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 are federal taxes?

• Federal taxes are payments you make to the state government where you live.

• Federal taxes are money you earn from the US federal government.

• Federal taxes are money you earn from working at a job.

• Federal taxes are payments you make the the US federal government.

What is Medicare?

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

• Medicare is federal life insurance for people over age 65

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

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

What is a variable expense?

• An expense that is the same during some months, and different during other months

• An expense that is the same from month to month.

• An expense that is different from month to month.

• None of the above

Which of the following is a variable expense?

• Student loan payments

• Rental payments

• Health insurance

• Groceries

What is a fixed expense?

• An expense that is the same during some months, and different during other months

• An expense that typically does not change month to month.

• An expense that typically varies from month to month.

• None of the above.

Which of the following is a fixed expense?

• Clothing purchases

• Groceries

• Movie tickets

• Rental payments

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.