This quiz works best with JavaScript enabled. Home > Finance > Management > Money Management – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 25 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is any money you receive such as an allowance or paycheck? A) Emergency fund. B) Fixed expense. C) P.Y.F. D) Income. Show Answer Correct Answer: D) Income. 2. The two parts of money we discussed in class were: A) Income & outcome. B) Income & expenses. C) Income & purchases. D) None of above. Show Answer Correct Answer: B) Income & expenses. 3. Using credit is most like which of the following? A) Keeping cash hidden in your closet. B) Spending money from your piggy bank. C) Using birthday money to make a purchase. D) Borrowing money from a stranger with a promise to pay back more than you borrowed. Show Answer Correct Answer: D) Borrowing money from a stranger with a promise to pay back more than you borrowed. 4. A period of time during which repayment of the principal and interest of your loan is temporarily delayed. A) Deferment. B) Forbearance. C) Consolidate. D) None of above. Show Answer Correct Answer: A) Deferment. 5. What is the maximum amount you are allowed to contribute to your IRA each year if you are 45 years old? A) $ 1000. B) $ 2500. C) $ 5000. D) $ 6000. Show Answer Correct Answer: C) $ 5000. 6. Setting aside money for later use. A) Saving. B) Budgeting. C) Revenue. D) Spending. Show Answer Correct Answer: A) Saving. 7. What is a goal? A) Something desired but not necessary. B) An individual's perception of items necessary for life. C) The end result of something a person intends acquire, achieve, reach, or accomplish. D) A feeling of personal satisfaction. Show Answer Correct Answer: C) The end result of something a person intends acquire, achieve, reach, or accomplish. 8. To make sure your income is used proper A) Credit. B) Budget. C) Loan. D) Doco union. Show Answer Correct Answer: B) Budget. 9. Planning how to get the most from your money A) Money Management. B) Spending. C) Saving. D) Credit. Show Answer Correct Answer: A) Money Management. 10. Your forgot to pay $ 100 on your credit card bill this month, your next month's bill is going to be $ 112. How much interest did they charge for missing your payment? A) 112%. B) 2%. C) 12%. D) 22%. Show Answer Correct Answer: C) 12%. 11. The following elements describe a SMART goal? A) Specific, Monetary, Attainable, Recognize, Temporary. B) Short, Measurable, Action, Realistic, Time Bound. C) Specific, Measurable, Attainable, Realistic, Time Bound. D) Short term, Mandatory, Attainable, Repetition, Timely. Show Answer Correct Answer: C) Specific, Measurable, Attainable, Realistic, Time Bound. 12. This type of card can be used for purchasing items and the money comes directly from an account? A) Credit card. B) Debit card. C) Fixed card. D) Variable card. Show Answer Correct Answer: B) Debit card. 13. Expenses are A) Money I am bringing in. B) Money I save. C) Money I spend. D) None of above. Show Answer Correct Answer: C) Money I spend. 14. What is amount that reduces taxable income? A) Tax credit. B) Taxable income. C) Investment income. D) Tax deduction. Show Answer Correct Answer: D) Tax deduction. 15. -Nation's retirement program, helps provide retirement income for elderly and pays disability benefits A) State Tax. B) Social Security. C) 401K. D) Federal Withholding. Show Answer Correct Answer: B) Social Security. 16. There will be times when ones ..... is not enough for large scale purchases. A) Liquid income. B) Savings. C) High interest. D) 1 and 2. Show Answer Correct Answer: D) 1 and 2. 17. The employee knows exactly which day his/her paycheck will be deposited into their depository institution account. A) Paycheck with attached paycheck stub. B) Direct Deposit. C) Payroll Card. D) None of above. Show Answer Correct Answer: B) Direct Deposit. 18. ASSETS A) Are items of value that you own which may be appreciating or depreciating in value. B) Allows you quick and easy access to your money without penalties. C) Is interest earned on both principal and previous interest earnings. D) Are things we desire to buy. Show Answer Correct Answer: A) Are items of value that you own which may be appreciating or depreciating in value. 19. Harold Daley budgeted $ 210 for food for the month of July. He spent $ 227 on food during July. Does he have a budget surplus or deficit, and what amount? A) Surplus, $ 17. B) Deficit, $ 17. C) Surplus, $ 10. D) Deficit, $ 10. Show Answer Correct Answer: B) Deficit, $ 17. 20. What is NOT a reason you can take an early withdrawal from your IRA without penalty? A) Down payment on your first home. B) To pay for higher education. C) To pay taxes owed to the IRS. D) To pay for unreimbursed medical expenses. Show Answer Correct Answer: C) To pay taxes owed to the IRS. ← 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