taxes Flashcards

1
Q

_______ is a mandatory payment to a government

A

tax*

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

______ is government income from taxes

A

revenue *

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

_______ wants people who receive benefits from the government to pay more in taxes

A

benefits-received principle of taxation*

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

________ thinks people should be made to pay taxes according to ability to pay

A

ability to pay principle of taxation*

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

tax systems attempt to meet three criteria:

A

equity simplicity efficiency *

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

__________means fairness or how uniformly tax is applied

A

equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

_________ is determined by how easy it is to pay and understand taxes

A

simplicity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

________ is based on how well taxes raises revenue for the government

A

efficiency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

a ______ is a form of wealth that are subject to tax

A

tax base

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

___________ is based on an individual’s income from all sources - largest source of taxes

A

individual income tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

________ is based on a corporation’s profits

A

corporate income tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

________ is based of the value of goods or services at the time of the sale

A

sales tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

_________ is based on the value of an individual’s or business’s assets

A

property tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

________ takes the same amount of income from all tax payers

A

proportional tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

________ places a higher percentage rate of tax on higher income people, federal tax

A

progressive tax*

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

_______ takes a larger percentage of income from low income people, sales tax

A

regressive tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

flat taxes usually charges rates from __________ percent of income

A

3-5

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

proportional tax charge ________ percent of income

A

1-3

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

the ______ of a tax is the finial burden of that tax

A

incidence*

20
Q

a__________ is the use of taxes to encourage economic behaviors

A

tax incentive

21
Q

_____________ are taxes imposed on products that are harmful or unhealthy

22
Q

_________ is money taken out of a paycheck before you receive it

A

payroll tax

23
Q

the _________ is the government agency that collects money

24
Q

when should taxes be filled?

25
what are the two types of tax deductions?
standard and itemized
26
__________ is a payroll tax that provides coverage for the elderly, the disabled - known as social insurance covers social security
FICA
27
_________ is a federal program to aid older citizens - 6.2 percent of income
social security
28
_________ is a health insurance program for people over 65
medicare
29
_________ is a program funded by federal and state taxes and administered by the states
unemployment compensation
30
___________ is the 3rd larges source of revenue for the govt
corporate income tax
31
tax breaks include:
investments in buildings, equipment, research, and rules that benefit multinational corporations
32
_________ is tax on a property that is transferred to others on the death of owner
estate tax**
33
the _________ is a tax on property given by one living person to another
gift tax
34
________ is a tax on the production or sale of a specific good
excise tax
35
the_______ is a tax on imported goods known as tariffs
customs duty**
36
_______ is money charged for the use of a good or service
fee user
37
the two programs the govt spends tax revenue on:
mandatory spending - required by law ** | discretionary spending - authorized each year
38
_________ makes up over half of all federal spending
mandatory spending
39
________ is a joint federal-state medical insurance program for low income people
medicaid
40
the ________ is the plan for spending federal tax money
federal budget
41
________ are specific amounts of money set aside for specific purposes
appropriations
42
_________ when govt buys things needed to operate
direct spending
43
_______ is money distributed to people who do not provide something in return
transfer payment
44
the federal govt influences the economy in three ways:
resource allocation income redistribution competition with the private sector
45
________- economy owned by individuals
private sector