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Budget Management Skills Test

Designed to gauge a job candidate’s skill level in evaluating, tracking, and overseeing budgets for a variety of purposes, including projects, salary expenses, and equipment rentals, the budget management skills test can help pinpoint a future hire who will provide value and service to a department and organization. Comprised of questions that present graphs, charts, and data that simulate realistic budgets and scenarios one may encounter with budget oversight responsibilities, the budget management skills test will measure a candidate’s ability to:

  • Understand financial information represented on bar graphs and charts.
  • Assess a budget and make calculations.
  • Create a detailed budget based on an allocated dollar amount.

element-grad-cap   ABILITIES EVALUATED

  • Ability to determine funding required to complete projects in-scope and on-budget
  • Ability to allocate financial resources effectively to achieve objectives and milestones
  • Ability to monitor the use of money to update resource requirements

element-grad-cap   QUESTION FORMAT

  • Multiple Choice
  • Fill-in-the-Blank

element-grad-cap   LANGUAGE

  • English

element-grad-cap   DIFFICULTY

  • Easy

WHY TEST?

An organization armed with a conscientious, mathematically-inclined employee tasked at managing a budget is well on its way to realizing continued success. Organizations, departments, events, and projects rely heavily on developing, monitoring, and strictly following budgets to ensure business operations are profitable and sustainable. Equipped with a customized budget is the first step to success – identifying and hiring an employee who can properly manage that budget guarantees the ability to stay on target, make adjustments as necessary, and find the most cost-effective solutions.

Understanding how well a job candidate organizes numerical data, calculates costs, and categorizes expenses can provide much needed insight into their budget management skills. The budget management skills test is a straightforward and effective means of predicting a candidate’s compatibility with a role that requires budget oversight, ensuring the hire of a qualified individual who will adapt quickly, meet financial goals, and reduce unnecessary expenditures.

The budget management skills test helps predict a job candidate’s ability to:

  • Take appropriate steps to create a budget based on a specific allowed amount.
  • Examine real-time reports to foresee what project categories will exceed allowed amounts by the project end date.
  • Adjust budgets depending on evolving needs and unexpected circumstances.

Use this budget management skills test to quickly and easily automate the screening process for entry-level or experienced candidates, including event coordinators, office managers, HR professionals, bookkeepers, marketing specialists, project managers, or any other applicable position that requires a keen eye, attention to detail, and organization in order to properly manage a budget.

EXAMPLE QUESTIONS

Sample Question #1

A project has a total budget of $240,000 for one year. Half of the budget will be used immediately to purchase materials.

What is the monthly budget after equipment is purchased?

Sample Question 2

Review your budget below:

Project Budget
Expense Budgeted Actual
Salaries $39,000 $39,000
Supplies $5,200 $5,200
Postage $300 $200
Marketing $10,000 $9,000
Utilities $2,200 $2,000
Travel $10,000 $14,000
Meeting Rooms $4,000 $5,000

 

How much is your project over budget?

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ABOUT THE AUTHOR

The Project Management Skills: Budgeting module content was developed by the Indeed Assessment Science Team, with expertise in Industrial/Organizational Psychology, Instructional Design, Education, and Graphic Design. In addition, team members worked in collaboration with subject matter experts (SMEs). Indeed’s SMEs are required to demonstrate experience performing at a high level, supervisory experience, or responsibility for defining requirements for those jobs that require project management skills.