This quiz works best with JavaScript enabled. Home > Economics > Finance > Management > Money Management – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Sebastian owns a car that is worth $ 4, 500, a coin collection worth $ 250, and has $ 2, 500 in his checking account. He owes $ 1, 500 on his credit card and $ 2, 000 for a medical bill. What is Sebastian's net worth? A) $ 10, 750. B) $ 3, 750. C) $ 7, 750. D) None of above. Show Answer Correct Answer: B) $ 3, 750. 2. The DECIDE strategy includes ..... A) Choosing 2-3 good options. B) Defining your goal. C) Evaluating results. D) All of these. Show Answer Correct Answer: D) All of these. 3. An important consideration when saving money for emergencies is: A) High growth potential. B) High degree of safety and liquidity. C) Diversification. D) Return on investment. Show Answer Correct Answer: B) High degree of safety and liquidity. 4. Salary employees don't have to ..... A) Clock in hourly. B) Get time and a half. C) Sign a time sheet. D) None of above. Show Answer Correct Answer: C) Sign a time sheet. 5. Mr. Johnson received $ 1, 750 on his paycheck for two weeks. He got $ 275 taken out of his check for taxes and $ 125 for his health insurance. The amount he had left is defined as his- A) Income tax. B) Gross income. C) Net income. D) Property tax. Show Answer Correct Answer: C) Net income. 6. This is money you can get to pay for college, which has to be paid back. A) Student Loan. B) Scholarhip. C) Grant. D) College Savings. Show Answer Correct Answer: A) Student Loan. 7. Doing a budget does not: A) Show if you are overspending in an area. B) Make overspending more likely. C) Remove guilt and shame sometimes associated with purchase. D) Make your money go further. Show Answer Correct Answer: B) Make overspending more likely. 8. Merchants agree to accept money in exchange for their ..... ; employees agree to accept money in exchange for their ..... A) Goods, labor. B) Supply, demand. C) Money, labor. D) Labor, money. Show Answer Correct Answer: A) Goods, labor. 9. A ..... allows students to work on or off campus to earn money to help pay college costs. A) Federal loan. B) Scholarship. C) Federal work study. D) Grant. Show Answer Correct Answer: C) Federal work study. 10. A person's taxes can be reduced by A) Exemptions. B) A tax credit. C) Donations to charitable organizations. D) All are true. Show Answer Correct Answer: D) All are true. 11. Amounts spent for food, clothing, and other living costs. A) Cash outflows. B) Pension. C) Annuity. D) None of above. Show Answer Correct Answer: A) Cash outflows. 12. The amount of money a person earns during a year A) Expenditure. B) Savings. C) Debt. D) Income. Show Answer Correct Answer: D) Income. 13. Mr. Kent was hired to work for $ 70, 000.00 a year. How much will he make in a week? A) 2, 000.00. B) 1, 548.12. C) 1, 458.33. D) 1, 346.15. Show Answer Correct Answer: C) 1, 458.33. 14. Cash and items of value that can easily be converted to cash A) Debt. B) Long-term asset. C) Liability. D) Liquid/current asset. Show Answer Correct Answer: D) Liquid/current asset. 15. When money is not used and goods and services are exchanged for other goods and services, this system is called: A) Credit. B) Money. C) Barter. D) Checks. Show Answer Correct Answer: C) Barter. 16. Service jobs usually start with the A) Over time rate. B) Part time rate. C) Minimum wage. D) Salary. Show Answer Correct Answer: C) Minimum wage. 17. Which of the following is a fixed expense? A) Utilities. B) Clothing. C) Food. D) Rent. Show Answer Correct Answer: D) Rent. 18. A type of electronic funds transfer (EFT) is: A) Not widely used by consumers. B) A transaction made with a check. C) A deposit made with a bank teller. D) An ATM transaction. Show Answer Correct Answer: D) An ATM transaction. 19. Which type of bank account is most linked to spending? A) Checking. B) Investment. C) Savings. D) Mutual Fund. Show Answer Correct Answer: A) Checking. 20. Which government agency is responsible for creating and tracking all of the money in the United States? A) Internal Revenue Service. B) Employer. C) Federal Reserve. D) Federal Commissions Agency. Show Answer Correct Answer: C) Federal Reserve. 21. What does a well designed, successful financial plan include? A) Wants and needs. B) Unexpected income. C) Retirement planning. D) Bank statements. Show Answer Correct Answer: C) Retirement planning. 22. All of these are true about investing money except ..... A) You will earn money on the interest you earn. B) You will earn money on the principal you invest. C) You should start at a young age. D) You can only do it if you are rich. Show Answer Correct Answer: D) You can only do it if you are rich. 23. A plan for future expense/expenditure A) Shopping list. B) Agenda. C) Budget. D) Debt. Show Answer Correct Answer: C) Budget. 24. What type of organization will offer a 403(c) as a retirement plan? A) Giant company. B) Nonprofit/government. C) Private business. D) Airline. Show Answer Correct Answer: B) Nonprofit/government. 25. The movement of money you receive and the money you spend is called A) Goals. B) Cash Flow. C) Needs. D) Wants. Show Answer Correct Answer: B) Cash Flow. 26. Which of these is a document that provides pace to record the money that you receive and pay out on a monthly basis? A) Mission statement. B) Financial statement. C) SMART goal. D) Budget. Show Answer Correct Answer: D) Budget. 27. Which of the following would be considered a short-term savings goal? A) Buying a used car. B) Saving to buy a birthday gift for your friend. C) Paying for college. D) Saving for your retirement. Show Answer Correct Answer: B) Saving to buy a birthday gift for your friend. 28. The difference between banks and credit unions A) One has more money. B) Who owns each of them. C) Their location and size. D) None of above. Show Answer Correct Answer: B) Who owns each of them. 29. When writing a short term goal, you are looking at a time frame that is ..... A) 3 months. B) 3 months to a year. C) Over a year. D) 3 months or less. Show Answer Correct Answer: D) 3 months or less. 30. Salaried employees are not allowed to have overtime A) True. B) Maybe. C) False. D) Sometimes. Show Answer Correct Answer: A) True. ← 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 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books