Taxes, Spending, Money, Unemployment & Personal Finance Unit Review Chapters 8, 9, 10, 11, 12, 14.2, and Packet Chapters 17 & 18

Round 1 In Round 1 you & your team should write your answers on a piece of paper, at the end of the round the answers will be revealed and points will be determined. There are 15 questions in this round.

Chapter 10 This is the situation that exists when the government spends more money than it has in a year.

Chapter 8 The theory of negotiated wages helps to explain why members of these tend to have higher wages than their nonmember counterparts.

Chapter 14.2 This type of unemployment results from a person leaving one job to find another.

Chapter 9 This is the official name of what is often called the “death tax”

Chapter 8 This union arrangement requires employees to join the union after they have been hired by the company.

Chapter 12 The Efficient Market Hypothesis tells us that most stocks are:

Chapter 8 Over the last several decades minimum wage, when adjusted for inflation, has gotten relatively:

Chapter 9 The three criteria for effective taxes are:

Packet Chapters 17 & 18 Investing with compound interest is better than simple interest because:

Packet Chapters 17 & 18 When being paid this type of job offers greater security because a workers knows exactly how much they will get per paycheck.

Chapter 8 This company action, often used in professional sports, is aimed at stopping workers from working.

Chapter 9 This is a type of tax where a persons income goes up so to does their marginal tax rate.

Chapter 8 This theory suggests wages should be established by considering work that is different but equally demanding as being worth the same wage.

Packet Chapters 17 & 18 The government offers incentive for 401(k)’s because deposits are:

Chapter 9 This amendment, ratified in 1913, gives the government the power to levy an income tax.

End of Round 1 The Answers Are: 1. deficit 2. Unions 3. Frictional unemployment 4. Estate Tax 5. Union Shops 6. Priced correctly. 7. Smaller 8. Simplicity, equity and efficiency 9. Compound lets interest accumulate on other interest 10. White Collar 11. Lockout 12. Progressive tax 13. Comparative Worth 14. Taken out before taxes 15. The 16th amendment

Round 2 Each question in Round 2 is worth 2 points. This will be the lightning round, each team must send a different student to the front to try and buzz in and answer each question.

Chapter 11 There are two types of money that exist, commodity money and this. Fiat Money

Chapter 9 The notion that those people who are going to benefit from the tax revenue generated are the ones who should pay the tax is called: The Benefit Principle of Taxation

Chapter 8 This category of labor has limited skills in the use of machines & equipment. Semiskilled labor

Chapter 11 This is when paper money’s value is based on the value of a precious metal like gold. The Gold Standard

Chapter 9 This is a tax placed on the production or consumption of a specific good or service, like gasoline. Excise tax.

Chapter 8 This union action would stop all work being done at a company strike

Chapter 9 This is a type of tax, like social security, where as an individuals income goes up their tax rate as a percentage of income goes down. Regressive tax

Packet Chapters 17 & 18 A person doing their taxes can either itemize their deductions or take this, whichever is better for them. Standard Deduction

Chapter 9 For most state & local governments this is the largest source of revenue. Intergovernmental revenues

Chapter 12 This is a type of financial asset that is sold by the government and businesses to raise financial capital. Bonds

Chapter 9 This tax is a primary source of local revenues, although in recent years it hasn’t generated as much revenue. Property tax

Chapter 10 The federal budget is broken up into both mandatory and this type of spending. Discretionary

Chapter 9 The US income tax is an example of this kind of tax. Progressive tax

Chapter 8 This is the theory that wages are determined through supply & demand. Traditional Theory of wage determination

Round 3 In Round 3 Each question is only worth 1 point but it will be played as last man standing. Each team will send up 1 player, the player who get the question correct stays and everyone else gets replaced. You can stand answer questions as long as you’re the one who gets it right.

Chapter 10 For the budget to be approved it must be acceptable and identical for each of the following: President, the House of Representatives & the Senate

Chapter 8 This bargaining technique allows a third party to offer a binding solution to the negotiations. Arbitration

Chapter 12 This term refers to the institutions that connect savers & borrowers. Financial Intermediaries

Chapter 11 This is the term used to describe the US’s first paper money. Greenbacks

Chapter 8 One reason unions are in decline is: Companies are trying to keep them out Women & young people don’t want to join Union success has hurt the companies

Chapter 10 States like Michigan cannot run a budget deficit because they have one of these. A Balanced Budget Amendment

Chapter 11 This is the characteristic of money that is most challenging with money made out of paper versus that made out of metal. durability

Chapter 12 This is the relationship that describes the investment versus possible payout. Risk-Return relationship

Chapter 10 This accounts for the largest amount of state spending. Primary & Secondary Education

Packet Chapters 17 & 18 Identify one advantage of having a credit card Establish credit Cushion for “what if” Some offer special bonuses

Chapter 11 This is a term used to describe money made out of precious metals. Specie

Chapter 8 This law created minimum wage but had not direct impact on women’s positions in the workforce. Fair Labor Standards Act

Chapter 12 This score is a way to determine the safety of a bond investment. Bond Rating

Chapter 14.2 This type of unemployment results from the natural ups & downs of the economy. Cyclical Unemployment

Chapter 8 This term describes the metaphorical barrier preventing women & minorities from getting better jobs & pay. Glass ceiling

Chapter 9 A tax that is intended to change the behaviors of those who are participating in behaviors the government feels are undesirable. Sin Tax

Chapter 12 This is the oldest stock exchange in the US. The NYSE

Chapter 10 Much of the federal budget is spend on programs where people receive benefits for meeting certain eligibility requirements that are called: Entitlement programs

Chapter 12 This term describes a situation where stock prices are steadily and consistently going up. Bull Market

Chapter 14.2 This is a measure of the number of unemployed people in the US. Unemployment rate

Chapter 10 Government Spending comes in 2 categories, buying goods & services and this. Transfer Payments

And The Winner Is…