Prin. Bus. Fin. Modul 1 "Building A Balanced Budget" { Mr. Bayaborda }

10.) Which of the following would be an example of a NEED?

A NICE Winter's Coat for those chilly days!

Which of the following is a fixed expense?

An expense that typically does not change month to month

2.)What is a variable expense?

Changes from month to month

Example of a want

Designer Headphones

Which of the following statements about federal taxes is TRUE?

Federal Taxes are payments you make the US Federal Government.

8.) What are federal taxes?

Federal Taxes are payments you make the the US Federal Government.

6.) Which of the following is a variable expense?

Groceries

Which of the following is TRUE about income?

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

What is Income?

Income is money you receive after paying taxes.

Which of the following would be an example of a WANT?

Movie Tickets

When creating a personal budget it is important to consider things you ______, __________ things you __________.

Need, Before; Want

9.) When creating a personal budget, it is important to consider things you _____, _______ things you ______.

Need; Before; Want

Which of the following is NOT a fixed expense?

Rental Payments

In a balanced budget , the amt. you ____________ is ____________ the amt. you earn.

Save; Less than

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

Social Security

3.)In a balanced budget, the amount you ______ is ______ the amount you earn.

Spend; Equal To

State Taxes

Taxes you pay the state. For Public Transportation. Pays for schools, public transportation, and other important services.

Federal Taxes

Taxes you pay to the US Federal Gov. Pay for health Care and building roads.

Which of the following statements is TRUE abt Variable Expenses?

The amt u spend on variable changes from month to month

What is take-home pay?

The amt. left over from your monthly paycheck after deductions

Which of the following budgets would be considered balanced?

The amt. you spend is = or less than the amt. you earn.

Federal taxes

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

State taxes

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

Medicare

federal health insurance for people over age 65. Paying Medicare tax now means that when you reach 65, you'll be able to receive this benefit as well!

Which of the following is an example of a tax?

line of Credit

Social Security

tax that pays for retirement benefits. You pay Social Security now and receive the benefits later in life.

Which of the following would NOT be considered a Want?

{ ( A nice warm winters coat ) } A.) A new pair of headphones B.) Ur favorite candy C.) A warm winter Coat D.) Designer Shoes

What of the following is an example of a tax?

{ ( B. Medicare ) } A.) Cash Payment B.) Medicare C.) Rental Payment D.) Line of Credit

Which of the following is a variable expense?

{ ( C. ) } A.) Student Loan Payments B.) Rental Payments C.) Groceries D.) Health Insurance

7.) Which of the following statements about startup capital is FALSE?

{ (C. Both A and B) } A.) Startup Capital is the $$Money$$ u spend in order to create a balanced budget for your personal finances. B.) Startup capital is the money u INVEST in the form of supplies, Marketing, Legal Services, and other investments to get your business up and running. C.) Both A and B D.) Neither A nor B

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

{ (D. All the these 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 D.) All of these items are included in a balanced budget.

Which of the following statements is TRUE about startup capital?

{ B. Both A and B} A.) Startup

Final Quiz: 1.) Which of the following statements bat take home pay are FALSE?

{ D.) All the Above } A.) Take home pay is the mat. you earn each month in income (Minus - ) what you save. B.) Take home pay is the amt. you earn each month in income (Minus-) what you spend. C.) Take home pay is the amt. left over from ur monthly paycheck before deductions. D.) All of the Above.