Banks & Money
In a ____System, such as paying rent, you clean the house for the owner instead of paying money.
Barter
___were created to help workers gain higher wages, better hours, & a more safe workplace.
Labor Unions
At what age do most people qualify to receive full benefits for social security?
65
What is Michigan's sales tax percentage?
6%
The work force is defined as all the nonmilitary people who are employed or unemployed & must be ___ years of age.
16
This U.S. President created FDIC to give people confidence to put money into the banks again. (First initial & Last Name needed).
Franklin Roosevelt
Name ONE of the early labor unions that were created to help workers gain higher wages, better hours, & a more safe workplace.
Knights of Labor or The American Federation of Labor
What Constitutional Amendment created an Income Tax?
16th Amendment
A ____ determines the value of the property & taxes are determined.
tax assessor
What type of tax is the Federal Income tax? (Regressive, Proportional, or Progressive).
Progressive Tax
___is in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins.
Currency
Unions allow _____ which allow workers to be represented by representatives in contract negotiations.
collective bargaining
At the end of the year, employers give you a report known as a(n):
What is the main source of revenue for local government?
Property Taxes
All of following are 4 most common ways of saving money EXCEPT: (A) savings accounts, (B) Sales Tax (C) checking accounts, (D) money market accounts, & (E) certificates of deposit (CD’s).
B
______ are used to pay for real estate.
Mortgages
Auto mechanics, bank tellers, plumbers, chefs, carpenters are considered this type of skill level.
Skilled Labor
What part of the Constitution gave Congress the power to tax?
Article I, Section VIII
What is ONE of the THREE main mandatory spending items that the government must pay each year?
Social Security & Medicare, as well as interest on our national debt.
The wage rate that produces neither an excess supply of workers nor an excess demand for workers is called the _______.
Equilibrium wage.
This company is allowing Bitcoin to be used to purchase its automobiles.
Tesla
Women & minorities tend to get unequal pay compared to others. Laws have worked to fix this issue including the _____.
1963 Equal Pay Act.
A tax on goods, such as gasoline, alcohol, etc. is known as a(n) _____ tax.
Excise Tax
For 2020 eligibility for food stamps for a family of 3 was $28,200 or less. They received about ____/month for food assistance.
$400
At what percent is FICA taxed at?
7.65%