Ian makes $12,000 a year and pays
$2,000 in taxes.
Trevon makes $35,000 and pays
$4,000 taxes.
What is regressive?
100
This type of competition has a large number of buyers/sellers, identical products, and well informed buyers/sellers.
What is perfect competition?
100
What is “rate” mean on a
paycheck?
What is hourly wage?
100
How is sales tax calculated?
The percentage of tax is added
to the final price of the product
that the consumer pays.
100
What are the 3 criteria for taxation
Equity
Simplicity
Efficiency
200
If the average tax rate rises as income
rises, that tax is called a ________.
What is progressive tax?
200
This type of competition is a market situation where a few sellers dominate the market. (The 4 Largest sellers are responsible for 40% of the sales) Give an example.
What is Oligopoly- Fast food chains (McDonalds, Wendy's, Burger King)
200
What is your said to be your taxable income?
What is the amount of money taxable from your income after you take out deductions.
200
What two taxes are included in the
9% Sales Tax that we pay in
Baton Rouge?
What is 4% Louisiana State Tax
5% Local Tax
200
Which criterion requires people
with higher income to pay higher
taxes?
Equity
300
Sydney makes $30,000 and pays
$3,000 in taxes.
Alissa makes $50,000 and pays
$5,000 in taxes.
What is proportional
300
What type of competition uses interdependent behavior? Give an example of this behavior.
Oligopoly uses interdependent behavior. Ex. The fridge pack among soft drink companies.
300
This is the form you fill out when you get a job.
What is W-4?
300
What is a “sin” tax?
A state sponsored tax that is added
to products that are seen as vices
such as alcohol, tobacco, and
gambling.
300
Individual income tax falls under
which criteria?
Efficiency
400
Alex makes $500,000 and pays
$150,000 in taxes.
Duane makes $150,000 and pays
$45,000 in taxes.
What is proportional?
400
In ____________ competition all conditions of perfect competition exist except the products are no longer identical. Product differentiation is stressed to sell products.
What is Monopolistic competition?
400
What is a W-2
What is a form that states your entire
income for an entire year.
400
Excise taxes used to just be added to ________ goods. Why?
Luxury goods because it is a regressive tax, and that way it would only effect the wealthy.
400
What is an example of a tax that would be considered simple?
Sales tax
500
Kayla makes $200,000 a pays
$55,000 in taxes.
Mylisha makes $60,000 and pays
$9,000 in taxes.
What is progressive
500
________ is the market situation with only one seller of an economic product with no substitutes. List 4 types that exist.
What is a Monopoly? 1. Natural Monopoly 2. Geographic Monopoly 3. Technological monopoly 4. Government Monopoly
500
What form is used to calculate
your tax rebate?
What is 1040ez
500
If a dress from Forever 21 costs
$24.50, how much will you pay after
sales tax?
What is 26.71
500
Explain why sales tax is a regressive tax.
When the same percentage of tax is
applied to people who make different
incomes, the person who makes less
is forced to pay a bigger percentage of their income.