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