Entrepreneurship

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 mandatory payments you make to state and local governments

• Taxes are refunds you receive for overpayments

When is a budget considered to be balanced?

• 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 spend is greater than the amount you earn.

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

Which of the following is a variable expense?

• Student loan payments

• Groceries

• Health Insurance

• Rental Payments

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.

What is Medicare?

• Medicare is a federal life insurance for people under age 65.

• Medicare is federal health insurance for people over age 65.

• Medicare is a federal life insurance for people over age 65.

• Medicare is a federal health insurance for people under age 65

Which of the following would NOT be considered a want?

• A new pair of headphones

• Designer shoes

• A warm winter coat

• Your favorite holiday candy

What happens if you spend money on things you want before things you need?

• You'll be financially prepared for an unexpected emergency, like a broken leg or hospital stay.

• You limit your ability to save for for high-priced items, like higher education.

• You are able to spend more on high-priced items, like higher education.

• Nothing happens, this is an appropriate practice.

Which of the following statement is TRUE about variable expenses?

• The amount you spend on variable expenses do not change during certain months and do change during other months.

• The amount you spend on variable expenses remain the same from month to month.

• The amount you spend on variable expenses changes from month to month.

• None of the above are true.