Chapter 14 Vocab Quiz 1

A relatively high tax designed to raise revenue while reducing consumption of a socially undesirable product.

• Sin tax
• Morality tariff
• Virtue tax
• Vice levy

The way in which income is allocated among families, individuals, or other groups.

• Wealth distribution
• Salary allocation
• Distribution of Income

• Income inequality

The final burden of the tax.

• Incidence of a tax.

• Elasticity

• Government

• Consumer

Exceptions or oversights in the tax law allowing taxpayer to avoid taxes.

• Tax loopholes
• Tax evasion
• Tax evasion
• Tax evasion

General state or city tax levied on a product at the time of sale.

• Sales Tax
• Income Tax
• Property Tax
• Excise Tax

Tax levied on the wages, salaries, and other income of individuals.

• Property Tax
• Individual Income Tax

• Sales Tax
• Estate Tax

Branch of the U.S. Treasury Department that collect taxes.

• Central Intelligence Agency
• Internal Revenue Service (IRS)
• Department of Homeland Security
• Federal Reserve

Annual report filed with local, state, or federal government detailing income earned and taxes owed.

• tax refund
• tax exemption
• tax return
• tax deduction

Principle of taxation based on belief that taxes should be paid according to level of income regardless of benefits received.

• Ability-To-Pay

• Regressive taxation
• Voluntary taxation
• Proportional taxation

Tax in which percentage of income paid in tax is the same regardless of level of income.

• Tax Return

• Proportional tax
• Regressive tax
• Progressive tax