This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 7 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A percentage of the money borrowed A) Loan. B) Interest rate. C) Interest. D) Percent. Show Answer Correct Answer: C) Interest. 2. The amount of pay before all deductions refers to A) Gross pay. B) Net pay. C) Adjusted gross income. D) Exemption pay. Show Answer Correct Answer: A) Gross pay. 3. The amount of something left over when requirements have been met. A) Opportunity cost. B) Loan. C) Surplus. D) Deficit. Show Answer Correct Answer: C) Surplus. 4. The first step in the financial planning process is to ..... A) Identify possible courses of action. B) Determine your financial situation. C) Develop your financial goals. D) Evaluate your alternatives. Show Answer Correct Answer: B) Determine your financial situation. 5. Calculate the missing amount for BLiabilities A) $ 3, 000. B) $ 5, 200. C) $ 1, 800. D) $ 7, 000. Show Answer Correct Answer: B) $ 5, 200. 6. Another term for the dollar amount of your paycheck after taxes and other withholdings is: A) Adjusted gross income. B) Gross income. C) Discretionary income. D) Net income. Show Answer Correct Answer: A) Adjusted gross income. 7. How many nickels does it take to make a 1.00? A) 40. B) 20. C) 15. D) 10. Show Answer Correct Answer: B) 20. 8. These vary from month to month depending on how much you use A) Flexible. B) Gross. C) Net. D) Fixed. Show Answer Correct Answer: A) Flexible. 9. Nancy has 1.00 and spends 67 cents. How much money does she have left over? A) .23. B) .33. C) .43. D) .45. Show Answer Correct Answer: B) .33. 10. When I use my debit card at the store, the money is automatically taken out of my ..... account. A) Withdraw. B) Checking. C) Savings. D) Inflation. Show Answer Correct Answer: B) Checking. 11. What is something financially wise consumers do? A) Postpone major purchases until money can be saved for it. B) Spend now, figure out how to pay for it later. C) Set only short term financial goals. D) Worry about emergencies when they happen. Show Answer Correct Answer: A) Postpone major purchases until money can be saved for it. 12. ..... refers to money in your pocket A) Loan. B) Liquid income. C) Debit card. D) Credit card. Show Answer Correct Answer: B) Liquid income. 13. A man budgeted $ 200 a month for clothing. This month the man spent $ 150 on clothing therefore that budget item is considered to have A) A budget variance. B) An income overage. C) A budget deficit. D) An outflow deficit. Show Answer Correct Answer: A) A budget variance. 14. ..... measures how comfortable you are based on the things you own. A) Financial goals. B) Budget. C) Standard of living. D) Income. Show Answer Correct Answer: C) Standard of living. 15. What percentage is recommended for savings? A) 20%. B) 3%. C) 15%. D) 10%. Show Answer Correct Answer: D) 10%. 16. What are earnings from dividends, interest, and rent? A) Taxable income. B) Earned income. C) Allowance. D) Investment income. Show Answer Correct Answer: D) Investment income. 17. A loan company will allow you to get money with a payment of the principle and interest. A) False. B) True. C) May be. D) Never. Show Answer Correct Answer: B) True. 18. A personal balance sheet would report all of the following EXCEPT A) Net income. B) Home mortgage. C) Value of your car. D) Amount in your checking account. Show Answer Correct Answer: A) Net income. 19. When purchasing a video game you would use what method of payment? A) Credit Card. B) Coins. C) Cash. D) Bank Loan. Show Answer Correct Answer: C) Cash. 20. A financial Institution is also known as what? A) A bank. B) A savings account. C) A deposit a bank account that earns interest. D) A checking account. Show Answer Correct Answer: A) A bank. 21. A credit score will tell the lender that you can be A) Trusted. B) Cannot be trusted. C) Bad risk. D) All of the above. Show Answer Correct Answer: D) All of the above. 22. Helps make decisions about your income; Saving-spending plan. A) Bank Loan. B) Networking. C) Budget. D) Income. Show Answer Correct Answer: C) Budget. 23. The difference between total assets and total liabilities A) Bankruptcy. B) Net worth. C) Self-worth. D) Credit score. Show Answer Correct Answer: B) Net worth. 24. Your "take home pay" is also known as your A) Net pay. B) Total income. C) Salary. D) Gross pay. Show Answer Correct Answer: A) Net pay. 25. What is charitable giving? A) Spending money on vacations and trips. B) Saving money for college tuition. C) Donating money to help other people. D) Investing money in a new business. Show Answer Correct Answer: C) Donating money to help other people. 26. Which of the following careers would be a possible choice for someone interested in money and finance? A:Banker B:Statistician C:Retail store manager D:Social worker A) Banker. B) Social Worker. C) Retail Store Manager. D) Statistician. Show Answer Correct Answer: A) Banker. 27. A good first step in financial planning would be to A) Hire a professional financial planner. B) Create a balance sheet and cash flow statement. C) Pay off all of your debts. D) Develop long-term financial goals. Show Answer Correct Answer: B) Create a balance sheet and cash flow statement. 28. All of the following choices are examples of investments except ..... A) Taxes. B) Stocks and Bonds. C) Real estate. D) Businesses. Show Answer Correct Answer: A) Taxes. 29. The amount an employee earns once taxes and other items are deducted from his or her gross pay. A) Budget. B) Net Income. C) Debt. D) Gross Income. Show Answer Correct Answer: B) Net Income. 30. One good reason to get a credit card is ..... A) To help you build your credit score. B) To help you pay more interest. C) To help you buy things your can't afford and pay for them later. D) To help you pay for college. Show Answer Correct Answer: A) To help you build your credit score. ← PreviousNext →Related QuizzesFinance QuizzesEconomics QuizzesMoney Management Quiz 1Money Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 5Money Management Quiz 6Money Management Quiz 8Money Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books