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WorksheetsVenture Expedition Study Guide
Total questions: 40
Worksheet time: 20mins
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 spend is equal or less 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 greater than the amount you earn.
A budget where the amount you earn is equal or less than to the amount you spend.
In a balanced budget, the amount you ______ is ______ the amount you earn.
save; less than
spend; greater than
spend; equal to
save; greater than
Which of the following is a variable expense?
Student loan payments
Groceries
Rental payments
Health insurance
Which of the following is NOT a fixed expense?
Movie tickets
Rental payment
Internet service
Cell phone bill
Which of the following is a fixed expense?
Clothing purchases
Groceries
Rental payments
Movie tickets
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.
Which of the following is TRUE about income?
Income is money you earn, usually from working at a job.
Income is payments you make to the government to pay for roads, bridges, and schools.
Income is money you receive after paying taxes.
Income is payment you make to the federal government.
Which of the following would be an example of a NEED?
A new pair of headphones
Designer shoes
A warm winter coat
Your favorite candy
Which of the following would be an example of a WANT?
A place to live
Movie tickets
Critical medicine
A warm winter coat
When creating a personal budget, it is important to consider things you _____, _______ things you ______.
want; before; need
need; after; want
need; at the same time as, want
need; before; want
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.
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.
What is take home pay?
The amount you earn each month in income minus what you save.
The amount you earn each month in income minus what you spend.
The amount left over from your monthly paycheck before deductions.
The amount left over from your monthly paycheck after deductions.
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Creativity & Collaboration
Comfort with Risk
Aggressiveness & Intensity
Initiative & Self-Direction
George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
Start promoting their shoe store to people in the neighborhood.
Identify research objectives and write down the questions they want answered.
Conduct research--both primary and secondary--to hear from people firsthand and determine if there is a need for their business.
Draw conclusions and make decisions for their business based on the research results.
George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?
Go online to find trade associations, listings of local and national competitors, and any information on financials.
Explore websites of other shoe retail businesses and take notes.
Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.
All of the above
Which of the following is a fixed expense for Maria's sandwich food truck?
Salaries for her employees
Truck insurance
Advertising
All of the above
Which of the following is an example of a tax you must pay?
Bounced 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
Which of the following would NOT be considered a want?
Designer shoes
Your favorite candy
A warm winter coat
A new pair of headphones
What are federal taxes?
Federal taxes are payments you make to the US federal government.
Federal taxes are money you earn from working at a job.
Federal taxes are money you earn from the US federal government.
Federal taxes are payments you make to the state government where you live.
Which of the following statements about federal taxes is TRUE?
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 to the US federal government.
What is Medicare?
Medicare is federal life insurance for people under age 65.
Medicare is federal health insurance for people over age 65.
Medicare is federal life insurance for people over age 65.
Medicare is federal health insurance for people under age 65.
What happens if you spend money on things you want before things you need?
You'll be financially prepared for an unexpected emergency, like a broken leg or hospital stay.
Nothing happens, this is an appropriate practice.
You limit your ability to save for for high-priced items, like higher education.
You are able to spend more on high-priced items, like higher education.
Which of the following items are typically included in a balanced budget?
The amount you earn in income.
The amount you pay in taxes.
The amount to put away in savings.
All of these items are included in a balanced budget.
Which of the following statement is TRUE about variable expenses?
The amount you spend on variable expenses do not change during certain months and do change during other months.
The amount you spend on variable expenses remain the same from month to month.
The amount you spend on variable expenses changes from month to month.
None of the above are true.
What is one way to begin saving startup capital?
Set aside a portion of your income each month.
Set aside a portion of the money you owe in taxes each month.
Both A and B
Neither A nor B
Which of the following statements is TRUE about startup capital?
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.
Startup capital is the money spent in order to create a balanced budget for your personal finances.
Both A and B
Neither A nor B
Which of the following statements about startup capital is FALSE?
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.
Startup capital is the money spend in order to create a balanced budget for your personal finances.
Both A and B
Neither A nor B
Which of the following statements about take home pay is TRUE?
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.
Take home pay is amount left over from your monthly paycheck after 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.
All of the above.
What is the definition of an entrepreneur?
An entrepreneur is someone who manages a business.
An entrepreneur is someone who owns a business and makes profit from that business
An entrepreneur is someone who creates, owns and potentially runs a business
None of the above
Which of the following is NOT true about an entrepreneur?
An entrepreneur gets to act as his own boss.
An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him.
An entrepreneur has ownership in the business.
An entrepreneur is responsible for the success of their business.
An example of an asset is:
Time
Money
Car
All of the above
Which of the following is NOT a true statement about business plans?
They should never be revised.
They can help lower the risk of starting a new business.
They are created before starting a business.
They should include an overview of your business goals and how you think you are going to achieve them.
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Creativity & Collaboration
Comfort with Risk
Initiative & Self-Direction
Aggressiveness & Intensity
Which of the following is an advantage of starting your own business?
You have control over where and when you work.
As long as you make a business plan, you will know what obstacles to expect.
You are in charge of the decision-making so there is little to no risk.
During the start-up phase, you do not have to think about funding.
