Venture_Lesson 1_Building a Balanced Budget

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.

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

• Bounced check

• Late fee

• Rental payment

• Social security

What is take home pay?

• The amount you earn each month in income minus what you save.

• The amount you earn each month in income minus what you spend.

• The amount left over from your monthly paycheck before deductions.

• The amount left over from your monthly paycheck after deductions.

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

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

• A place to live

• Critical medicine

• A warm winter coat

• Movie tickets

Which of the following items are typically included in a balanced budget?

• The amount you earn in income.

• The amount you pay in taxes.

• The amount to put away in savings.

• All of these items are included in a balanced budget.

Which of the following is NOT a fixed expense?

• Rental payment

• Movie tickets

• Internet service

• Cell phone bill

In a balanced budget, the amount you __________ is ___________ the amount you earn.

• save; less than

• spend; greater than

• save; greater than

• spend; equal to

What is Medicare?

• Federal life insurance for people under age 65.

• Federal life insurance for people over age 65.

• Federal health insurance for people under age 65.

• Federal health insurance for people over age 65.

What is one way to begin saving startup capital?

• Set aside a portion of the money you owe in taxes each month.

• Set aside a portion of your income each month.

• Both answers are correct.

• Neither answer is correct.