1
Economy totally controlled by the government.
command
someone who buys
consumer
You pay this when you buy something
sales tax
The federal government's healthcare system for people age 65 and older.
Medicare
This tax comes right out of your paycheck
income tax
the amount of money both families and government have to spend
budget
where all business is done
the open market
money that you put into the bank
deposit
this type of bank account allows you to use a debit card to take money right out of your account.
checking account
the tax the government collects when a person dies.
estate tax
government provides some goods and services, so does the private sector
mixed
when producers battle over customers
competition
a low demand and a big supply causes prices to...
decrease
the amount of financial gain that can be made
profit
fees attached to loans are called this....
interest
Government agency to stop companies from competing unfairly
FTC Federal Trade Commission
someone who sells or provides a service
producer
Sometime money is referred to as a "medium of _______________" because it is equally valuable to all.
"exchange"
Identify two types of investments that people make for their financial future.
answers will vary
Its job is to make sure the cost of interest on loans doesn't get too high. They are a collected of a dozen banks around the country.
The Federal Reserve
Noreen goes into Game Stop and decides she's going to buy a new video game. The game costs $78. However, in the state of Texas there is a 5% sales tax. How much is Noreen going to pay for the game after taxes?
$81.90
In the year 2200 Mr. Cheever dies of incredibly old age. He left behind a massive fortune of $100,000,000. He decided to donate his fortune to the Keverian School. However, Massachusetts estate tax will take 15% of it. How much will the Keverian school receive after taxes has been taken out?
$85,000,000
You are buying a new car and you need to borrow $15,000 from the bank. The bank is going to charge you 7% interest on your loan. How much is the interest alone going to cost?
$1,050
Jim just got hired at Dunkin Donuts. He is working part time and last year he made $7,500. His income tax rate is 8%. How much money will he have to pay in federal taxes?
$600
The city of Everett has passed a law to add an excise tax on sugary drinks sold in the city. For every once of drink, the city will charge 5 cents of tax. Brisk Pink Lemonade is priced at 99 cents. How much will a 20 oz. container cost after the new tax?
$1.99