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Everfi – Venture Questions and Answers Graded A+

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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 ...

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  • November 6, 2023
  • 5
  • 2023/2024
  • Exam (elaborations)
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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

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