Tax Terms
What are the 4 tax bases? (4 kinds of taxes)
Income
Sales
Property
Payroll (social security)
When is Tax Day, the filing deadline? (No Extension)
A) April 30
B) October 15
C) January 31
D) April 15
D) April 15
What is Behavioral Economics?
Where psychology meets economics.
The Monty Hall Problem says you should:
A) Keep your initial choice, as it is more likely that your choice is right
B) Cooperate with others, as they can help you choose the right option.
C) Abandon your initial choice, as it is more likely that your choice is wrong.
D) Keep funding a failing business, as you can make more money from your choice.
C) Abandon your initial choice, as it is more likely that your choice is wrong
March Madness is in full swing entering the semifinals. Name 2 of the 4 teams remaining.
Illinois
UCONN
Arizona
Michigan
Which of these is NOT a characteristic of a good tax?
A) Simple
B) Efficient
C) Convoluted
D) Fair
C) Convoluted
a Progressive Tax is:
A) everyone pays the same rate
B) everyone pays according to the benefits they receive
C) everyone pays according to how much they make (more money, more taxes)
D) everyone pays according to how much they donate
C) everyone pays according to how much they make
Confirmation Bias is:
A) First information dramatically influencing decisions
B) Overestimating the likelihood of recent/memorable events
C) Assuming one action of the group defines the group entirely
D) Seeking information that supports your beliefs.
D) Seeking information that supports your beliefs.
The prisoner's dilemma attempts to explain that:
A) People reject unfair offers even at a personal cost.
B) Cooperation emerges even when betrayal seems rational.
C) Cooperation is lost when one's life is at stake
D) The riskiest option is the most favorable.
B) Cooperation emerges even when betrayal seems rational.
This ABC dating show has to find a new candidate after their proposed star was caught on film throwing a chair at their significant other during a dispute.
The Bachelorette
What does the 16th Amendment give the U.S. Government the power to do?
The ability to tax INCOME, permanently
A Proportional Tax is:
A) A tax to pay for social security
B) Everyone pays the same rate
C) The more you make, the more you pay
D) Paying based on the benefits you receive.
B) Everyone pays the same rate.
Availability bias is:
A) First information dramatically influencing decisions
B) Overestimating the likelihood of recent/memorable events
C) Assuming one action of the group defines the group entirely
D) Seeking information that supports your beliefs.
B) Overestimating the likelihood of recent/memorable events
A) the overall impression of a person, product, or brand that is influenced by a single positive characteristic.
B) Assuming that your stocks are doing well b/c you own them.
C) The next title in the Halo franchise
D) When you are reluctant to abandon your initial choice even if it is likely that the first choice is wrong.
A) the overall impression of a person, product, or brand that is influenced by a single positive characteristic.
A famous musician took time to perform a special 20th anniversary special as her former Disney "fictional-turned-real-life pop star".
Name the artist and the character.
Miley Cyrus as Hannah Montana
What is the Ability-to-Pay Tax Theory? Name an example.
Taking extra taxes from high earners because they have more resources (e.g., millionaire tax).
What is a W-2? What information does it hold?
Tax document that outlines your annual earnings and tax contributions.
What is loss aversion?
Fear of losing outweighs potential gains.
What is the Sunk Cost Fallacy?
Continuing to invest in failing projects b/c of past commitments. Emotional attachment overrides logical thinking.
This new Ryan Gosling set in space, led the box office the last two weekends with almost $150 million in sales.
Project Hail Mary
What is the Benefits Received tax theory? Name an example of how this would work.
You pay more to benefit from the systems or programs you use. (EX: gas tax to fix roads, paying more to social welfare, etc.)
What is the difference between a deduction and a tax credit? Give an example of each.
Deductions are subject to tax bracket percentages. (Charitable donation, mortgage insurance, etc.)
Tax credits are dollar-for-dollar amounts. (Child Tax, Lifetime Learning, etc.)
The first information dramatically influences decision-making.
What is the Gambler's Fallacy?
Past events determining the outcome of independent future events.
Charlie Puth