Venture: Lesson 1-Building a Balanced Budget

Which of the following is an example of a tax?

• Line of credit

• Medicare

• Rental payment

• Cash payment

Which of the following would be considered a want?

• New headphones

• Electricity

• Water

• A winter coat

Typically, how do people earn income?

• 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 spending more than they earn each month.

• Most people earn income by paying taxes.

Which of the following is a fixed expense

• water

• groceries

• rent

What is an 3 examples of a utility bills

• Electric

• Netflix

• Door dash

• Water

• Cell Phone

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

• startup capital

• taxes.

• Wants

The amount of money you earn or get after taxes

• Expenses

• Income

• Social Security

The amount of money you spend on things.

• Social Security

• Needs

• Expenses

taxes you pay to the United States Federal Government. Pays for the military, healthcare, and for building bridges and roads.

• State taxes

• Medicare

• Federal Taxes

• Social Security

taxes you pay to the state where you earn income.  pays for schools, public transportation, and other important services

• State taxes

• Social Security

• Federal Taxes

• Medicare