Everfi Venture

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 to the amount you spend.

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

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

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

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 save is 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 earn is equal or less than to the amount you spend.

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

• save; less than

• spend; greater than

• spend; equal to

• save; greater than

Which of the following is a variable expense?

• Student loan payments

• Groceries

• Rental payments

• Health insurance

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?

• Clothing purchases

• Groceries

• Rental payments

• Movie tickets

What is income?

• Income is payments you make to the federal government.

• Income is money you receive after paying taxes.

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

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

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.

Which of the following is TRUE about income?

• 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.

• Income is money you receive after paying taxes.

• Income is payment you make to the federal government.