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Principles Of Business~Unit 6~Money Management
Test Description: Unit 6: Money Management Review
Instructions: Answer all questions to get your test result.
1) What is a major purpose of government budgeting?
A
Impress taxpayers with the legislators' skill
B
Give taxpayers a large refund every year
C
Allow government agencies to spend as much as they want
D
Provide services that are needed by the public
2) A value can be defined as
A
A willingness to give up something now in exchange for a future benefit.
B
A belief or idea considered important or desirable.
C
Something basic for personal survival.
D
Something desired to make life more comfortable.
3) One of the BEST methods for maintaining financial records is the use of a/an:
A
Checking Account
B
Allotment
C
Balance Sheet
D
Savings Account
4) To be effective, a budget MUST include allowances for fixed expenses, variable expenses and:
A
Travel
B
Credit
C
Savings
D
Inventory
5) Effective money management does NOT include:
A
Budgeting
B
Saving for the future
C
Goal setting and planning
D
Impulse buying
6) Comparing the price, quality, and services associated with one product with those of another product is:
A
Unit price
B
Comparison Shopping
C
Convenience shopping
D
Impulse buying
7) Which spending habit might improve a person’s standard of living?
A
Always buying brand name merchandise
B
Always buying the first product found
C
Using credit for all minor purchases
D
Saving for future and unexpected expenses
8) Defining needs or want is what step in the decision-making process?
A
Second
B
Third
C
Last
D
First
9) The FIRST expenditure in a household budget should be:
A
Fixed expenditures.
B
Rent
C
Variable expenditures
D
Savings
10) Which is a step in the financial planning process?
A
Implementing the plan
B
Building a budget for the plan
C
Protecting assets against loss
D
Constructing a financial planning pyramid
*select an answer for all questions
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