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18 questions
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- 1. Multiple Choice
Which of the following is an example of a tax you must pay?
Bounched check
Late fee
Rental payment
Social Security
- 2. Multiple Choice
Which of the following is an example of a tax?
Line of credit
Rental payment
Cash payment
Medicare
- 3. Multiple Choice
What are taxes?
Taxes are sources of income
Taxes are optional payments you make to state and local government
Taxes are refunds you receive for overpayment
Taxes are mandatory payments you make to state and local governments
- 4. Multiple Choice
When is a budget considered to be balanced?
When the amount you earn is equal or less than the amount you spend.
When the amount you spend is greater than the amount you earn.
When the amount you save is less than the amount you spend.
When the amount you spend is equal or less than the amount you earn.
- 5. Multiple Choice
Which of the following budgets would be considered balanced?
A budget where the amount you earn is equal or less than the amount you spend.
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.
A budget where the amount you spend is equal or less than the amount you earn.
- 6. Multiple Choice
In a balanced budget, the amount you ___is ___the amount you earn.
save; less than
spend; greater than
save; greater than
spend; equal to
- 7. Multiple Choice
Whic h of the following is a variable expense?
Student loan payments
Rental payments
Health insurance
Groceries
- 8. Multiple Choice
Which of the following is not a fixed expense?
Rental payment
Internet service
Cell phone bill
Movie Tickets
- 9. Multiple Choice
Which of the following is a fixed expense?
Clothing
Groceries
Movie Tickets
Rental payments
- 10. Multiple Choice
What is income?
Payments you make to the federal government.
Money you receive after paying taxes.
Payments you make to the government to pay for roads, bridges, and schools.
Money you earn usually from working at a job.
- 11. Multiple Choice
Typically, how do people earn income?
by paying taxes.
working a job.
saving a portion of their paycheck.
spending more than they earn/
- 12. Multiple Choice
Which of the following is true about income?
Payment you make to the federal government.
Money you receive after paying taxes.
Payments you make to the government to pay for roads, bridges, and schools
Money you earn, usually from working at a job.
- 13. Multiple Choice
Which of the following would be an example of a need?
New pair of headphones
Designer shoes
favorite candy
Warm winter coat.
- 14. Multiple Choice
Which of the following would not be considered a want?
New headphone
designer shoes
favorite candy
A warm winter coat
- 15. Multiple Choice
Which of the following would be an example of a want?
Place to live
Medicine
winter coat
movie tickets
- 16. Multiple Choice
What are federal taxes?
Payments you make to the state government where you live.
Money you earn from the US federal government.
Money you earn from working a job.
Payments you make to the US Federal Government.
- 17. Multiple Choice
What is Medicare
Life insurance for people under age 65.
Federal life insurance for people over age 65.
Federal health insurance for people under age 65.
Federal health insurance for people over age 65.
- 18. Multiple Choice
When creating a personal budget, it is important to consider things you ____, ___things you
want; before; need
need; after; want
need; at the same time as, want
need; before; want
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