Everfi Venture Lesson 1

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

• Bounched 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 government

• Taxes are refunds you receive for overpayment

• Taxes are mandatory payments you make to state and local governments

Whic h 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

• Internet service

• Cell phone bill

• Movie Tickets

Which of the following is a fixed expense?

• Clothing

• Groceries

• Movie Tickets

• Rental payments

What is income?

• Payments you make to the federal government.

• Money you receive after paying taxes.

• Payments you make to the government to pay for roads, bridges, and schools.

• Money you earn usually from working at a job.

Typically, how do people earn income?

• by paying taxes.

• working a job.

• saving a portion of their paycheck.

• spending more than they earn/

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

• New pair of headphones

• Designer shoes

• favorite candy

• Warm winter coat.

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

• Place to live

• Medicine

• winter coat

• movie tickets