EVERFI Lesson 1: Building a Balanced Budget

Front

Which of the following is an example of a tax you must pay? Bounced Check, Rental Payment, Late Fee, Social Security

Back

Social Security

Front

Which of the following is an example of a tax? Line of credit, Rental payment, Cash payment, Medicare

Back

Medicare

Front

What are taxes?

Back

Taxes are mandatory payments you make to state and local governments.

Front

When is a budget considered to be balanced?

Back

When the amount you spend is equal or less than the amount you earn.

Front

Which of the following budgets would be considered balanced?
. A budget where the amount you earn is equal or less than to the amount you spend
A budget where the amount you spend is greater than the amount you earn
A budget where the amount you save is less than the amount you spend
A budget where the amount you spend is equal or less than the amount you earn

Back

A budget where the amount you spend is equal or less than the amount you earn

Front

In a balanced budget, the amount you ______ is ______ the amount you earn.

Back

spend; equal to

Front

Which of the following is a fixed expense? Clothing purchases, Groceries, Movie Tickets, Rental Payments

Back

Rental Payments

Front

What is income?

Back

Income is money you earn, usually from working at a job.

Front

Which of the following would be an example of a NEED? A new pair of headphones, Designer shoes, Your favorite candy, A warm winter coat

Back

A warm winter coat

Front

Which of the following would be an example of a WANT? A place to live, Critical medicine, A warm winter coat, Movie tickets

Back

Movie tickets