This quiz works best with JavaScript enabled. Home > Finance > Management > Money Management – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Calculate the "Total Liabilities"Cash $ 4, 670Investment account $ 26, 910Credit card debt $ 2, 670House value $ 93, 780House mortgage-$ 76, 230 A) $ 78, 900. B) $ 125, 360. C) $ 31, 580. D) $ 204, 260. Show Answer Correct Answer: A) $ 78, 900. 2. Lisa will buy two new car tires three months from now. Each tire costs $ 75. How much will Lisa need to save each month to read her goal? A) $ 25. B) $ 50. C) $ 75. D) $ 150. Show Answer Correct Answer: B) $ 50. 3. A ..... is a plan for spending and saving money. A) Financial goal. B) Income. C) Budget. D) None of above. Show Answer Correct Answer: C) Budget. 4. Hours is considered to A) Overtime. B) Regular time. C) Part time. D) Half-time. Show Answer Correct Answer: B) Regular time. 5. Another effective method of budgeting is keeping up with A) Clothes and shoes. B) Games and grades. C) Needs and vacation. D) Wants and needs. Show Answer Correct Answer: D) Wants and needs. 6. What is budget variance? A) Money that is left over after deductions and taxes have been taken out. B) A measure of the changes in prices for commonly purchased goods and services in the United States. C) The difference between the budgeted amount and the actual amount that you spend. D) None of above. Show Answer Correct Answer: C) The difference between the budgeted amount and the actual amount that you spend. 7. Why is it important for budgeting to include savings? A) Financial emergencies. B) Exciting financial opportunties. C) Financial security. D) All of these. Show Answer Correct Answer: D) All of these. 8. ..... money owed with interest A) Credit. B) Debit. C) Loaner. D) Debt. Show Answer Correct Answer: D) Debt. 9. Money that can give you a "cushion" when you have a large, unexpected expense is your ..... A) Cash flow. B) Spending log. C) Emergency fund. D) Variable expense. Show Answer Correct Answer: C) Emergency fund. 10. Which type of setting would have the highest rent? A) Rural Area. B) Suburb. C) Urban/Downtown Area. D) None of above. Show Answer Correct Answer: C) Urban/Downtown Area. 11. The following is usually considered a variable expense: A) Mortgage payment. B) Electric bill payment. C) Rent payment. D) Car payment. Show Answer Correct Answer: B) Electric bill payment. 12. Which type of card draws money directly from your bank account? A) Credit Card. B) Debit Card. C) Pre-paid card. D) None of above. Show Answer Correct Answer: B) Debit Card. 13. Which characteristics does NOT describe both routine and major decisions? A) Affect a person's life. B) Guided by individual values. C) Can be made without thinking and may become a habit. D) Contribute to an individual's or family's well-being. Show Answer Correct Answer: A) Affect a person's life. 14. Which is the MOST LIKELY result from an increase in income? A) Increased spending. B) Increased use of credit. C) Cashing out investments. D) Decline in savings and investments. Show Answer Correct Answer: C) Cashing out investments. 15. Rent, mortgage, insurance premiums, monthly installments are examples of A) Flexible expenses. B) Fixed expenses. C) Gross expenses. D) Net expenses. Show Answer Correct Answer: B) Fixed expenses. 16. A budget will only work if: A) Creator creates a plan similar to that his/her parents. B) Creator uses a budget app available on most smart phones. C) Creator lives within his/her means. D) Creator finds various avenues of income to overcompensate for unexpected expenses. Show Answer Correct Answer: C) Creator lives within his/her means. 17. Money allows you to determine how much we will pay something/what one's work is worth A) Standard of deferred payment. B) Measure of value. C) Store of value. D) Medium of exchange. Show Answer Correct Answer: B) Measure of value. 18. A predictable amount of money spent to buy something or do something that is the exact same amount every time is A) A fixed expense. B) An emergency fund. C) An opportunity cost. D) A variable expense. Show Answer Correct Answer: A) A fixed expense. 19. A history or record of a person's financial and credit practices A) Credit Score. B) Credit Rating. C) Credit Report. D) Credit Scoping. Show Answer Correct Answer: C) Credit Report. 20. This is a tax-sheltered retirement plan in which people can annually invest earnings up to a certain amount; the funds are taxed when they are withdrawn after age 59 1/2. A) Social Security. B) Annuity. C) Pension. D) Individual retirement account. Show Answer Correct Answer: D) Individual retirement account. ← 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