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UNIT 8
For Finals
| Question | Answer |
|---|---|
| What are Social Programs? | Services provided by the government |
| Social Programs are paid for by ________. | Taxes |
| What does a Mixed Economy have? | Public Health Care. Meaning it is paid for by Taxes |
| What does a Market Economy have? | Private Health Care. Meaning the people have to pay for it themselves. So if you have INSURANCE, that is a good thing. |
| Canada provides 3 things that are Social Programs.... | health care, senior pensions, and income assistance |
| What is Income Tax? | Money that is taken off their pay cheques and goes directly to the gov't. |
| What are Sales Taxes? | Taxes that you have to pay when you make a purchase (GST, PST, HST) |
| What are the Steps to TAX MODELS? (There are 3) | 1) You get a job that pays you. 2) a percentage of your pay cheque is taken off and sent to the gov't. 3) The government uses it for education, health care, etc... |
| What is Tax Evasion? | when people avoid paying taxes by accepting cash and not telling the gov't about their income. |
| Doing business like tax evasion is called the ____________ ____________. What do it mean? | Underground Economy/ Black Market, meaning it functions in secret. |
Created by:
Katfish
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