Everfi

take home pay.

A portion of your monthly paycheck goes to paying taxes. The amount left over from your monthly paycheck after deductions

Creativity and Innovation

Entrepreneurs with this characteristic are creative and like to invent new ways of doing things. They ask a lot of questions about the world around them, and are always thinking of better ways to do things.

variable expenses.

Expenses that change month to month

Be Flexible

If you force yourself to examine things from different angles, even problems can become solutions.

Challenge Convention

People have a tendency to simply accept the way things are done. Instead, challenge accepted norms by asking lots of "Why?" and "What if?" questions.

Which of the following is an example of a tax? - Medicare - Line of credit - Rental payment - Cash payment

Rental payment

Think Backward

Sometimes solving a problem is easier when you start by imagining the end result you want.

startup capital.

The most important thing for you to know right now is that it is never too early to start saving

Draw Idea Maps

Use whiteboards, chalkboards and poster boards to sketch out ideas. As you sketch, one thought might branch out into six directions, and some of those branches might generate additional ideas. Drawing possibilities in this way often helps you see the bigger picture and new possibilities that you might have missed. You might also try using sticky notes on a wall or poster board. This method allows you to move ideas around.

Brainstorm in Groups and Do Not Judge

When brainstorming ideas, especially in groups, try not to be negative or prejudiced. These attitudes lower creativity, as not all ideas have to make sense in the beginning. Sometimes ideas that seem silly at first inspire other, more useful solutions later.

Risk

a chance of losing soming

Business Opportunity

a consumer need or want that can be potentially met by a new business.

Business plan

an overview of your business goals and includes details on how you think you are going to achieve them. a statement of your business goals, the reasons you think these goals can be met, and how you are going to achieve them. If you start your business without a plan, you will soon be overwhelmed by questions you haven't answered. A business plan forces you to figure out how to make your business work and helps track if the business is meeting its goals. A well-written plan will also guide you every step of the way as you develop your business.

Assets

anything that has value

External Entrepreneur

creates business ideas by identifying sources of opportunity. There are five external sources of business opportunities:

Secondary Data

existing information that was previously gathered for a purpose other than the study at hand. Secondary data may be relatively cheap and easy to obtain through sources such as Government Websites, Trade Groups, and Journals, Business Magazines, and Reports, or Local Community Resources

Medicare

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

spending plan

how to spend wisely to save for future goals, like startup capital

Income

is money received by individuals or businesses.

fixed expense

it will usually stay the same each month.

Entrepreneur

someone who starts and runs their own business.

Federal taxes

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

State taxes

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

Social Security

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

startup capital

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

Taxes

the revenue the government collects in order to pay for services like roads, bridges, and even education. They are an important responsibility we carry as citizens.

Internal Entrepreneurs

who apply their hobbies, skills, and interests into a business opportunity