Chapter 14 Study Guide Econ

Define TAX BASE?

• A type of tax imposed on goods and services.

• The income, property, good or service that is subject to a tax.

• A tax levied on the sale of goods and services.

Movable possession are assets are called ________.

• Personal property

• Fixed assets

• Intangible assets

• Current assets

A ________ is an official who determines the value of property.

• tax return

• tax assessor

• estate tax

• entitlement

The capital budget is the portion of the budget we spend on (a)   investment.

A ________ is the form used to file income taxes. The most common form used to file taxes is the ________.

• Tax return

• Property tax

• IRS

• Sales

________ spending is the spending that congress is required to allocate, by law.

• Mandatory

• Discretionary

• Optional

• Voluntary

Tax placed on the total value of money and property of a person who has died is called an ________ tax.

• property

• income

• sales

• estate

A ________ tax is the tax put on land and any permanent structures on the land to which a person has the legal title.

• income

• property

• sales

• inheritance

Many social welfare programs that help people (in need) who meet certain eligibility requirements is known as an ________ program.

• assistance

• entitlement

• insurance

• subsidy

A ________ tax is based on goods and services that are sold.

• inheritance

• income

• property

• sales