This quiz works best with JavaScript enabled. Home > Finance > Management > Money Management – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Gaby has 4 dimes, 3 nickels, and 2 pennies in her pocket. How much money does she have in all? A) $ 0.47. B) $ 0.55. C) $ 0.67. D) $ 0.57. Show Answer Correct Answer: D) $ 0.57. 2. High skill jobs require extensive education and training A) False. B) Maybe. C) Sometimes. D) True. Show Answer Correct Answer: D) True. 3. WANTS A) Are expenses that can go up and down each month. B) Describe how you will pay for achieving your personal goals. C) Are things you want to achieve. D) Are things we desire to buy and go beyond filling survival needs and basic comforts. Show Answer Correct Answer: D) Are things we desire to buy and go beyond filling survival needs and basic comforts. 4. Which of the following would be considered a want for most people? A) A brand-name jacket. B) Transportation to get to work. C) A place to live. D) Nutritious food. Show Answer Correct Answer: A) A brand-name jacket. 5. Calculate the "Total Assets" Cash $ 4, 670Investment account $ 26, 910Credit card debt $ 2, 670 House value $ 93, 780House mortgage-$ 76, 230 A) $ 125, 360. B) $ 204, 260. C) $ 31, 580. D) $ 78, 900. Show Answer Correct Answer: A) $ 125, 360. 6. Perishable goods like barley make poor forms of currency. What does "perishable" mean? A) Susceptible to spoiling or being ruined. B) Large in size. C) Hard to measure. D) Worthless. Show Answer Correct Answer: A) Susceptible to spoiling or being ruined. 7. Spreading one's assets across several types of saving and investment products to manage risk is called: A) Allocation. B) Poolin. C) Diversification. D) Budgeting. Show Answer Correct Answer: C) Diversification. 8. When estimating income for your budget, you should consider ..... A) Gross pay. B) Take-home pay. C) Retirement contributions. D) Getting an income tax refund. Show Answer Correct Answer: B) Take-home pay. 9. What does the "M" stand for in SMART goal? A) Measureable. B) Magnificent. C) Messing. D) Morning. Show Answer Correct Answer: A) Measureable. 10. Your birth certificate and Social Security card would likely be contained in which category of your financial records filing system? A) Money management records. B) Housing records. C) Personal records. D) Tax records. Show Answer Correct Answer: C) Personal records. 11. You should pay off your credit card balance each month ..... A) By paying ONLY the minimum due. B) By paying half of what you owe. C) In full and ON time. D) When you remember. Show Answer Correct Answer: C) In full and ON time. 12. If you want to increase your savings, ..... A) Increase your income. B) Increase your expenses. C) Decrease your income. D) Use your credit card instead of paying cash. Show Answer Correct Answer: A) Increase your income. 13. The process of projecting, organizing, monitoring, and controlling future income and expenses is known as ..... A) Budgeting. B) Investing. C) Personal Finance. D) Money Management. Show Answer Correct Answer: C) Personal Finance. 14. If an employee works more than 40 hours a week it is considered A) Regular time. B) Overtime. C) Part time. D) Hourly. Show Answer Correct Answer: B) Overtime. 15. A friend's parents are worried about going over their budget for the month. Which expense would you suggest is NOT a need? A) Rent payment. B) Car insurance. C) Cable Service. D) Groceries. Show Answer Correct Answer: C) Cable Service. 16. The difference between your personal assets and your personal liabilities is your A) Cash inflow. B) Net worth. C) Cash outflow. D) Net income. Show Answer Correct Answer: B) Net worth. 17. Shaunda wants to buy her grandmother's car to drive back and forth to college next year. Her grandmother agrees to sell Shaunda the car for $ 1, 200 in a year. This is an example of what type of goal? A) Short term. B) Medium term. C) Long term. D) Financial term. Show Answer Correct Answer: B) Medium term. 18. Items that make life more fun but are not necessary are ..... A) Needs. B) Opportunity costs. C) Values. D) Wants. Show Answer Correct Answer: D) Wants. 19. Which of the following is a variable expense for many adults? A) Their monthly cost of eating out at restaurants. B) Their monthly rent payment. C) The monthly payment on their car loan. D) Their monthly payment for health insurance. Show Answer Correct Answer: A) Their monthly cost of eating out at restaurants. 20. Financial planning helps individuals to: A) Guarantee future income. B) Achieve all goals by set target dates. C) Have strategies for saving and investing. D) Eliminate risk on investments. Show Answer Correct Answer: C) Have strategies for saving and investing. Next →Related QuizzesFinance QuizzesMoney Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 5Money Management Quiz 6Money Management Quiz 7Money Management Quiz 8Money Management Quiz 9Money Management Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books