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