Economics Unit 4

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

Juan bought a Slurpee at the QT gas station that costs .99 cents, but the total price was $1.08 including tax. Which type of tax did Juan pay?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

What are the types of taxes a person might pay?

Check all that apply. (Hint: There are THREE)

• Sales tax

• Natural tax

• Income tax

• Property tax

• Birth tax

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

• regressive
• proportional
• income

Federal Income tax is a _______tax

• proportional
• flat
• regressive
• progressive

This is a _________________ tax

• Progrssive

• Norris

• Unfair

• Regressive

The tax shown in the picture is a ___________tax

• progressive

• regressive

• flat

• sales

Fee charged to borrow money

• Inflation
• Interest
• Discount rate
• Reserve requirement

What is the Federal Reserve System?

• the central banking system of the United States.

• a government office for regulating the budget of the United States of America.

• the banking system of the southeast

• the office that controls tax rates and government spending

A Medium of exchange, measure of value, and a store of Value are called what?

• Functions of money

• Your pay check

• Types of money