Unit 3 Test Flashcards
the process of bringing in a neutral 3rd person or people to help settle a dispute
mediation
the ability and willingness of workers to relocate in markets where wages are higher
labor mobility
the belief that people should be taxed according to their ability to pay, regardless of the benefits they receive
Ability to Pay Principle of Taxation
the most restrictive union arrangement in which the employer agrees to hire only union members
closed shops
employees and employers share equally in paying the tax for Social Security and Medicare, which are educated from your paycheck
payroll taxes
a tax on donations of money or wealth and is paid by the person who makes the gift
gift tax
attached to a paycheck that summarizes income, tax withholdings, and other deductions
payroll withholding statement
a union arrangement in which workers to not have to belong to the union to be hired, but must join soon after and remain a member for as long as they keep their jobs
union shops
programs that must receive annual authorization
discretionary spending
the total amount borrowed to finance the government’s deficit spending
federal debt
created in response to the problems during the Great Depression
FDIC
the intersection of supply and demand determines the wage rate that leaves neither a surplus nor a shortage in the labor market
equilibrium wage rate
broad social programs the use established eligibility requirements to provide health, nutritional, or income supplements to individuals
entitlements
federal demand notes that Congress was authorized to print in order to raise enormous sums of money to finance the Civil War
greenbacks
created by Congress in 1913 to reform the banking system, the nation’s 1st true central bank
Federal Banking System
spending in excess of revenues collected in a fiscal year
federal deficit
the supply and demand for a worker’s skills and services determine the wage or salary
Traditional Theory of Wage Determination
funds collected by one level of government that are distributed to another level of government for expenditures
intergovernmental revenues
a tax that imposes a higher percentage rate of taxation on people with higher incomes
progressive tax
the tax the government levies on the transfer of property when a person dies
estate tax
the 2nd largest source of revenue for local governments, a tax on tangible and intangible possessions
property tax
the division of the executive branch primarily responsible for assembling the budget under presidential guidelines
Office of Management and Budget
a monetary standard that the United States has been on since 1934, under which the money supply can’t be converted into gold or silver by its citizens
Inconvertible Fiat Money Standard
created to help finance the Civil War, was made up of banks chartered by the federal government, and shifted the paper money supply towards being entirely publicity-issued
National Banking System
