Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
unit 6.1 test
| Question | Answer |
|---|---|
| factors of production | land, labor, capital, entrepreneurship |
| scarcity | fundamental problem of economics, limited resources but unlimited wants |
| sole proprietorships | one person running it |
| partnerships | two or more people running a business |
| corporation | large business where people can buy stocks |
| horizontal merger | businesses from the same industry/field |
| vertical merger | businesses from the production process of a certain product |
| multinational merger | businesses from different countries |
| conglomerate merger | businesses from completely different industries |
| charter | legal document asking for permission to start a corporation |
| concepts of capitalism | competition |
| cost | money it takes to produce something |
| revenue | money made from selling a good |
| profit | money left after costs are paid for |
| supply vs. demand | ability for a product vs. desire for a product |
| equilibrium | "happy place" |
| income tax amendment | 16th amendment |
| gov revenue | gov income coming from taxes |
| gov expenditure | military, education, welfare |
| 3 criteria for effective taxes | equity, simple, efficient |
| direct tax | paying income tax |
| indirect tax | burden is moved to the people |
| fiscal year | government budget year |
| federal income tax | 16th amendment; tax takes your income, progressive |
| state/local income tax | levied by state |
| corporate income tax | tax on major corporations |
| estate tax | tax to give belongings after death |
| excise tax | extra tax for manufacturers; gas tax |
| sin tax | BAD societal things; alcohol, tobacco, etc |
| tariff | tax on other countries/imports |
| tax loopholes | way to get out of paying taxes |
| mandatory government spending | entitlement, social security, necessary |
| discretionary government spending | they decide how to spend their money |
| progressive tax | federal income tax; more $, more tax |
| regressive tax | more money paid by the poor; sales tax |
| proportional tax | everybody pays the same tax |
| IRS | Internal Revenue Service |
| Paystub | shows how much you made and taxes paid |
| net pay vs. gross pay | take home vs. total |
| What did the Federal Insurance Contributions Act (FICA) do? | Social Security 6.2% capped at $118,500; Medicare 1.45% |
| Social Security transfer payments | 6.2% capped at $118,500 |
| medicare transfer payments | 1.45% |
| government deficit | spending more than you bring in |
| government surplus | spending less than you bring in |
Created by:
TessaMeeson