This quiz works best with JavaScript enabled. Home > Finance > Management > Money Management – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What does the R stand for in SMART? A) Receive. B) Red. C) Revive. D) Relevant. Show Answer Correct Answer: D) Relevant. 2. What is one consequence of going into bankruptcy? A) Losing your job. B) Nothing. C) Losing some of your possessions. D) Losing EVERYTHING. Show Answer Correct Answer: C) Losing some of your possessions. 3. 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. 4. 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. 5. 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) Income. B) Debt. C) Interest. D) Budget. Show Answer Correct Answer: D) Budget. 6. 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. 7. 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) Money in his checking account. B) Money in the paycheck he will receive next week. C) His hockey equipment. D) The market value of his car. Show Answer Correct Answer: B) Money in the paycheck he will receive next week. 8. 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. 9. What is an expenditure? A) Money earned by a worker. B) Money spent. C) Benefits from a job. D) Money saved. Show Answer Correct Answer: B) Money spent. 10. The Hamilton household has 145, 000 in assets and 63, 000 in liabilities. What is the family's net worth? A) $ 82, 000. B) $ 227, 000. C) -$ 63, 000. D) -$ 82, 000. Show Answer Correct Answer: A) $ 82, 000. 11. Goods and services are exchanged for other goods and service A) Barter. B) Fringe Benefit. C) Fixed expense. D) Flexible expense. Show Answer Correct Answer: A) Barter. 12. Which is most likely to be used in the USA to become a home owner? A) Paying in cash. B) Getting the house as a gift. C) Borrowing most of the money. D) Money from winning the lottery. Show Answer Correct Answer: C) Borrowing most of the money. 13. An hourly employee receives A) Hourly wage. B) Fixed amount of money. C) Maximum wage. D) Allowance. Show Answer Correct Answer: A) Hourly wage. 14. 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. 15. What does the S in SMART goal stand for? A) Shelman. B) Service. C) Specific. D) Saving. Show Answer Correct Answer: C) Specific. 16. Any money you receive such as an allowance or paycheck A) Cash flow. B) Fixed expenses. C) Income. D) Spending plan. Show Answer Correct Answer: C) Income. 17. 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. 18. 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. 19. When writing an intermediate goal, you are looking at a time frame that is ..... A) 3 months or less. B) 3 months. C) 3-12 months. D) More than 12 months. Show Answer Correct Answer: C) 3-12 months. 20. Which term is INCORRECTLY matched with the definition? A) Income-Money you have to pay. B) Expenditure-Money you spend. C) Budget-A plan for spending. D) Saving-Setting aside money for future use. Show Answer Correct Answer: A) Income-Money you have to pay. ← PreviousNext →Related QuizzesFinance QuizzesMoney Management Quiz 1Money Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 5Money Management Quiz 6Money Management Quiz 7Money Management Quiz 8Money Management Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books