This quiz works best with JavaScript enabled. Home > Finance > Management > Money Management – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 22 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If your planned expenses and savings are more than your income, then ..... A) Increase savings. B) Cut expenses. C) Increase expenses. D) Reduce savings. Show Answer Correct Answer: B) Cut expenses. 2. Financial Experts recommend monthly savings of ..... A) 1-2%. B) 20-30%. C) 5-10%. D) 100%. Show Answer Correct Answer: C) 5-10%. 3. What is a good reason to save money? A) To have money to buy things. B) To have money put aside for emergencies. C) For a future purchase. D) All choices. Show Answer Correct Answer: D) All choices. 4. Spending, saving, and investing your money so you can enjoy the kind of life you want, along with financial security is called ..... A) Surplus. B) Personal financial planning. C) Opportunity cost. D) Budget variance. Show Answer Correct Answer: B) Personal financial planning. 5. In creating her budget, Ann realizes that her expenses exceed her income. Ann should immediately try to: A) Apply for a loan. B) Reduce or eliminate some expenses. C) Ignore her budget until she has more income. D) Open a investment account. Show Answer Correct Answer: B) Reduce or eliminate some expenses. 6. A(n) ..... is the amount of money you plan to use for a certain budget category. A) Savings. B) Clothing. C) Fixed expenses. D) Allowance. Show Answer Correct Answer: D) Allowance. 7. A statement of something a person wants or needs to do is known as a A) Cash Flow. B) Expense. C) Goal. D) Value. Show Answer Correct Answer: C) Goal. 8. The amount of wages or salary earned before any deductions are taken out for taxes orother payroll deductions A) Mortgage. B) Savings. C) Gross income. D) None of above. Show Answer Correct Answer: C) Gross income. 9. Giving up the next best choice when making a decision is A) Fixed expense. B) Opportunity cost. C) Spending and saving plan. D) Emergency fund. Show Answer Correct Answer: B) Opportunity cost. 10. Money taken from your paycheck to go to other designated sources is called ..... A) Budget. B) Expenses. C) Deductions. D) Income. Show Answer Correct Answer: C) Deductions. 11. What is the first step of creating a personal balance sheet? A) Determine Your Liabilities. B) Calculate Your Net worth. C) Determine Your Assets. D) None of above. Show Answer Correct Answer: C) Determine Your Assets. 12. An employer pays money to whom for their work. A) Citizens. B) CEO. C) Employees. D) Government. Show Answer Correct Answer: C) Employees. 13. A debit card looks almost identical to ..... A) Your learners permit. B) Your state issued ID. C) Your school ID (MAS is more). D) A credit card. Show Answer Correct Answer: D) A credit card. 14. What is the other name for a budget? A) Financial statement. B) Income statement. C) Spending log. D) Spending plan. Show Answer Correct Answer: D) Spending plan. 15. A SMART goal must be specific, ....., ....., ..... and time-bound. A) Measurable, attainable, relevant. B) Measurable, attainable, right. C) Motivational, accurate, restrainable. D) Motivational, attainable, relevant. Show Answer Correct Answer: A) Measurable, attainable, relevant. 16. A plan for spending and saving is also known as ..... A) Credit. B) Budget. C) Profit. D) Interets. Show Answer Correct Answer: B) Budget. 17. You are paid a fixed income yearly A) Minimum wage. B) Salary. C) Hourly. D) None of the above. Show Answer Correct Answer: B) Salary. 18. This month Anthony's take-home pay was $ 1, 500. He also earned $ 20 interest on a savings account. He spent $ 250 for rent, $ 100 for groceries, and $ 300 for other expenses. Anthony's total cash inflows this month totaled A) $ 850. B) $ 870. C) $ 1, 500. D) $ 1, 520. Show Answer Correct Answer: D) $ 1, 520. 19. If you want to be the CFO of a corporation you should purse which of the following designations? A) CFA. B) CPA. C) CFP. D) RIA. Show Answer Correct Answer: A) CFA. 20. Cooper has 1-$ 10.00 bill, 2-$ 5.00 bills, and 4-$ 1.00 bills in his pocket. How much money does he have? A) $ 14.00. B) $ 24.00. C) $ 16.00. D) $ 19.00. Show Answer Correct Answer: B) $ 24.00. ← 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