EVERFI Lesson 1: Building a Balanced Budget

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

• Bounced Check

• Rental Payment

• Late Fee

• 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 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 earn is equal or less than to the amount you spend

• A budget where the amount you spend is greater 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 equal or less than the amount you earn

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

• save; less than

• spend; greater than

• save; greater than

• spend; equal to

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.

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

• A new pair of headphones

• Designer shoes

• Your favorite candy

• A warm winter coat

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

• A place to live

• Critical medicine

• A warm winter coat

• Movie tickets