Revenue/Spending Test

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What are the sources of Federal Revenue?

1. Individual income tax 2. Payroll 3. Corporate

What are the 3 categories of Mandatory Federal Spending?

1. Social Security 2. Medicare 3. Medicaid

What is NOT an example of a commonly used proportional tax?

A state income tax

Proportion of your total income that is paid in taxes.

Average Tax Rate

A regressive tax takes a higher percentage of income from which kind of income group?

Lower income groups

Additional taxes paid on higher/different incomes; fraction of an additional dollar of income that is paid in taxes.

Marginal Tax Rate

Sum of all deficits and surpluses; grows when the government runs a deficit; shrinks when government run a surplus

National debt

A proportional tax would take a percentage of income from all groups except which?

People with no income

True or False: A flat tax can be considered regressive because it takes a greater portion of income from those in lower income groups.

True

True or False: A proportional income tax is a tax which all income levels are taxed at this rate.

True

True or False: A proportional income tax takes the same percentage of income from all income groups.

True

True or False: Sales taxes tend to be regressive because they take a larger percentage of the income of low-income taxpayers.

True

Transfer of money from one level of government to another.

Intergovernmental spending

A proportional tax is often referred to as ____ ___.

Flat tax

The specific percentage of the tax base that is paid in taxes

Tax Rate

Form completed to pay federal income tax

Tax Return

Give an example of Discretionary Federal Spending.

Defense

Revenues are less than expenditures.

Deficit

Benefit programs for people who meet eligibility requirements; falls under mandatory spending category.

Entitlement programs

Proportional taxes, at first glance, may appear to be _________.

Equitable

Variation on a sales tax that applies more narrowly to specific goods, such as gasoline

Excise tax

True or False: Flat taxes include fixed amounts of tax on each individual or household.

False

True or False: Our federal income tax is a proportional tax.

False

Plan for how the federal government will spend money in a particular fiscal year.

Federal Budget

A tax levied at 2 percent on the first $1,000 of income, 3 percent on the next $1,000, and so on is a ___________ tax.

Progressive

Which income tax structure is used in the United States?

Progressive

Required payment made by owners of things such as land, buildings, boats, and cars

Property Tax

A flat tax is the same as a ____________ tax.

Proportional

A tax that requires each person to pay 5 percent of income regardless of the level of income is a ____________ tax.

Proportional

A proportional tax may at first seem to be a fair form of taxation, but the effects are often __________.

Regressive

A tax levied at 18 percent on the first $1,000 of income, 15 percent on the next $1,000, and so on is a __________ tax.

Regressive

Collected by firms from consumers when they purchase a good or service

Sales tax

Many states use a proportion type of _____ _____ on merchandise.

Sales taxes

What is the largest Entitlement Program?

Social Security

Revenues are more than expenditures.

Surplus

How is revenue calculated?

price x quantity

How is profit calculated?

revenue - cost

How is cost calculated?

variable cost + fixed cost


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