Taxes and Gov Spending

14.1

100

A general tax on most consumer purchases

Sales Tax

200

The federal tax on individuals earnings

Income Tax

300

What has happened to income taxes since WWII (Bonus: Who was the president that did the biggest change?)

Decrease (Reagan 70%-28%)

400

Describe a Flat Tax rate

Same rate for everyone

500

A tax that imposes a higher percentage of taxation on higher incomes

Progressive/Marginal Tax Rate

14.2

100

What does the government spend the most on?

Income Security

200

12 month financial planning period. The Governments is from October 1 - September 30

Fiscal Year

300

What are the 2 highest pieces of revenue in the budget

Borrowing and income taxes

400

Tax on the transfer of property when a person dies. Range from 18-40% of total value

Estate Tax

500

Tax on the manufacture or sale of items like gasoline and liquor

Excise tax

14.3

100

There are 5 states without sales tax, name one of them

Alaska, Delaware, Montana, New Hampshire, Oregon

200

There are 7 states without income tax, name one of them

Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming

300

___________ governments have largely taken over the primary responsibility for HIGHER EDUCATION (colleges and universities)

State

400

_______________ governments are responsible for the elementary and secondary education

Local or City

500

Tax on tangible and intangible possessions

Property Taxes

Business Trivia

100

Which President came up with the Affordable Care Act?

Obama

200

In Monopoly, what is the most expensive property on the board?

Boardwalk

300

The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

Macroeconomics

400

The condition of not having enough of something to go around in high level economics (not shortage but close)

Scarcity

500

Slang name for these the types of loans where Lenders took the borrower's word for their financial status without independently verifying the information, a practice that made these loans popular but highly risky

No Income, No Job or Assets (NINJA Loans)

Random Trivia

100

What was the name of Beyonces first band

Destiny's Child

200

What year did World War I begin?

1914

300

The “Treaty of Paris” ended which war?

The Revolutionary War

400

In 1215, what doctrine was the first of its kind to establish that a king was not above the tenants of the law?

The Magna Carta

500

Which three states share a border with California?

Arizona, Nevada and Oregon