Venture: Entrepreneurial Expedition Lesson 1&2

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

Which of the following is an example of a tax?

• A. Line of credit

• B. Rental payment

• C. Cash payment

• D. Medicare

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.

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.

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.

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

Which of the following is a variable expense?

• A. Student loan payments

• B. Rental payments

• C. Health insurance

• D. Groceries

Which of the following is NOT a fixed expense?

• A. Rental payment

• B. Internet service

• C. Cell phone bill

• D. Movie tickets

Which of the following is a fixed expense?

• A. Clothing purchases

• B. Groceries

• C. Movie tickets

• D. Rental payments

What is income?

• 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.

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