Venture: Entrepreneurial Expedition

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?

• Late fee

• Social Security

• Bounced check

• Rental payment

Which of the following is an

example of a tax?

• line of credit

• cash payment

• medicare

• rental payment

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 equal or less than the amount you earn

• 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

• rental payments

• health insurance

• groceries

Which of the following is NOT a

fixed expense?

• rental payment

• movie tickets

• cell phone bill

• internet service

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 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

  spending more than they earn each month.

• Most people earn income by saving

  a portion of their paycheck each month.

• Most people earn income by

  working at a job.

• Most people earn income by paying

  taxes.

Which of the following would be an

example of a NEED?

• designer shoes

• your favorite candy

• a warm winter coat

• a new pair of headphones