Market Structures
a classification that describes the degree of competition among businesses in the same industry.
What is a market structure?
An un-incorporated business owned and run by a single person.
What is sole-proprietorship?
A government document that gives permission to create a corporation.
Wha is a charter?
This is how much you are paid for a job, based on the occupation and region.
What is wage rate?
A tax where the taxed percentage is the same for everybody.
What is proportional tax?
This is the day that your taxes must be filed by each year.
What is April 15th?
There are _____ tax brackets.
What is 7?
a market with only one seller of a particular product.
What is a monopoly?
An economic institution that is run like a business but does not seek financial gain.
What is a non-profit?
A report showing a business’s revenue, expenses, and profits.
What is an income statement?
An invisible barrier hindering the advancement of women and minorities up the corporate ladder.
What is glass ceiling?
This tax is where the more income made, the more tax paid.
What is progressive tax?
A form that is provided by your employer reporting your previous year's income and withholdings at the beginning of the new year.
What is W-2?
This is the federal agency that collects taxes.
What is IRS?
A market with a lot of competition and identical products causing producers to not be able to raise their prices.
What is pure (perfect) competition?
A business that is jointly owned by two or more people.
What is a partnership?
The total amount of money being transferred into and out of a business
What is cash flow?
There is a high supply of teachers. However there is a low demand for them. Therefor their wage rate will be _________.
What is low?
Tax where the more money you make, the less percentage of your income is paid in tax.
What is regressive tax?
The IRS document you complete for your employer when you start a new job. This determines how much should be withheld from your paycheck for federal income taxes.
What is W-4?
HP Computers and Microsoft Office have formed a business together. This is an example of a _______ merger.
What is vertical?
A market with a lot of competition and similar items using advertising and product differentiation to prove their product is superior.
What is monopolistic competition?
A business investment that involves renting another business’s successful business model.
What is a franchise?
An investor using private money to invest in a start up business.
What is an angel investor?
A law where businesses can’t discriminate with wages or salaries when the people have equal skills and responsibilities.
What is the Equal Pay Act?
A tax placed on the value added at every stage of the production process rather than income.
What is value added tax?
The tax return form where you determine your taxable income and send it to the IRS.
What is 1040?
An employee pays this percentage of their paycheck to Social Security.
What is 6.2%?
A market where a few very large sellers dominate the industry.
What is an oligopoly?
A form of business organization recognized by law as a separate legal entity
What is a corporation?
An investor using business funds to invest in a start up business in exchange for partial ownership
What is a venture capitalist?
A law that says businesses can’t discriminate in all areas of employment on the basis of gender, race, color, religion and national origin.
What is the Civil Rights Act?
Social Security and Medicare are paid through this tax.
What is Payroll tax (FICA)?
Form used by contractors or self-employed individuals to report income and withholdings.
What is 1099?
A set amount you are allowed to deduct from your income to decrease your tax bill.
What is standardized deduction?