Chapter 8-9

Define Tax

• required payment on personal articles

• required payment to a government

• required payment taken out of your paycheck

• required payment to your state

what do social insurance programs provide?

• Unemployment Insurance, Workers Compensation, Social Security, and medicare

• medicare,tax credits, unemployment insurance, and entitlements

• unemployment insurance, workers compensation, and privatization

• inelastic demand, tax credits, alternative minimum tax (AMT), and unemployment insurance

define Unemployment Insurance

• insurance that is provided to those who are unable to physically work

• insurance that is provided to those who are unable to find work

• provides temporary income to people who involuntarily lose a job while they look for another job

• provides a constant income for people actively looking for a job

define Workers Compensation

• the amount of money your employer must pay you back

• the amount of money your employer must pay back to the government

• a government provided insurance that pays for medical expenses due to job injuries

• covers medical expenses and lost wages due to job injuries

define Social Security

• covers large portion of health care expenses for those 65 or older

• provides monthly income for the unemployed who are currently looking for a job

• provides monthly income for retirees and disabled

• estimated amount taken from each paycheck

Name of the chairperson of the Federal Reserve Board of Governors

• John Maynard Keynes

• Jerome H. Powell

• the president

• Eric Holcomb

define Budget deficit

• limiting benefits for higher income recipients

• annual revenue and expenditures

• annual amount by which spending exceeds revenue

• estimated amount taken from each paycheck

current budget deficit

• $34.7 trillion

• $1.7 trillion

• $35.7 trillion

• $28.6 trillion

define National debt

• all budget deficits combined plus interest

• the use of government revenue collection and expenditure to influence a country's economy

• annual amount by which spending exceeds revenue

• annual revenue and expenditures

Fiscal Policy who?

• federal courts and president

• legislative branch and judicial branch

• congress and president

• congress and executive branch