Economics Chapters 9 & 10
Terms in this set (55)
individual income taxes
What is the number one source of revenue for the federal government?
1.) Income tax
2.) FICA taxes
3.) Corporate Income taxes
4.) Excise taxes
What are the top 4 sources of tax revenue for the federal government
Federal Insurance Contributions Act
What does FICA stand for?
2.) Social Security
What 2 taxes make up the FICA taxes?
1.) government grants
2.) sales tax
3.) income tax
4.) user fees
What are the 5 sources of state revenue?
What is the biggest source of state revenue?
What is the biggest source of tax revenue for the state?
1.) government grants
2.) property taxes
3.) liquor tax
4.) public utilities
What are the 4 sources of local revenue?
1.) revenue for government spending
2.) reallocate resources
3.) behavior adjustment
4.) change the economy
5.) productivity and growth
What 5 things do taxes do?
To decide what the government should spend money on, they use a _______ _________.
1.) public goods and services
2.) transfer payments
What are the 2 types of spending?
1.) reallocating resources
2.) redistributing income
3.) changing the economy
What 4 things result from spending?
results yearly when you spend more than you bring in
grand total of all prior year's deficits
1.) Social Security
4.) Interest on National Debt
What are the top 4 sources of mandatory spending?
1.) National Defense
What are the top 4 sources of discretionary spending?
1.) Social Security
2.) National Defense
5.) Interest on National debt
What are the top 5 agencies to which the federal government spent the budget in 2013?
1.) Intergovernmental spending
2.) public welfare
3.) insurance trust
4.) higher education
What are the top 5 sources of state spending?
4.) public welfare
What are the top 4 sources of local spending?
tax that imposes a higher percentage rate of taxation on higher incomes than on lower ones
tax that imposes a higher percentage rate of taxation on low incomes than on high incomes
imposes the same percentage rate of taxation on everyone, regardless of income
A tax on the production of a selected good.
A tax on imported goods.
Biggest source of revenue for state and local governments.
Second biggest source of revenue for local governments.
Second biggest source of revenue for state governments.
Another name for a proportional tax.
Value Added Tax
A tax that is placed on a good after each stage of the production process.
Spending that is authorized by law and continues without the need for approval from Congress.
Spending that requires yearly approval by Congress.
1. President 2. House of Representatives 3. Senate 4. House-Senate Conference (Joint Committee) 5. President
Order that budget goes through before it becomes a law.
A 12-month financial planning period that does not have to coincide with the calendar year.
The yearly excess spending as compared to the revenue is called the ____________.
The grand total of years of over spending is called the __________.
The biggest category of federal spending.
The second biggest category of federal spending.
The third biggest category of federal spending.
The biggest category of state spending.
The biggest category of local spending.
The economic name for the government.
The economic name for the consumers and businesses.
Per Capita Spending
Spending on each person is called _____________________.
The kind of spending that involves the government making payments without receiving a good or service in return.
A government to government payment is called ______-in-aide.
Taxes that discourage behavior are called "______________".
Equity, Simplicity, Efficiency
Three qualities of an effective tax.
Ability to Pay
The principle of taxation that is based on the belief that if you have an income, you can pay taxes.
The principle of taxation that is based on the belief that you only pay a tax when you get something in return.
Who bears the final burden of a tax is called the _________ of tax.
What type of tax requires higher income earners to pay a higher percentage of their income to taxes?
If I make $10,000 and pay $100 in tax and you make $1000 and pay $10 in tax, what type of tax is it?
Individual Income Tax
The biggest source of federal revenue.
Medicare and Social Security
What two programs make of FICA?
A 10% sales tax on milk is what type of tax?
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