Taxes & Government
What is one common way governments use tax money?
Funding public services such as libraries, schools, parks, and road repairs.
Which of the following is a natural resource? (Lake, Fishing pole, Park Ranger, Picnic table)
lake
If a business spends $30 and earns $20, what does it have?
LOSS of $10
Why might a town choose NOT to build a community pool?
too expensive, already have decent pools for their community, not enough human resources to provide lifeguards for the pool
What happens to the price when a new Taylor Swift album comes out and is very popular but there aren’t many copies?
The price goes up!
How does sales tax help your community?
Sales tax helps pay for things the community needs or wants (parks, schools, roads).
A river that attracts tourists is an example of what kind of resource?
Natural Resource
What word describes when a business makes more money than it spends?
Which is a benefit of building a public library?
kids get books to use for free! people can access the internet, work on homework or work.
If there is a huge supply of apples but not many people want them, what will likely happen to the price?
Goes down
Which public service is usually funded by taxes? (schools, parks, or family businesses?)
Public services (schools, parks, libraries) — NOT family businesses.
A waiter serving food is an example of what kind of resource?
Human Resource
What word describes when a business spends more money than it earns?
LOSS
Name one cost and one benefit of building a splash park.
Cost- concrete, equipment costs, water costs,etc.
Benefits- fun, free place for kids to play and stay cool in the summer months.
A store accidentally orders way too many bikes. They have a huge supply, but not enough kids want them at the regular price. What should the store do?
Lower the price.
Name two examples of goods and services that a town might pay for with tax dollars.
Examples: fire departments, police, schools, parks, road repairs, libraries.
Computers and copy machines are examples of what kind of resource?
Capital Resource
Explain the difference between profit and loss in your own words.
Profit is when a business spends less than they earn and a loss is the opposite. They are spending more than they earn back.
A town has $100,000. They can build a skate park or fix the roads. What is one cost and one benefit of each choice?
Answers will vary.
A brand-new video game just came out. All the kids want it, but there are only a few copies in the store.What should the store do?
Raise the price.
Where do taxes come from? (name 2!)
paychecks, whenever you buy something (sales tax)
Name all three types of resources.
Capital, natural, and human
What does it mean for a business to "break even"?
Why do people do a cost-benefit analysis before starting a project?
Making sure they are not spending too much money for the benefits. The benefits should outweigh the costs.
Around Easter, many people want to buy chocolate bunnies. Stores know demand is high, so they increase the price. What happens when Easter is over?.
The store lowers the prices because the demand goes down.