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Multiple Choice Quiz
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1
Which of the following not part of money management activities?
A)Storing your personal belongings at a mini-warehouse
B)Storing and maintaining your personal financial records in a home file
C)Creating personal financial statements using Quicken
D)Creating and implementing a budget using Quicken
E)All of the above are part of money management activities.
2
Which of the following is an example of a liquid asset?
A)$1250 that the Johnson's have in a savings account
B)A balance of $400 the Smiths have on their Visa card
C)The $14,250 yacht the Lee's own
D)$65,000 mortgage the Harris's have on their home
E)All of the above are liquid assets.
3
Which of the following is an example of a long-term liability?
A)$1250 that the Johnson's have in a savings account
B)A balance of $400 the Smiths have on their Visa card
C)The $14,250 yacht the Lee's own
D)$65,000 mortgage the Harris's have on their home
E)All of the above are long-term liabilities.
4
Which of the following is most likely to be a fixed expense?
A)Groceries for the month
B)Monthly cable bill
C)Medical expenses for the month
D)Monthly electrical bill
E)All of the above are likely to be fixed expenses.
5
Which of the following is most likely to be a variable expense?
A)Rent
B)Car loan payment
C)Clothing expenditures
D)Car insurance
E)All of the above are variable expenses.
6
Anne Carter has created a budget and has allocated $250 per month for food. At the end of the month she finds that she actually spent $340 on food. This is:
A)A budget surplus of $90.
B)A budget deficit of $90.
C)A budget variance of $340.
D)A budget surplus of $240.
E)Both A and C above.
7
You have shoeboxes that are labeled "food", "rent", "clothing", "entertainment" and others. When you receive your paycheck you allocate the cash you receive into each shoebox and this represents your budget for the month. What type of budget is this?
A)A mental budget
B)A physical budget
C)A written budget
D)A computerized budget
E)None of the above
8
__________ are those assets which can easily converted into cash at close to their true value.
A)Liquid Assets
B)Personal Possessions
C)Current Liabilities
D)Real Estate Assets
9
__________ is the inability to pay debts when they are due, generally because the value of the liabilities far exceed the value of assets owned.
A)Budgeting
B)Insolvency
C)Personal problems
D)Taxes
10
A(n) __________ is when the amount budgeted is larger than the amount actually spent.
A)Surplus
B)Deficit
C)Budget variance
D)Insolvency





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