This quiz works best with JavaScript enabled. Home > Finance > Management > Money Management – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Management Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. To sign the back of your check is to: A) Endorse. B) Direct Deposit. C) Reconcile. D) None of above. Show Answer Correct Answer: A) Endorse. 2. Paying with a ..... ..... takes cash of your checking account. A) Credit card. B) Debit Card. C) Gift Card. D) None of above. Show Answer Correct Answer: B) Debit Card. 3. A good debt ratio would be ..... A) > 50%. B) <50%. C) Equal to 50%. D) 50% or higher. Show Answer Correct Answer: B) <50%. 4. T is important to save for the following reasons: A) To meet long term and short term goals. B) To build wealth. C) To protect against unexpected crisis (emergency, loss of job). D) All of the above. Show Answer Correct Answer: D) All of the above. 5. What is money planned for budget categories? A) Allowance. B) Budget variance. C) IRA. D) Tax credit. Show Answer Correct Answer: A) Allowance. 6. If your income is $ 20 per month, how much should you spend each month to stay on budget? Choose the best answer. A) Exactly $ 20. B) Between $ 10 and $ 30. C) Nothing. D) $ 20 or less. Show Answer Correct Answer: D) $ 20 or less. 7. Which of the following is not a common fee assessed by your bank? A) Overdraft Fee. B) Sales Fee. C) ATM Fee. D) Monthly Service Fee. Show Answer Correct Answer: B) Sales Fee. 8. Jamie has 2 quarters, 4 dimes, and 2 pennies in her pocket. How much money does Jamie have in all? A) $ 0.72. B) $ 92.00. C) $ 0.62. D) $ 0.92. Show Answer Correct Answer: D) $ 0.92. 9. Calculate the "Net worth"Cash $ 4, 670Investment account $ 26, 910Credit card debt $ 2, 670House value $ 93, 780House mortgage-$ 76, 230 A) $ 78, 900. B) $ 31, 950. C) $ 125, 000. D) $ 46, 460. Show Answer Correct Answer: D) $ 46, 460. 10. Extra money that can be spent or saved is called a ..... A) Surplus. B) Deficit. C) Budget variance. D) Opportunity cost. Show Answer Correct Answer: A) Surplus. 11. An audit is: A) Reconciling your bank account. B) Examination of your tax return and records by the IRS. C) Examination of your checking and savings account. D) Looking at what you've spent over the year. Show Answer Correct Answer: B) Examination of your tax return and records by the IRS. 12. You find out that you are going to have to purchase your first car. You need to start using which of the following personal finance terms? A) Savings. B) Budget. C) Credit. D) You would need to use all 3 of these. Show Answer Correct Answer: D) You would need to use all 3 of these. 13. Preparing a budget includes A) Income, Expenses, Saving. B) Only listing your expenses. C) Only listing your debts. D) Only listing your income. Show Answer Correct Answer: A) Income, Expenses, Saving. 14. Saving a certain amount of money to be used later for financial goals A) Cash flow. B) Pay yourself first. C) Spending Log. D) Income. Show Answer Correct Answer: B) Pay yourself first. 15. Minimum wage was established by the citizens A) True. B) False. C) Sometimes. D) Maybe. Show Answer Correct Answer: B) False. 16. By investing you should ..... more money than you ..... in due to interest. A) Put, get. B) Get, put. C) Get, save. D) Get, borrow. Show Answer Correct Answer: B) Get, put. 17. If you save your money in a bank account ..... A) You will earn interest, but it will be low. B) Your money will compound quickly. C) You will not be able to spend it until your are 21. D) You will be able to spend it with a credit card. Show Answer Correct Answer: A) You will earn interest, but it will be low. 18. Your needs should override A) Wants. B) Savings. C) All of the above. D) Budget. Show Answer Correct Answer: A) Wants. 19. Money management is necessary for ..... A) Consumers. B) Businesses. C) Governments. D) All of these. Show Answer Correct Answer: D) All of these. 20. Money in savings/investment kept for future use accumulates to determine how much money a person has A) Medium of exchange. B) Store of value. C) Measure of value. D) Standard of deterred payment. Show Answer Correct Answer: B) Store of value. ← PreviousNext →Related QuizzesFinance QuizzesMoney Management Quiz 1Money Management Quiz 2Money Management Quiz 3Money Management Quiz 4Money Management Quiz 5Money Management Quiz 6Money Management Quiz 8Money Management Quiz 9Money Management Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books