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eco review
| Question | Answer |
|---|---|
| FICA includes taxes to pay for | social security and medicare |
| Tax on manufacture and sale of selected items | sales tax |
| Medicare and FICA are | payroll taxes |
| Tax paid by corporations on their income | corporate income tax |
| Tax that imposes higher percentage of taxation on lower incomes than on higher incomes is know as | regressive taxes |
| person who assigns value to property for tax purposes | tax assessor |
| tax levied on property left on an heir when a person dies | estate tax |
| Relatively high tax of social undesirable products such as tobacco | sin tax |
| tax of people's earning is the | |
| tax in which everyone pays the same percentage regardless of income | regressive tax |
| the "pay as you go" provision was a feature of the | BEA |
| first federal budget surplus in 3 decades occurred in the year | |
| payment for which the government receives neither goods nor services | |
| spending in excess of revenues collected is known as | deficit spending |
| largest category of state spending | individual income tax |
| programs that must receive annual authorization are know as | discretionary spending |
| a 12 month financial planning period that may or may not coincide with the calender year | federal budget |
| an act of congress that allows federal agencies to spend money for specific purposes | |
| broad social programs for eligible individuals are called |
Created by:
dalizavez
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