Economics Unit 3 study guid

Taxes

• A payment the government gives

•  A payment by the people to the state

• A payment that is required to pay

• A federal check

• A federal check

Answer explanation

Individual income tax

• money that your employer gives you

• Tax you pay from money you receive from various sources 

• A tax you pay to grocery stores

Sin tax

• A tax on clothes

• A tax on goods

• A tax that is meant to discourage consumers 

• A property tax

Property tax

• taxes on your car

• Taxes you pay on land you own

• federal intitlement

• Taxes you pay based on income

Excise tax

• only on phone bill

• Only on incom taxes

• Only on property

• Only on certain products same as sin tax

Proportional tax

• A tax for which the percentage of income paid changes for all incomes

• a tax for which the percentage of income paid in taxes remains the same for all incomes

• Taxing on foreign products

Progressive tax

• income paid in taxes increases as income increases

• income paid in taxes increases as income decreases

• income paid in taxes increases as income stays the same

• income paid in taxes increases as income decreases then increases

Regressive tax

• -income paid in taxes decreases as income decreases

• income paid in taxes decreases as income increases

• -income paid in taxes decreases as income increases then decreases

• -income paid in taxes increases as income decreases

Federal budget

• An estimate on stock rate

• An estimate on how many people paid there taxes

• An estimate of how much money the federal government will spend and make in a year

• An estimate on how much money will be lost in a year

Discretionary spending

• Spending that the courts decide on

• Spending that the businesses decide on

• Spending that the people decide on

• Spending that congress decides on