Question 1

Which of the following is an example of a tax you must pay?

Accepted Answer

Social security

Answer

Rental payment

Answer

Bounced check

Answer

Late fee

Question 2

Which of the following is an example of a tax?

Accepted Answer

Income tax payment

Answer

Car payment

Answer

Credit Card payment

Answer

Rent payment

Question 3

What are taxes?

Accepted Answer

Taxes are mandatory payments you make to state and local governments.

Answer

Taxes are optional payments you make to state and local governments.

Answer

Taxes are refunds you receive for overpayment.

Answer

Taxes are sources of income.

Question 4

When is a budget considered to be balanced?

Accepted Answer

When the amount you spend equals or is less than you earn.

Answer

When the amount you spend is greater than the amount you earn.

Answer

When the amount you save is less than the amount you spend.

Answer

When the amount you earn is equal or less than to the amount you spend.

Question 5

Which of the following is a variable expense?

Accepted Answer

Going out money

Answer

Rental payments

Answer

Health insurance

Answer

Health insurance

Question 6

Which of the following is NOT a fixed expense?

Accepted Answer

Door Dash

Answer

Student loan payment for college

Answer

Rent for your apartment

Answer

Your car payment

Question 7

Which of the following is a fixed expense?

Accepted Answer

An apartment rent payment

Answer

Hair appointment for a wedding

Answer

Amount spent for lunch

Answer

tickets to Six Flags

Question 8

What is income?

Accepted Answer

Income is money you earn, usually from working at a job.

Answer

Income is payments made to T-Mobile, Mint, or Verizon

Answer

Income is payments you make to the government to pay for the military.

Answer

Income is money you receive after paying taxes.

Question 9

Typically, how do people earn income?

Accepted Answer

Most people earn income by working at a job.

Answer

Most people earn income by saving a portion of their paycheck each month.

Answer

Most people earn income by spending more than they earn each month.

Answer

Most people earn income by paying taxes.

Question 10

Which of the following is TRUE about income?

Accepted Answer

Income is money you earn, usually from working at a job.

Answer

Income is payment you make to the federal government.

Answer

Income is money you receive after paying taxes.

Answer

Income is payments you make to the government to pay for roads, bridges, and schools.

Question 11

Which of the following would be an example of a NEED during winter in Wisconsin?

Accepted Answer

A winter coat

Answer

Skittles...the purple ones

Answer

Skullcandy headphones

Answer

Nike Jordan5's

Question 12

Which of the following would be considered a want, not a need in 2025?

Accepted Answer

A Starbucks gift card

Answer

Clean air and water

Answer

A working phone

Answer

Transportation to work

Question 13

What are federal taxes?

Accepted Answer

Federal taxes are payments you make to the US federal government.

Answer

Federal taxes are payments you make to the state government where you live.

Answer

Federal taxes are money you earn from working at a state job.

Answer

Federal taxes are money you earn from the US federal government.

Question 14

Which of the following is paid for with federal taxes

Accepted Answer

The military

Answer

School Sports

Answer

State contractors

Answer

University of Texas instructors

Question 15

What is the purpose of Medicare?

Accepted Answer

To assist elderly people with their medical costs so that their families don't have to pay them

Answer

To care for medical personnel injured while at work

Answer

To pay the medical bills of students

Answer

To pay doctors and nurses so they can help kids in poor countries

Question 16

When creating a personal budget, it is important to consider things you _____, _______ things you

Accepted Answer

need before the things you want

Answer

want before the things you need

Answer

enjoy before the things you need

Answer

see in ads before the things you want

Question 17

Which of the following items are typically included in a balanced budget?

Accepted Answer

All of these items are included in a balanced budget.

Answer

The amount you pay in taxes.

Answer

The amount you earn in income.

Answer

The amount to put away in savings.

Question 18

Which of the following would be considered a variable expense?

Accepted Answer

Your monthly amount spent on pizza

Answer

Your rent

Answer

Your monthly car payment

Answer

Your basic monthly Netflix charge

Question 19

What is one way to begin saving startup capital?

Accepted Answer

Set aside a portion of your income each month.

Answer

race cars on the weekends

Answer

Sell your mother's furniture

Answer

Online gambling

Question 20

Which of the following causes the most problems for people trying to save money?

Accepted Answer

Spending on unnecessary items

Answer

Spending on fixed expenses

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