Everfi - Venture
Balanced budget example
A budget where the amount you spend is equal or less than the amount you earn.
What is an example of a WANT?
A new pair of headphones; Designer shoes; Your favorite candy
Variable Expense
An expense that is different from month to month.
Fixed Expense
An expense that typically does not change month to month.
An example of a fix expense is movie tickets (T/F)
False
Business plans should never be revised. (T/F)
False
Startup capital is the money spend in order to create a balanced budget for your personal finances. (T/F)
False
The amount you spend on variable expenses does NOT change from month to month. (T/F)
False
Medicare
Federal health insurance for people over age 65.
Taxes
Mandatory payments you make to state and local governments
Typically, how do people earn income?
Most people earn income by working at a job.
Federal Taxes
Payments you make to the US federal government.
What is one way to begin saving startup capital?
Set aside a portion of your income each month.
In a balanced budget, the amount you ______ is ______ the amount you earn.
Spend; equal to
What are the four parts of a SWOT Analysis?
Strengths, Weaknesses, Opportunities, Threats
Take Home Pay
The amount left over from your monthly paycheck after deductions.
Aggressiveness and intensity is NOT necessarily a characteristic of a successful entrepreneurs. (T/F)
True
An example of a variable expense is groceries (T/F)
True
Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers. (T/F)
True
Federal taxes are payments you make the the US federal government. (T/F)
True
Income is money you earn, usually from working at a job. (T/F)
True
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. (T/F)
True
Take home pay is amount left over from your monthly paycheck after deductions. (T/F)
True
The main purpose of developing a business pitch is to briefly share the most important information about your business to people in an engaging way. (T/F)
True
You have control over where and when you work when starting your own business. (T/F)
True
You need to consider who your potential customers are before deciding on marketing strategies. (T/F)
True
What is an example of a NEED?
Warm winter coat; place to live; critical medicine
When is a budget considered to be balanced?
When the amount you spend is equal or less than the amount you earn.
What happens if you spend money on things you want before things you need?
You limit your ability to save for for high-priced items, like higher education.
Social Security
a tax you must pay
Income
money you earn, usually from working at a job.
When creating a personal budget, it is important to consider things you _____, _______ things you ______.
need; before; want
Entrepreneur
someone who creates, owns and potentially runs a business