D. Income is money you earn, usually from working at a job.

A. Income is payments you make to the federal government.

B. Income is money you receive after paying taxes.

C. Income is payments you make to the government to pay for roads, bridges, and schools.

Typically, how do people earn income?

B. Most people earn income by working at a job.

A. Most people earn income by paying taxes.

C. Most people earn income by saving a portion of their paycheck each month.

D. Most people earn income by spending more than they earn each month.

Which of the following is TRUE about income?

B. Income is money you receive after paying taxes.

A. Income is payment you make to the federal government.

C. Income is payments you make to the government to pay for roads, bridges, and schools.

D. Income is money you earn, usually from working at a job.

What are federal taxes?

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

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

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

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

Which of the following statements about federal taxes is TRUE?

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

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

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

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

B. Medicare is federal life insurance for people over age 65.

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

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

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

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

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

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

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

C. Nothing happens, this is an appropriate practice.

Which of the following items are typically included in a balanced budget?

D. All of these items are included in a balanced budget.

A. The amount you earn in income.

B. The amount you pay in taxes.

C. The amount to put away in savings.

What is a variable expense?

C. An expense that is different from month to month.

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

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

What is a fixed expense?

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

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

C. An expense that typically varies from month to month.

Which of the following statement is TRUE about variable expenses?

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

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

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

What is one way to begin saving startup capital?

B. Set aside a portion of your income each month.

A. Set aside a portion of the money you owe in taxes each month.

Which of the following statements is TRUE about startup capital?

A. Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.

B. Startup capital is the money spent in order to create a balanced budget for your personal finances.

Which of the following statements about startup capital is FALSE?

A. Startup capital is the money spend in order to create a balanced budget for your personal finances.

B. Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.

What is take home pay?

D. The amount left over from your monthly paycheck after deductions.

A. The amount you earn each month in income minus what you save.

B. The amount you earn each month in income minus what you spend.

C. The amount left over from your monthly paycheck before deductions.

Which of the following statements about take home pay is TRUE?

Take home pay is amount left over from your monthly paycheck after deductions.

Take home pay is the amount you earn each month in income minus what you save.

Take home pay is the amount you earn each month in income minus what you spend.

Take home pay is the amount left over from your monthly paycheck before deductions.

Which of the following statements about take home pay is FALSE?

Take home pay is the amount you earn each month in income minus what you save.

Take home pay is the amount you earn each month in income minus what you spend.

Take home pay is the amount left over from your monthly paycheck before deductions.

What is the definition of an entrepreneur?

C. An entrepreneur is someone who creates, owns and potentially runs a business

A. An entrepreneur is someone who manages a business.

B. An entrepreneur is someone who owns a business and makes profit from that business

Which of the following is NOT true about an entrepreneur?

D. An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him.

A. An entrepreneur gets to act as his own boss.

B. An entrepreneur has ownership in the business.

C. An entrepreneur is responsible for the success of their business.

Which of the following is NOT a true statement about business plans?

A. They should never be revised.

B. They can help lower the risk of starting a new business.

C. They are created before starting a business.

D. They should include an overview of your business goals and how you think you are going to achieve them.

Which of the following is an advantage of starting your own business?

C. You have control over where and when you work.

D. As long as you make a business plan, you will know what obstacles to expect.

A. During the start-up phase, you do not have to think about funding.

B. You are in charge of the decision-making so there is little to no risk.

While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?

A. Thinking like an entrepreneur can make you a better student and employee, no matter what your job is.

B. Knowing about entrepreneurship means you'll never have to work for a boss.

C. Entrepreneurs do not have to worry about getting good grades in school because they start their own business.

What is the main difference between a personal characteristic and a skill?

D. Skills can be learned and developed while personal characteristics are inherent qualities within.

A. You can learn a personal characteristic, but it is not possible to learn a skill.

B. Personal characteristics become skills over time.

C. Many people are born with business skills but you can't be born with characteristics.

What role do entrepreneurs play in economics?

B. Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.

A. Entrepreneurs tell consumers what they should want or need.

C. Entrepreneurs borrow money from the economy to start their businesses.

Venture: Entrepreneurial Expedition Lesson 1&2

Authored by Renako Banks

Business

9th - 12th Grade

Used 18+ times

Venture: Entrepreneurial Expedition Lesson 1&2

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40 questions

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MULTIPLE CHOICE QUESTION

20 sec • 3 pts

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

A. Bounced check

B. Late fee

C. Rental payment

D. Social security

MULTIPLE CHOICE QUESTION

20 sec • 3 pts

Which of the following is an example of a tax?

A. Line of credit

B. Rental payment

C. Cash payment

D. Medicare

MULTIPLE CHOICE QUESTION

20 sec • 3 pts

What are taxes?

A. Taxes are sources of income.

B. Taxes are optional payments you make to state and local governments.

C. Taxes are refunds you receive for overpayment.

D. Taxes are mandatory payments you make to state and local governments.

MULTIPLE SELECT QUESTION

20 sec • 3 pts

When is a budget considered to be balanced?

A. When the amount you earn is equal or less than to the amount you spend.

B. When the amount you spend is greater than the amount you earn.

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

D. When the amount you spend is equal or less than the amount you earn.

MULTIPLE CHOICE QUESTION

20 sec • 3 pts

Which of the following budgets would be considered balanced?

A. A budget where the amount you earn is equal or less than to the amount you spend.

B. A budget where the amount you spend is greater than the amount you earn.

C. A budget where the amount you save is less than the amount you spend.

D. A budget where the amount you spend is equal or less than the amount you earn.

MULTIPLE SELECT QUESTION

20 sec • 3 pts

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

A. save; less than

B. spend; greater than

C. save; greater than

D. spend; equal to

MULTIPLE CHOICE QUESTION

20 sec • 3 pts

Which of the following is a variable expense?

A. Student loan payments

B. Rental payments

C. Health insurance

D. Groceries

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Venture: Entrepreneurial Expedition Lesson 1&2

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

Which of the following is an example of a tax?

What are taxes?

When is a budget considered to be balanced?

Which of the following budgets would be considered balanced?

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

Which of the following is a variable expense?

Which of the following is NOT a fixed expense?

Which of the following is a fixed expense?

What is income?

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