Budget Sheet

Q.

What is the full form of MPS?

Q.

A plan for coordinating income and expenses is ________

Q.

Borrowing cash from a bank would result in which of the following?

1. A debit to cash and a credit to notes payable

2. A debit to notes payable and a credit to cash.

3. A debit to both cash and notes payable.

4. A debit to cash and a credit to additional paid-in capital.

Q.

The short-term financial plans are known as ______.

1. Programs

2. Budgets

3. Policies

4. Objectives

Q. Suresh did not take care of his expenses, which are now more than his income. So, he borrows money from a moneylender to pay off his other expenses.

What possible situation he might end in?

1. He will be careful next time.
2. He might fall into a debt trap.
3. He will earn more in the future.
4. He will work hard to pay off the money.

Q. What are the components of a budget sheet?

1. Paper
2. Pencil
3. Income
4. Expenditure
5. Total column
6. Amount
7. Amount details
8. Table

Q. It is always advisable to allocate while budgeting.

1. an emergency fund
2. an extra fund
3. expenses
4. income

Q. The 30% in the rule of budgeting represents which of the following options?

1. Necessary items
2. Wants
3. Emergencies
4. Miscellaneous

Q. Which rule of budgeting is commonly advised by financial experts?

1. 50-30-20
2. 60-20-10
3. 20-30-50
4. 40-40-30

Q. When you start budgeting, what is the first thing you need to be aware of?

1. Expenses
2. Total
3. Income
4. Budget

Q. How is the emergency fund distributed?

1. 50%
2. 30%
3. 20%
4. Emergencies
5. Necessities
6. Wants