TAXONOMICS
GOVERNMENT'S ROLE
ECONOMIC STABILITY
TAX STRUCTURES
TYPES OF UNEMPLOYMENT
100
WHAT IS PAYROLL TAXES?
A tax deducted directly from employee paychecks.
100
WHAT IS EMINENT DOMAIN?
The power to force the transfer of property from a private owner to the Government for a public purpose.
100
WHAT IS ECONOMIC STIMULUS?
Legislation specifically designed to stimulate business activity.
100
WHAT IS PROPORTIONAL TAX?
A tax that takes the same share of income at all income levels.
100
WHAT IS UNEMPLOYMENT?
Having no paying job
200
WHAT IS CORPORATE INCOME TAXES?
A tax on company profits.
200
WHAT IS THE TAKING CLAUSE?
Clause that no person shall be deprieved of life,liberty, or property without due process.
200
WHAT IS QUINTILES?
List of households into five equal parts.
200
WHAT IS PROGRESSIVE TAX?
A tax that takes a larger share of income as income increases.
200
WHAT IS FRICTIONAL UNEMPLOYMENT?
When a person seeks to enter the workforce or quits one job to seek another.
300
WHAT IS USER FEES AND TOLLS?
Taxes charged for the use of public facilities.
300
WHAT IS PRICE FIXING?
When competitors agree on a price for a good or service.
300
WHAT IS POVERTY RATE?
Tool for measuring the distribution of income.
300
WHAT IS TAX RATE?
Percentage of income that is paid in tax.
300
WHAT IS CYCLICAL UNEMPLOYMENT?
When there is a decline in business activity during an economic downturn.
400
WHAT IS EXCISE & LUXURY TAXES?
Taxes on the sale of certain goods, services, and high-priced luxury items.
400
WHAT IS BID RIGGING?
When competitors agree in advance who will submit the winning bid.
400
WHAT IS INCOME REDISTRIBUTION?
Policy designed to reduce the gap between the rich and the poor.
400
WHAT IS TAX BASE?
The thing that is taxed, such as personal income, a good sold at a store, or a piece of property.
400
WHAT IS STRUCTURAL UNEMPLOYMENT?
When advances in technology eliminate jobs.
500
WHAT IS ESTATE & INHERITANCE TAXES?
Taxes levied on some or all of the estate a person leaves behind at death.
500
WHAT IS REGULATORY AGENCY?
A unit of Government that makes and enforces standards for an industry or area of economic activity.
500
WHAT IS POVERTY THRESHOLD?
The estimated minimum income needed to support a family.
500
WHAT IS REGRESSIVE TAXES?
A tax that takes a smaller share of income as income increases.
500
WHAT IS SEASONAL UNEMPLOYMENT?
When businesses shut down or slow down for part of the year.
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