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Finance 5 - Terms

Finance - Chapter 5 - Key Terms

TermDefinition
Rate Bill The requirement that each pupil pay a fee. (These are obsolete.) 117-2
Fees payment for goods or services rendered ???
Tax Shifting the shifting (passing) of a tax burden to another. Shifting taxes so the impact is different than the incidence. 116-2
Ad Valorem property tax levied against the owner of real or personal property for individuals and businesses. 126-1
Real Property Property that is not readily movable, including land, buildings, and improvements. 126-1
Personal Property property that is movable, consisting of tangibles (machinery, livestock, crops, autos) and intangibles (money, stocks, bonds). 126-1
Income Tax a progressive tax levied on the income of a person received during the period of one year. 124-1
Sales tax a levy imposed on the selling price of certain goods and services. 125-3
Sumptuary Tax (Consumptive tax) a form of excise tax, imposed with the primary purpose of helping to regulate (lessen) or control a certain activity or practice not deemed to be in the public interest. 129-7
Severance Tax taxes imposed distinctively on removal of natural products (oil, gas, other minerals, timber, fish) from land or water and measured by value of quantity of products removed or sold, as defined by the Department of Commerce. 130-4
Value-added Tax a tax on the value of goods at each transaction level, from production to consumption - in effect, a multiple sales tax. 137-3
Lottery wonderful thing, it lays taxation only on the willing, as quoted by Thomas Jefferson. 132-1
Tax rate the tax price(amount,ratio) applied to the base or the item being taxed. 113-2
Tax Base the taxable value of the items or objects being taxed. 113-2
Homestead Exemption reduces property taxes by lowering the assessed value of the principal residence. 129-1
Elasticity Funding(and related sources) that change with the economy. 116-5
Ability to Pay taxes are paid according to a person's financial capacity or ability. 114-2
Neutrality taxation in such a manner so as not to alter the behavioral patterns of the taxpayers. 116-3
Predictability Funding sources that are consistent and dependable(stable) so as to permit future prediction. 116-5
Taxes are a function of what three variables? tax base X tax rate = tax yield. 113-1
Tax Base the taxable value of the items or objects being taxed. 113-2
Major tax bases property, income, sales, and privilege. 113-2
Circuit Breaker designed to assure that the property taxes of people with low incomes will not exceed a stated protion o f percentage of their annual income, regardless of the low value of their property or the tax in effect in their taxing unit. 128-5
Created by: Russell.Johnson