Venture: Lesson 1 - Building a Balnced Budget

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 earn is equal or less than the amount you spend.

• 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 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 equal or less than the amount you earn.

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

In a balanced budget, the amount you _____________ is __________________ the amount you earn.

• save; less than

• spend; equal to

• spend; greater than

• save; greater than

Which of the following is a variable expense?

• Student loan payments

• Health insurance

• Groceries

• Rental payments

Which of the following is NOT a fixed expense?

• Movie tickets

• Rental payment

• Internet service

• Cell phone bill

Which of the following is a fixed expense?

• Rental payments

• Movie tickets

• Groceries

• Clothing purchases

What is income?

• Income is payments you make to the federal government.

• Income is money you receive after paying taxes.

• 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.