Everfi – Venture Questions and Answers
Graded A+
Taxes ✔✔Mandatory payments you make to state and local governments
When is a budget considered to be balanced? ✔✔When the amount you spend is equal or less
than the amount you earn.
Balanced budget example ✔✔A budget where the amount you spend is equal or less than the
amount you earn.
Income ✔✔money you earn, usually from working at a job.
Typically, how do people earn income? ✔✔Most people earn income by working at a job.
What is an example of a NEED? ✔✔Warm winter coat; place to live; critical medicine
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.
Take Home Pay ✔✔The amount left over from your monthly paycheck after deductions.
Federal Taxes ✔✔Payments you make to the US federal government.
Medicare ✔✔Federal health insurance for people over age 65.
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.
What is one way to begin saving startup capital? ✔✔Set aside a portion of your income each
month.
Entrepreneur ✔✔someone who creates, owns and potentially runs a business
Graded A+
Taxes ✔✔Mandatory payments you make to state and local governments
When is a budget considered to be balanced? ✔✔When the amount you spend is equal or less
than the amount you earn.
Balanced budget example ✔✔A budget where the amount you spend is equal or less than the
amount you earn.
Income ✔✔money you earn, usually from working at a job.
Typically, how do people earn income? ✔✔Most people earn income by working at a job.
What is an example of a NEED? ✔✔Warm winter coat; place to live; critical medicine
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.
Take Home Pay ✔✔The amount left over from your monthly paycheck after deductions.
Federal Taxes ✔✔Payments you make to the US federal government.
Medicare ✔✔Federal health insurance for people over age 65.
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.
What is one way to begin saving startup capital? ✔✔Set aside a portion of your income each
month.
Entrepreneur ✔✔someone who creates, owns and potentially runs a business
