Venture Entrepreneurial Expedition

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

• Bounced Check

• Late Fee

• Rental Payment

• Social Security

Which of the following is an example of a tax?

• Line of Credit

• Rental Payment

• Cash Payment

• Medicare

What are taxes?

• Taxes are sources of income

• Taxes are optional payments you make to state and local governments

• Taxes are refunds you receive for overpayment

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

When is a budget considered to be balanced?

• When the amount you spend is greater than the amount you earn

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

• When the amount you earn is equal or less than to the amount you spend

• When the amount you save is less than the amount you spend

Which of the following budgets would be considered balanced?

• A budget where the amount you spend is greater than the amount you earn

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

• 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

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

• spend; equal to

• save; less than

• spend; greater than

• save; greater than

Which of the following is a variable expense?

• Student loan payments

• rental payments

• groceries

• health insurance

Which of the following is NOT a fixed expense?

• Rental payment

• Movie tickets

• internet service

• cell phone bill

What is income?

• Income is money you receive after paying taxes.

• Income is payments you make to the federal government

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

• Income is payments you make to the government to pay for roads, bridges, and schools

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 saving a portion of their paycheck each month

• Most people earn income by spending more than they earn each month