types of taxes
vocabulary
chapter 12 section 1
chapter 17 section 1
100
tax collected on earnings
What is the largest source of revenue collected by the federal government?
100
one in which economic decisions are made by people looking out
What is market economy?
100
payment made for the use of borrowed money
What is interest?
100
traditional, command, and market economy
What are the 3 basic economic systems in the world
200
property tax
What is the chief source of income for most local governments?
200
the right to buy and sell goods as you want
What is what is a free market?
200
to raise revene
What is the main reason for taxes?
200
a strong, stable economy
What do every country want despite of economic system
300
a federal tax on all the wealth a person leaves
What is an estate tax?
300
if a company is the only company selling a product
What is monopoly?
300
payments charged by the government for licenses
What is the definition for fees?
400
yes
do most states and many cities have sale tax?
400
a small business owned by one person
What is sole proprietorship?
400
money charged for breaking certain laws
What is the definition for fine?
500
90%
What percent of the federal budget came from custom duties?
500
it occurs when there are not enough resources to meet peoples wants
What is scarcity?
500
income taxes
people with low incomes do not pay _________.
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