Money Management Quiz

Question 1

When you are paid less than what you expected on your paycheck that is because of which taxes?

Accepted Answer

Payroll and Income Taxes

Question 2

What should you do with a net gain on your spending plan?

Accepted Answer

Put the extra money into savings

Question 3

Spending Plans are complete when you have done which of the following:

Accepted Answer

They are never complete

Question 4

Which of the following is wealthier?

Accepted Answer

Drew Brees net worth 1,000,000

Question 5

Which of the following is a payroll tax?

Accepted Answer

Social Security

Question 6

Boyd is writing down his liabilities for his Statement of Financial Position which includes:

Accepted Answer

The balance he owes on his credit card

Question 7

Which of the following is not true about property taxes?

Accepted Answer

Property taxes is set by the federal government

Question 8

Which of the following is not true about Savings tools that earn interest?

Accepted Answer

When earning interest, look for low rates

Question 9

The main difference between Credit Unions and Banks is that:

Accepted Answer

Banks are for profit and Credit Unions are non profit

Question 10

What is the most effective way to access your checking accounts funds?

Accepted Answer

Apply for a debit card

Question 11

The FDIC and the NCUA are types of:

Accepted Answer

insurance

Question 12

To increase his net worth, Mr. Craft should

Accepted Answer

Increase his assets

Question 13

When you done spend more money than you have in your checking account, you will be charged an

Accepted Answer

overdraft fee

Question 14

How much are you insured by the FDIC per account?

Accepted Answer

250,000

Question 15

What should you do with a net gain on your spending plan?

Accepted Answer

Put the extra money into savings

Question 16

Taxes that are charged on consumption items such as gasoline, and hotel rooms are called:

Accepted Answer

Excise

Question 17

Which of the following is considered a contractual expense?

Accepted Answer

Cell Phone

Question 18

If your expenses exceed your income. What would be the best solution?

Accepted Answer

Decrease expenses

Question 19

Which of the following is NOT considered an asset?

Accepted Answer

Money in the paycheck he will receive next week

Question 20

What is the first step in the Spending Plan Process?

Accepted Answer

Track Income and Expenses

Question 21

When researching depository institutions it is important to do which of the following?

Accepted Answer

Shop around looking for high interest rates on checking

Question 22

Which of the following is not true about Spending Plans

Accepted Answer

Spending Plans are not included in budgets

Question 23

Medicare is designed to help

Accepted Answer

Senior Citizens

Question 24

To calculate your net worth you should use the following formula:

Accepted Answer

Assets-Liabilities=net worth

Question 25

When you purchased an item at a store, you could be charged _____ on the item.

Accepted Answer

Sales Tax

Question 26

Which of the following would be considered a non-contractual expense?

Accepted Answer

Food

Question 27

Which of the following would be considered an expense?

Accepted Answer

Clothing purchased for a job interview

Question 28

Taxes on your house, automobile and land is called

Accepted Answer

Property Taxes

Question 29

Common fees that may be charged by a depository institution include all EXCEPT:

Accepted Answer

Late fee

Question 30

Which of the following is NOT considered to be an element of managing your money?

Accepted Answer

Job Interview

Money Management Quiz

Questions 30

Money Management Quiz

Questions 30