Ch. 14 Review

Front

What is a relatively high tax designed to raise revenue and reduce consumption of a socially undesirable product?

Back

Sin Tax

Front

What term describes a negative balance after expenditures are subtracted from revenues?

Back

Budget Deficit

Front

What is the tax on tangible and intangible possessions such as real estate, buildings, furniture, stocks, bonds, and bank accounts?

Back

Property Tax

Front

Which tax decreases in percentage as income rises?

Back

Regressive Tax

Front

Which branch of the U.S. Treasury Department is responsible for collecting taxes?

Back

Individual Revenue Service

Front

What tax is levied on employers and employees to support Social Security and Medicare?

Back

FICA (Federal Insurance Contributions Act)

Front

What is the term for a 12-month financial planning period that may or may not coincide with the calendar year, specifically October 1 to September 30 for the federal government?

Back

Fiscal Year

Front

What is the method of automatically removing deductions from a paycheck called?

Back

Payroll Withholding System

Front

Who is the person that examines and assesses property values for tax purposes?

Back

Tax Assessor

Front

What is the term for limits on annual discretionary spending?

Back

Spending Caps