This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 6 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the first step of your budget after recording your income? A) Fixed expenses. B) Variable expenses. C) Savings/investing. D) None of these. Show Answer Correct Answer: C) Savings/investing. 2. This is an illegal means by which money is earned A) Subsistent income. B) Black market. C) Dividend. D) Barter. Show Answer Correct Answer: B) Black market. 3. Identify the background color of a U.S. $ 5.00 bill A) Blue. B) Orange. C) Green. D) Red. Show Answer Correct Answer: C) Green. 4. What's the amount on which taxes are collected? A) Taxable income. B) Net worth. C) Personal assets. D) Earned income. Show Answer Correct Answer: A) Taxable income. 5. A(n) ..... is a charge imposed by government to fund public services. A) Sales tax. B) Tax. C) Excise tax. D) Income tax. Show Answer Correct Answer: B) Tax. 6. Which of the following expenses could you use your emergency fund of savings to pay the bill? A) Groceries. B) Car insurance. C) Car repairs. D) Rent. Show Answer Correct Answer: C) Car repairs. 7. Money for saving, investing, or spending cannot be from: A) Capital losses from the sale of stock. B) Discretionary income or a gift of money. C) Capital gains from a sale of stock. D) An inheritance from someone who has died. Show Answer Correct Answer: A) Capital losses from the sale of stock. 8. A credit card ..... A) Gives you access to money that you can borrow and pay back later with interest. B) Does not charge interest. C) Is linked to your bank account. D) Does not have a limit. Show Answer Correct Answer: A) Gives you access to money that you can borrow and pay back later with interest. 9. Overspending on luxury items can deplete one's A) Income. B) Credit. C) Budget. D) None of the above. Show Answer Correct Answer: A) Income. 10. The amount of money left after all deductions have been taken from the gross pay earned in a pay period. A) Commission. B) Gross Pay. C) Pay Rate. D) Net Pay. Show Answer Correct Answer: D) Net Pay. 11. A person's debt ratio shows the relationship between debt and net worth. The lower the ratio the A) Better off financially the person is. B) Worse off financially the person is. C) More liquid assets the person has. D) Less liquid assets the person has. Show Answer Correct Answer: A) Better off financially the person is. 12. Which would NOT be a part of a consumer's investments? A) Certificates of deposit. B) Credit cards. C) Stocks. D) Checking account. Show Answer Correct Answer: B) Credit cards. 13. Why should you price shop? A) To pay more money. B) To build interest. C) To spend more. D) To save and get the best deal. Show Answer Correct Answer: D) To save and get the best deal. 14. To have a ..... at the end of the month, I have to make sure I don't spend more than I earn and have some money to save at the end of the month. A) Savings. B) Expense. C) Balanced Budget. D) Income. Show Answer Correct Answer: C) Balanced Budget. 15. Utilities, food and clothing are referred to as A) Net expenses. B) Fixed expense. C) Variable expenses. D) Gross expenses. Show Answer Correct Answer: C) Variable expenses. 16. If we decide to go to Top Golf over Spring Break, it would be considered a ..... A) Income. B) Fixed Expense. C) Variable Expense. D) Discretionary Expense. Show Answer Correct Answer: D) Discretionary Expense. 17. Are a spending plan and a budget the same thing? A) These aren't real things. B) Yes. C) No. D) Sometimes. Show Answer Correct Answer: B) Yes. 18. Ideas and beliefs that ae most important or meaningful to you are ..... A) Goals. B) Values. C) Wants. D) SMART goals. Show Answer Correct Answer: B) Values. 19. If you have a budget, you should A) Learn how to plan for financial emergencies. B) Never buy anything on credit. C) Be able to buy anything you want. D) All of the above. Show Answer Correct Answer: A) Learn how to plan for financial emergencies. 20. Which of the following shows $ 0.72? A) 2 quarters, 1 dime, 2 pennies. B) 2 quarters, 1 dime, 2 nickels, 2 pennies. C) 2 quarters, 1 dime, 1 nickel, 2 pennies. D) 27 pennies. Show Answer Correct Answer: B) 2 quarters, 1 dime, 2 nickels, 2 pennies. 21. Your take-home pay is called our A) Surplus. B) Net pay. C) Gross pay. D) Total deductions. Show Answer Correct Answer: B) Net pay. 22. What is the definition of a major decision? A) Made on a day-to-day basis without a lot of thought. B) May become a habit. C) Choices that have long-term effects on a person's life. D) The process of identifying personal interests. Show Answer Correct Answer: C) Choices that have long-term effects on a person's life. 23. The value of what is given when you choose one option over another is called an A) Opportunity Cost. B) Expense. C) Fixed Expense. D) Variable Expense. Show Answer Correct Answer: A) Opportunity Cost. 24. The total amount of money earned before payroll withholdings A) Net pay. B) Gross pay. C) Payroll deductions. D) None of these. Show Answer Correct Answer: B) Gross pay. 25. Which of the following is NOT a need? A) Shelter. B) Clothes. C) Netflix. D) Food. Show Answer Correct Answer: C) Netflix. 26. How do most people purchase a home? A) In cash. B) Through a lease. C) With a down payment and a mortgage loan. D) Building their own. Show Answer Correct Answer: C) With a down payment and a mortgage loan. 27. A series of regular payments made to a retired worker under an organized plan. A) Pension. B) Financial plan. C) Personal assets. D) None of above. Show Answer Correct Answer: A) Pension. 28. Which of the following is considered a need? A) A clothes dryer. B) Lunch at a local restaurant. C) A new car. D) A place to sleep. Show Answer Correct Answer: D) A place to sleep. 29. All of the following can help increase your earning potential EXCEPT what? A) Education. B) Experience. C) Skills. D) Reference Letters/Resume. Show Answer Correct Answer: D) Reference Letters/Resume. 30. You have 7 dimes 2 nickels and 5 pennies. How much money do you have? A) .72 cents. B) .35 cents. C) .85 cents. D) .81 cents. Show Answer Correct Answer: C) .85 cents. ← PreviousNext →Related QuizzesFinance QuizzesEconomics QuizzesMoney Management Quiz 1Money Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 5Money Management Quiz 7Money Management Quiz 8Money Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books