This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 8 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The money you profit from an investment is called ..... A) Flat rate. B) Fee. C) Saving. D) Return. Show Answer Correct Answer: D) Return. 2. Which is a deposit account held at a financial institution that allows withdrawals and deposits. A) Checking Account. B) Budget. C) Expense. D) Savings Account. Show Answer Correct Answer: A) Checking Account. 3. Having enough money to cover all your expenses mean you have ..... A) Debt. B) Balanced Budget. C) Uneven Budget. D) None of above. Show Answer Correct Answer: B) Balanced Budget. 4. A short term goal is for how long? A) Less than a year. B) 10 years or more. C) Up to 3 months. D) More than a year. Show Answer Correct Answer: A) Less than a year. 5. What does the R stand for in SMART? A) Receive. B) Red. C) Relevant. D) Revive. Show Answer Correct Answer: C) Relevant. 6. What is one consequence of going into bankruptcy? A) Nothing. B) Losing EVERYTHING. C) Losing your job. D) Losing some of your possessions. Show Answer Correct Answer: D) Losing some of your possessions. 7. What are SMART goals? A) Specific, Money, Actual, Responsible and Timely. B) Specific, Measurable, Attainable, Relevant and Time-Bound. C) Specific, Measurable, Acceptable, Responsible and Timely. D) Specific, Measurable, Actual, Responsible, Time-Bound. Show Answer Correct Answer: B) Specific, Measurable, Attainable, Relevant and Time-Bound. 8. Which of the following is an example of a defined contribution benefit plan? A) 401k. B) IRA. C) Pension. D) None of above. Show Answer Correct Answer: A) 401k. 9. Every month after my parents pay all of the family's bills they set aside a little bit of money for the family to do fun things like go to the movies, bowling and even go to amusement parks. My family uses a ..... A) Interest. B) Budget. C) Income. D) Debt. Show Answer Correct Answer: B) Budget. 10. Which one of the following could NOT be called income? A) An allowance. B) A paycheck. C) Paying your rent. D) None of above. Show Answer Correct Answer: C) Paying your rent. 11. Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he not list as an asset? A) His hockey equipment. B) Money in his checking account. C) The market value of his car. D) Money in the paycheck he will receive next week. Show Answer Correct Answer: D) Money in the paycheck he will receive next week. 12. Items of value, such as bank accounts, jewelry, and automobiles. A) Personal assets. B) Net income. C) Pension. D) None of above. Show Answer Correct Answer: A) Personal assets. 13. What is an expenditure? A) Benefits from a job. B) Money saved. C) Money spent. D) Money earned by a worker. Show Answer Correct Answer: C) Money spent. 14. The Hamilton household has 145, 000 in assets and 63, 000 in liabilities. What is the family's net worth? A) -$ 82, 000. B) -$ 63, 000. C) $ 82, 000. D) $ 227, 000. Show Answer Correct Answer: C) $ 82, 000. 15. Goods and services are exchanged for other goods and service A) Fixed expense. B) Flexible expense. C) Barter. D) Fringe Benefit. Show Answer Correct Answer: C) Barter. 16. Which is most likely to be used in the USA to become a home owner? A) Money from winning the lottery. B) Paying in cash. C) Borrowing most of the money. D) Getting the house as a gift. Show Answer Correct Answer: C) Borrowing most of the money. 17. An hourly employee receives A) Hourly wage. B) Fixed amount of money. C) Maximum wage. D) Allowance. Show Answer Correct Answer: A) Hourly wage. 18. The necessity or complexity of the job determines its status A) True. B) False. C) Sometimes. D) None of above. Show Answer Correct Answer: A) True. 19. What does the S in SMART goal stand for? A) Specific. B) Saving. C) Shelman. D) Service. Show Answer Correct Answer: A) Specific. 20. Any money you receive such as an allowance or paycheck A) Spending plan. B) Income. C) Fixed expenses. D) Cash flow. Show Answer Correct Answer: B) Income. 21. If you know the unit price of an item, you are better able to: A) Compare prices of two brands. B) Estimate how much you will need. C) Determine the total cost of the purchase. D) Figure out the discount during a sale. Show Answer Correct Answer: A) Compare prices of two brands. 22. What is one thing you should do with your money when you receive your paycheck? A) Pay yourself first. B) Buy some new sneakers. C) Go to the movies. D) None of above. Show Answer Correct Answer: A) Pay yourself first. 23. When writing an intermediate goal, you are looking at a time frame that is ..... A) More than 12 months. B) 3 months or less. C) 3-12 months. D) 3 months. Show Answer Correct Answer: C) 3-12 months. 24. Which term is INCORRECTLY matched with the definition? A) Budget-A plan for spending. B) Expenditure-Money you spend. C) Income-Money you have to pay. D) Saving-Setting aside money for future use. Show Answer Correct Answer: C) Income-Money you have to pay. 25. Which of the following would not be considered an expense? A) Tax Refund. B) Insurance Payment. C) Taxes Paid. D) Savings set aside. Show Answer Correct Answer: A) Tax Refund. 26. ..... are what you spend money on. A) PYF. B) Expenses. C) Income. D) Budgets. Show Answer Correct Answer: B) Expenses. 27. I have been setting aside $ 100 a month for my children to have money to go to college. This idea is known as what? A) Income. B) Credit. C) Savings. D) Debt. Show Answer Correct Answer: C) Savings. 28. A plan for spending and saving is a A) Spreadsheet. B) Budget. C) Google Sheet. D) Long term Goal. Show Answer Correct Answer: B) Budget. 29. What reports net wages and income with spending? A) Fixed expense. B) Investment income. C) Cash flow statement. D) Financial plan. Show Answer Correct Answer: C) Cash flow statement. 30. What is accumulation and management of property? A) Financial plan. B) Personal assets. C) Cash flow statement. D) Estate planning. Show Answer Correct Answer: D) Estate planning. ← 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 7Money Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books