This quiz works best with JavaScript enabled. Home > Finance > Management > Money Management – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The primary sources of income for most people between the ages of 20 and 35 who are not living on a pension or social security are: A) Profits from business. B) Dividends and interest. C) Rents. D) Salaries, wages, and tips. Show Answer Correct Answer: D) Salaries, wages, and tips. 2. This tax is based upon the value of land and buildings. A) Income tax. B) Sales tax. C) Gift tax. D) Real estate property tax. Show Answer Correct Answer: D) Real estate property tax. 3. If expenses were to exceed income on a spending plan, what would be a financially smart solution? A) Decrease expenses. B) Use a credit card more often. C) Earn less income. D) Increase purchases. Show Answer Correct Answer: A) Decrease expenses. 4. What is the length of time you should be prepared for in case you are unable to work? A) 1 month. B) 2 weeks. C) 3-6 months. D) 2 years. Show Answer Correct Answer: C) 3-6 months. 5. Which of the following can BEST help you develop budget categories and provide a basis for your budget? A) Paycheck stub. B) Balance sheet. C) Cash flow statement. D) Cost benefit analysis. Show Answer Correct Answer: C) Cash flow statement. 6. One of the first things you should do as part of the financial planning process is to A) Begin searching for a better-paying job. B) Create a balance sheet and cash flow statement. C) Develop financial goals. D) Purchase life insurance. Show Answer Correct Answer: B) Create a balance sheet and cash flow statement. 7. A plan for spending and saving A) Loan. B) Credit. C) Budget. D) Interest. Show Answer Correct Answer: C) Budget. 8. The key to keeping a budget is to spend your money prudently. What is the best synonym for "prudently?" A) Stingily. B) Wisely. C) Extravagantly. D) Thoughtlessly. Show Answer Correct Answer: B) Wisely. 9. Calculate the missing amount for C.Assets A) $ 33, 000. B) $ 62, 200. C) $ 73, 400. D) $ 20, 800. Show Answer Correct Answer: C) $ 73, 400. 10. Sometimes called a trade-off; what you give up when you make one choice instead of another is a(n) ..... A) Budget variance. B) Opportunity cost. C) Surplus. D) Personal financial planning. Show Answer Correct Answer: B) Opportunity cost. 11. Saving and investing for the future ..... A) Reduces the amount you can spend now. B) Results in los interest earnings and an inability to use savings for other purposes. C) Reduces the amount of future income available for spending. D) Reduces long term financial security. Show Answer Correct Answer: A) Reduces the amount you can spend now. 12. One should save for ..... and/or ..... situations. A) Vacations/emergencies. B) Small purchases/tires. C) Unexpected/emergency. D) Liquid income/dental bills. Show Answer Correct Answer: C) Unexpected/emergency. 13. Government assistance, retirement, investments are examples of A) Wants. B) Needs. C) Rewards. D) Income. Show Answer Correct Answer: D) Income. 14. Working in a fast food restaurant always pay the minimum wage A) False. B) True. C) Sometimes. D) Never. Show Answer Correct Answer: A) False. 15. Lisa will buy two new car tires three months from now before taking a long trip. Each tire costs $ 75. How much will Lisa need to save each month to reach her goal? A) $ 25. B) $ 50. C) $ 75. D) $ 150. Show Answer Correct Answer: B) $ 50. 16. Which of the following is an example of a variable expense? A) Rent payment. B) Mortgage. C) Cable bill. D) Groceries. Show Answer Correct Answer: D) Groceries. 17. What is an example of a Technical or Trade Degree? A) Culinary Arts (Chef). B) BA English. C) BS Psychology. D) MAT Secondary Education. Show Answer Correct Answer: A) Culinary Arts (Chef). 18. Money that by law is accepted for payment of debt A) JA currency. B) Legal Tender. C) Cheque. D) Goods. Show Answer Correct Answer: B) Legal Tender. 19. When deciding between two job offers with a similar salary offer, a person should first consider: A) Travel time to the work location and the size of the organization. B) Retirement and health plans. C) Tuition reimbursement and bonus potential. D) Reputation of the organization. Show Answer Correct Answer: B) Retirement and health plans. 20. When you buy something using this method you have to pay it back. Sometimes it requires interest. What is this? A) Borrowing. B) Income. C) Investing. D) Credit. Show Answer Correct Answer: D) Credit. ← 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