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Economics
Ch. 14
| Question | Answer |
|---|---|
| What are the two sides of a budget? | income and spending |
| What are the three largest categories of federal spending? | Medicare/Medicaid (healthcare), national defense, and interest on debt |
| What is the largest category of state spending? | welfare |
| What is it called when a government spends more than it brings in for a given year? | deficit |
| What is the problem that results from higher interest rates caused by a large national debt? | the crowding-out effect |
| Who is the person responsible for proposing the federal budget? | President of the US |
| What are the three criteria for a good tax? | equity, simplicity, and efficiency |
| What is another name for a "flat" tax? | proportional |
| When rich people get taxed a higher percent of their income than poor people, it is what type of tax? | progressive |
| What is one example of a regressive tax? | sales tax |
| What branch of the treasury department is responsible for collecting taxes? | IRS |
| FICA is a tax that puts money towards this big federal program? | Social Security |
| What local tax raises money for local schools? | property tax |
| What date must you file your tax return by each year? | April 15th |
| A twelve month planning period for a business is known as? | fiscal year |
| What is the current national debt? | approximately 39 trillion dollars |
| What is it called when the government brings in more money than it spends in a year? | surplus |
| This is the tax principle that benefits those that pay the tax? | benefit principle |
| With this principle of taxation those who are wealthier pay more (ex. current income tax)? | ability-to-pay principle |
| What is the largest category of spending for local governments? | schools |
| What is the estate tax also known as? | death tax (A tax on an inheritance.) |
| What is the highest tax bracket? | 37% (on the wealthiest people) |
| To balance your budget, income and spending should be? | equal |
| What does a tax assessor do? | Puts a value on your house to be used for property taxes. |
| How much would someone pay in taxes for a $150,000 home? Tax rate is $19 per $1000 assessed value. | x/$150,000 = $19/$1000 |
| $50 plus 8% sales tax | $50 x .08= $4 |
| medicare- 1.45% | x .0145 |
| Social Security- 6.2% | x .062 |
Created by:
KristiWilliams