Personal Finance

a tax in which the tax rate increases as the taxable amount increases

• progressive
• regressive
• flat
• proportional

A _____________tax may at first appear to be a fair way of taxing citizens because everyone, regardless of income level, pays the same dollar amount. By taking a closer look, it is easy to see that such a tax causes lower-income people to pay a larger share of their income than wealthier people pay

• progressive
• income
• flat
• regressive

A _________ tax, also referred to as a flat tax, impacts low-, middle- and high-income earners relatively equally. 

• regressive
• proportional
• income

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

A _______tax system, or a ______ tax system, assesses the same tax rate to taxpayers regardless of income or wealth. It is meant to create equality between marginal tax rate and average tax rate paid. Under a proportional tax system, individual taxpayers pay a set percentage of their income regardless of total income earned.

• progressive, flat
• proportional, flat
• regressive, proportional 

Under a ________ tax system, individuals and entities with low incomes pay a higher amount of that income in taxes compared to high-income earners. 

• Regressive
• Progressive
• Proportional
• Flat

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Proportional taxes are taxes that stay the same regardless of a person's or business's income. For example, some sales taxes are considered proportional because a tax rate of 8% in a certain state would apply to all customers in that state and take the same fraction of their ________. 

• taxes
• income
• family
• friends

Jennifer earns $400 per week and pays 10% tax on groceries costing $200 would pay $20, or 5% of their income, in taxes. In the same scenario, Janice, earning $800 per week would only spend 2.5% in taxes. Who pays more?

• Jennifer
• Janice
• Mrs. Marsh
• Yoda

A person who is a good credit risk?

• Credit Report

• Creditworthy

• Character

• Capactiy

The amount you pay to use someone else's money. It is also the amount of money you earn when allowing others to use your money.

• Interest
• Late Payment Fee
• Line of Credit
• Minimum Payment

The original amount of money borrowed

• Principal
• Credit History
• Annual Percentage Rate (APR)
• Interest