Entrepreneurship - Building a Balanced Budget & Entrepreneurship

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

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 equal or less than the amount you earn

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

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

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 equal or less than the amount you earn.

• 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.

In a balanced budget, the amount you ______ is ______ the amount you earn. save; less than

• spend; equal to

• spend; greater than

• save; greater than

• save; less 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?

• Rental payment

• Internet service

• Movie tickets

• Cell phone bill

Which of the following is a fixed expense?

• Rental payments

• Groceries

• Movie tickets

• Clothing purchases

What is income?

• Income is payments you make to the federal government.

• Income is money you receive after paying taxes

• 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.