Building a Budgeted Balance

Which of the following is a fixed expense?

• Groceries
• Clothing purchase
• Movie tickets
• Rental payments

Which of the following budgets would be considered balanced?

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

Which of the following is an example of a tax you must pay?

• Social Security
• Rental payment
• Late fee
• Bounced Check

Which of the following would be an example of a NEED?

• Your favorite
• Designer shoes
• A warm winter coat
• A new pair of headphones

Typically, how do people earn income?

• Most people earn income by paying taxes.
• Most people earn income by working at a job.
• Most people earn income by spending more than they earn each month.
• Most people earn income by saving a portion of their paychecks each month.

Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.

• True
• False

What are taxes?

• The revenue the governement collects in order to pay for services like roads, bridges, and education.
• The money remaining after each month.
• The percentage used to deduct your paycheck.
• I have know idea.

Taxes you pay to the United States Federal Government.

• Federal Taxes
• State taxes
• Medicare
• Social Security

Taxes you pay depending on where you live.

• Federal Taxes
• State Taxes
• Medicare
• Social Security

Federal health insurance for people over age 65.

• Federal taxes
• State taxes
• Medicare
• Social Security