. D) Savigns. Show Answer Correct Answer: C) Utilities. 24. What are results from wages, salaries, etc, ? A) Investment income. B) Earned income. C) Personal assets. D) Taxable income. Show Answer Correct Answer: B) Earned income. 25. ..... expenses occur only once in a while. A) Periodic. B) Variable. C) Delayed. D) Fixed. Show Answer Correct Answer: A) Periodic. 26. ..... is the starting point of personal financial management A) Savings. B) Credit. C) Expenditure. D) Income. Show Answer Correct Answer: D) Income. 27. The family has liabilities of $ 128, 000 and assets of $ 340, 000. What is their debt ratio? A) 265%. B) 0.376%. C) 2.65%. D) 38%. Show Answer Correct Answer: D) 38%. 28. Sign of an unhealthy budget is A) Too much money. B) Too much credit. C) Too many expenses. D) None of above. Show Answer Correct Answer: C) Too many expenses. 29. Basic items that are useful for survival are ..... A) Needs. B) Values. C) Wants. D) Income. Show Answer Correct Answer: A) Needs. 30. Budgeting for unexpected expenses would include ..... A) Rent. B) Car payment. C) Car repairs. D) Insurance. Show Answer Correct Answer: C) Car repairs. ← PreviousNext →Related QuizzesFinance QuizzesEconomics QuizzesMoney Management Quiz 1Money Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 6Money Management Quiz 7Money Management Quiz 8Money Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books