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MM Chapter 3 And 4 MC Part 2
Test Description: 45-58
Instructions: Answer all questions to get your test result.
1) Doing a budget does not
A
make your money go further
B
make overspending more likely
C
remove guilt and shame sometimes associated with a purcahse
D
show if you are overspending in an area
2) Your monthly budget should include
A
all of these
B
giving
C
savings
D
transportation
3) Which of the following statements is false
A
a cash flow statement summarize all the income and outgo(spending) over a certain period of time
B
the cash flow statement is reflective of what has already taken place
C
a budget is meant to summarize the saving and spending that has taken place over the past year
D
a budget is a written plan for saving and spending
4) Which of the following is something that a typical millionaire would do
A
spend less money than he makes
B
replace things that are not broken
C
lease a new car
D
carry debt
5) Rent is a
A
intermittent expense
B
fixed expense
C
discretionary expense
D
variable expense
6) In a budget, your income minus what you plan to spend your money on
A
shows how much you should give
B
should = 0
C
shows how much you should save
D
should never = 0
7) Eating out is a
A
variable expense
B
discretionary expense
C
fixed expense
D
intermittent expense
8) Groceries are a
A
discretionary expense
B
intermittent expense
C
variable expense
D
fixed expense
9) Car repairs is a
A
fixed expense
B
variable expense
C
discretionary expense
D
intermittent expense
10) The following are guidelines for budgeting with an irregular income except
A
prioritize the list in order of importance
B
when your check comes in, spend your money all the way down the list
C
make a list of all your expenses for the month ahead
D
budgeting with an irregular income is no different than budgeting with a regular income
11) The percentage of Americans living paycheck to paycheck is
A
25%
B
70%
C
40%
D
50%
12) The zero-based budget is the best method of budgeting because
A
this type is less complicated than other types of budgets
B
sticking to a zero-based budget requires less discipline
C
a zero-based budget allows less money for wants
D
the zero-based budget ensures that every dollar you make is assigned a specific purpose
13) Which of the following is not a record keeping feature you could expect from your bank
A
customer service reconciles your account for you
B
a monthly account statement
C
a reconciliation sheet
D
an account register
14) Which of the following account records would have the most current balance
A
your monthly bank statement
B
your account register
C
all of these
D
account balance statement from the ATM
*select an answer for all questions
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