Taxes/P.A.P
Why do we pay taxes?
To fund public goods (transportation, p.a.p, etc.)
What is income? Provide 2 examples
Money going into your account from a job, gift, allowance, welfare, Paychecks, dividends, etc.
What is the name of our galaxy?
The Milky Way
What is interest on what we earn?
Money we earn by letting the bank use our money to invest/a return on investing money
According to our notes, debt to what country is the cause for early taxation
Debt to France
What is section 8 housing?
Government assisted living where the government pays some % of the rent
A high school student should have at least this much saved by the time they graduate
$500
What is the name of Earth's moon?
How do credit cards = debt?
A credit card is borrowed money that we use and pay back but with interest tacked on
A paystub is proof of...
Employment
SNAP used to be called...
Food Stamps
Difference between a traditional saving account and an online savings account
Traditional - Brick and mortar, tends to have lower interest rates but more secure
online - Online only, higher interest rates but less secure
What is a quadruple double in basketball?
Points, assists, blocks/steals, rebounds
What is predatory lending? Provide at least 1 example
he practice of taking advantage of people in desperate financial situations by attracting them towards loans that they will not reasonably be able to repay.
Payday/Title
Free Space
Free 300 points to the team that chose this
A W-4 and proof of application to a job is required for this kind of PAP
Unemployment
Who are consumers and how important are they to our economy?
We are all consumers and we are a vital part of our economy
What is the rarest feat to occur in sports?
Bonus 200 if you can tell me the name of the person who accomplished it
Winning the Heisman Trophy twice.
Archie Griffin - Ohio State RB
What is blue chip stock?
A company that is consistently performing in a stable way. These companies are very reliable and tend to be expensive to buy but are relatively safe
Why was Al Capone arrested?
Tax evasion
Briefly explain governmental burden in terms of taxation.
Govt. Burden is the idea that the government doesn't want to over tax its citizens.
Explain what it means to "Tax the equal, equally, and tax the unequal, unequally"
If family A makes more than family B, family A should pay more in taxes
What does the Latin phrase Ad Nauseum mean (literal and figurative)
Literal - feeling nauseous
Figurative - Doing something so frequently to the point of being sick of it
What is an index fund?
Index Fund - a type of mutual fund that groups companies together which allows someone to buy into all the companies with a purchase of "stock"
What is the currency used in India? Is it more valuable or less valuable than USD?
Rupee and less valuable