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Econ 14

QuestionAnswer
Tax A required payment to a local, state, or national government
4 Characteristics of a good tax Simplicity-easy to understand, efficient-able to assess and collect without spending too much time or money, Certainty-clear to taxpayer how much and when it's due, Equity-fairness
Revenue Income received by a government form taxes and other non-tax sources
Progressive Tax A tax for which the percentage of income paid in taxes remains the same for all income levels
Proportional Tax A percentage of income is paid in taxes and remains the same for all income levels
Regressive Tax The percentage of income paid in taxes decreases as income increases
Tax Base The income, property, good, or service that is subject to a tax
Individual income tax Tax on a person's earnings
Corporate income tax Tax based on a company's profit
Property tax Based on real estate and other property
Sales tax Based on goods or services that are sold
Incidence of a tax The final burden of a tax
Tax return Form used to file income taxes
Withholding Taking tax payments our of an employee's pay before he or she receives the pay check
Taxable Income The earnings on which tax must be paid; total income minus exemptions and deductions
Personal Exemption A set amount that taxpayers may subtract from their gross income for themselves, their spouse, and any dependents (kids)
Tax Deduction A variable amount that taxpayers may subtract from their gross income
Tax credit A variable amount that taxpayers my subtract from the total amount of their income tax
Estate tax Tax on the estate, or total value of the money and property, of a person who has died
Gift Tax A tax on money or property that one living person gives to another
Excise tax Revenue tax on sale of good already included in price (Example: gas, cigarettes, alcohol, phone, cable)
Tariff Tax on imported goods
Tax incentive The use of taxation to discourage or encourage certain types of behavior
Mandatory Spending Spending that Congress is required by existing law to so (Example: Medicare, Social Security)
Discretionary Spending Spending in which Congress is free to make choices/ Military Defense, Education, Student Loans. Law Enforcement, Environmental Sleanup, Disaste Aid
Entitlement Social welfare program that people are "entitled" to if they meet certain eligibility requirements
Social Security Available to those retired or disabled to supplement income benefits
Medicare Serves people over age 65 for use of hospital care, cost of physicians, and other medical services
Medicaid used by low=income families, persons with disabilities, and elderly in nursing homes for medical and health related services
Budget Estimate of future revenue and expenses
Operation Budget Budget for day to day spending needs
Capital Budget Budget for spending on major investments
Balanced Budget Budget in which revenues are equal to spending
Tax Exempt Not subject to tax
Real Property Land any any permanent structures on the land wo which a person has legal title
Personal Property Movable possessions of assets (not real property)
Tax Assessor An official who determines the value of a property
Where are state taxes spent? Education, public safety, highways, transportation, public welfare, arts and recreation, administration,
Human Capital The skills and knowledge gained by a worker through education and experience
Shortage A situation in which quantity demanded is greater than quantity supplied
Safety Net Government programs designed to protect people from economic hardships
Incentive Anything that offers rewards to people who change their behavior
Centrally Planned Economy Government bureaucracy decides how munch of each product to produce, how to produce the good, and who gets the good
Privatization Letting the private sector take over an area that was typically run by the government
Private Property Any good that is owned by an individual or a business
Karl Marx 1818-1883 19th century philosopher,political economist, sociologist. Called the "father of Communism" People are to believe in a classless society
Adam Smith Wrote "The Wealth of Nations". advocated the idea of Laissez-fare; or government not involving them selves in the economy
In what way does the free market encourage individuals to be successful? It encourages people to be inventive and prosperous because in this economic system people have the freedom to act in their own best interest
How has specialization affected the United States Economy? Because we don't make everything we need, we specialize in specific area making goods which we will use to sell or trade with other countries for goods we want but do not make
Why have free market economies been more successful than centrally planned economies ? People answer the three key economic questions in a free market economies. On
Created by: sudokken
 

 



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