Econ Unit 4 Lesson 11 & 12 Test Review

Front

What is a corporate income tax?

Back

A tax applied to the profits of a corporation.

Front

Which of the following is an example of discretionary spending? Social Security benefits, Medicare, Unemployment insurance

Back

Defense budget

Front

What is the purpose of excise taxes?

Back

To discourage consumption of certain goods

Front

What is a progressive tax?

Back

A tax that takes a larger share of income as income increases.

Front

What is the national debt?

Back

The total amount owed by a nation's government as a result of borrowing

Front

What is regulatory capture?

Back

A situation where a regulatory agency is dominated by the industry it regulates.

Front

What is a cap and trade policy?

Back

A policy that limits pollution but allows firms to trade permits.

Front

What is the purpose of a W-2 form?

Back

To list a worker’s wages for the previous year and the amount of tax withheld

Front

A tax that takes a larger share of income as income increases

Back

Progressive tax

Front

What is the primary purpose of an excise tax?

Back

To discourage the consumption of certain goods.