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5 Written questions

5 Matching questions

  1. Average Tax Rate
  2. Dividends
  3. Sole Proprietor
  4. Bank Balance Sheet
  5. Proportional Tax
  1. a Shows the assets, liabilities and net worth of an organization. Also know as a "t account"
  2. b profits distributed to stockholders on a per-share basis
  3. c Firm with a single owner who has the right to all profits and who bears unlimited liability for the firm's debts
  4. d total tax paid divided by total (taxable) income, as a percentage
  5. e a tax for which the percentage of income paid in taxes remains the same for all income levels

5 Multiple choice questions

  1. the lowest point in an economic contraction, when real GDP stops falling
  2. An automatic increase in the wages of workers or payments received to adjust for the impact of inflation
  3. same good produced w/ better quality get more value for the same price
  4. Brand New items and services are not calculated into CPI
  5. Peak, Recession or Depression, Trough, Expansion

5 True/False questions

  1. PartnershipA firm with multiple owners who share the firm's profits and bear unlimited liability for the firm's debts


  2. Fractional Reserve BankingThe minimum percentage of deposits that a bank must keep as reserves


  3. Regressive Taxa tax for which the percentage of income paid in taxes decreases as income increases


  4. Limited Liabilitythe responsibility of a business's owners for losses only up to the amount they invest


  5. Contractionary Monetary PolicyAn increase in the discount rate and federal funds rate which discourages banks from borrowing; An open market sale by the FED


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