This quiz works best with JavaScript enabled. Home > Finance > Management > Money Management – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is: A) $ 50. B) $ 500. C) Unlimited liability. D) No liability because she notified the financial institution. Show Answer Correct Answer: C) Unlimited liability. 2. What percentage of Americans have no savings at all? A) 57. B) 100. C) 39. D) 50. Show Answer Correct Answer: C) 39. 3. Which is a plan for saving and spending? A) Budget. B) Checking account. C) Savings account. D) Will. Show Answer Correct Answer: A) Budget. 4. The advantages of using credit cards include A) You don't have to carry cash. B) They can help you create a good credit record. C) They help you to have a record of purchases. D) All of these are good reasons to use a credit card. Show Answer Correct Answer: D) All of these are good reasons to use a credit card. 5. What is the first thing you must do to create a spending plan? A) Create a Statement of Financial Position. B) Guess how much you spend in all your categories. C) Talk to your boss about a raise. D) Track Income and Expenses. Show Answer Correct Answer: D) Track Income and Expenses. 6. Which federal loans are available for parents to take out for their children's education? A) Perkins Loans. B) Direct PLUS Loans. C) Subsidized Direct Loans. D) Unsubsidized Direct Loans. Show Answer Correct Answer: B) Direct PLUS Loans. 7. A(n) ..... is a payment for a good or service A) Budget. B) Expense. C) Income. D) Cash flow. Show Answer Correct Answer: B) Expense. 8. Take-home pay is the amount you have left in your paycheck A) After you pay your bills for the week. B) After taxes and deductions. C) Before taxes and deductions. D) Before you pay your bills for the week. Show Answer Correct Answer: B) After taxes and deductions. 9. Anything generally/universally accepted for payment of goods and services is called A) Coins. B) Cash. C) Money. D) Cheques. Show Answer Correct Answer: C) Money. 10. What happens to your credit score if you make your payments on time and at the minimum amount. A) Goes up. B) Goes Down. C) Stays the same. D) None of above. Show Answer Correct Answer: C) Stays the same. 11. Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income A) Gross pay. B) Withholdings. C) Net pay. D) Real pay. Show Answer Correct Answer: C) Net pay. 12. An important part of financial planning is to ..... A) Maximize risk to maximize return. B) Minimize risk to minimize return. C) Understand which risks you can afford to take. D) Allow others to take the risk. Show Answer Correct Answer: C) Understand which risks you can afford to take. 13. How many months of salary should you have in an emergency fund? A) 1 Month. B) 3 months. C) 3 years. D) None. Show Answer Correct Answer: B) 3 months. 14. Nora needed to make a long-distance call from a pay phone and did not have the cash. She was able to make the call by using her: A) Credit card. B) Identification card. C) Cash card. D) Traveler's check. Show Answer Correct Answer: C) Cash card. 15. A written budget, if followed, removes ..... from your finances. A) Overspending. B) Guilt. C) Management by crisis. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. Which word below WOULD NOT fit in this sentence:The money you earn by having a job is called ..... and is often called a ....., or wage. A) Income. B) Salary. C) Profit. D) None of above. Show Answer Correct Answer: C) Profit. 17. Money received from working A) Interest. B) Commission. C) Income. D) Debt. Show Answer Correct Answer: C) Income. 18. Shaunda wants to buy her grandmother's car to drive back and forth to college next year. Her grandmother agrees to sell Shaunda the car for $ 1, 200 in the next 6 months. This is an example of what type of goal? A) Short term. B) Medium term. C) Long term. D) Financial term. Show Answer Correct Answer: B) Medium term. 19. When income is greater than expenses A) Net gain. B) Mortgage. C) Expense. D) None of above. Show Answer Correct Answer: A) Net gain. 20. The minimum wage is $ 8.25 A) False. B) True. C) Sometimes. D) Never. Show Answer Correct Answer: A) False. ← PreviousNext →Related QuizzesFinance QuizzesMoney Management Quiz 1Money Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 6Money Management Quiz 7Money Management Quiz 8Money Management Quiz 9Money Management Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books