1. Chapter 14 Jeopardy

2. Tax based on a person’s earnings (taxes taken out of your pay check):

3. Individual Income Tax

4. Tax on the total value of the money and property of a person who has died: A) Gift Tax B) Estate Tax C) Property Tax D) Sales Tax

5. B) Estate Tax

6. A budget for spending on major investments: A) Capital Budget B) Operating Budget C) Balanced Budget D) Budget

7. A) Capital Budget

8. Spending which Congress is free to make choices: A) Mandatory Spending B) Entitlement C) Discretionary Spending D) Operating budget

9. C) Discretionary Spending

10. Variable amount that taxpayers may subtract from the total amount of their income tax: A) Property Tax B) Gift Tax C) Tax Credit D) Tax Deduction

11. C) Tax Credit

12. What Constitutional Amendment gave us an income tax in America: A) 16 th B) 17 th C)18 th D) 19 th

13. A) 16 th Amendment

14. Required payment to either a local, state or national government:

15. Tax

16. A budget in which revenue and spending are equal: A) Budget B) Operating Budget C) Balanced Budget D) Capital Budget

17. C) Balanced Budget

18. Not subjected to taxes:

19. Tax Exempt

20. Variable amount that taxpayers may subtract from their gross income: A) Property Tax B) Gift Tax C) Tax Credit D) Tax Deduction

21. D) Tax Deduction

22. Spending which Congress is required by existing law to do: A) Mandatory Spending B) Entitlement C) Discretionary Spending D) Operating budget

23. A) Mandatory Spending

24. An estimate of future revenue and expenses: A) Capital Budget B) Operating Budget C) Balanced Budget D) Budget

25. D) Budget

26. A tax based on a company’s profits: A) Corporate Income Tax B) Sales Tax C) State Tax D) Property Tax

27. A) Corporate Income Tax

28. A tax based on goods or services that are sold: A) Corporate Income Tax B) Sales Tax C) State Tax D) Property Tax

29. B) Sales Tax

30. Tax based on real estate and other property: A) Property Tax B) Gift Tax C) Tax Credit D) Tax Deduction

31. A) Property Tax

32. Tax on the money or property that one living person gives to another: A) Tax Deduction B) Tax Credit C) Gift Tax D) Property Tax

33. C) Gift Tax

34. Tax for which the percentage of income paid in taxes increases as income increases: A) Regressive Tax B) Progressive Tax C) Proportional tax D) Incidence of a Tax

35. B) Progressive Tax

36. Tax for which the percentage of income paid in taxes remains the same at all income levels: A) Regressive Tax B) Progressive Tax C) Proportional tax D) Incidence of a Tax

37. B) Proportional Tax Yes—back to back same answer!

38. A budget for day-to-day spending needs: A) Balanced Budget B) Budget C) Capital Budget D) Operating Budget A budget for day-to-day spending needs: A) Balanced Budget B) Budget C) Capital Budget D) Operating Budget

39. D) Operating Budget

40. The Constitution limits some of the government’s powers to tax. Which of the following is illegal under our current Constitution? A) The government collects export taxes on U.S.-made items that are shipped overseas B) The government withholds money from workers’ paychecks to make sure that taxes are paid C) Local governments determine the value of private property, and then charge taxes to the owners D) States impose income taxes on top of the income taxes collected by the federal government

41. A)The government collects export taxes on U.S.- made items that are shipped overseas

42. Tax for which the percentage of income paid in taxes decreases as income increases: A) Regressive Tax B) Corporate Income Tax C) Proportional tax D) Incidence of a Tax

43. A) Regressive Tax

44. A budget for spending on major investments: A) Mandatory Spending B) Discretionary Spending C) Entitlement D) Capital Budget

45. D) Capital Budget

46. The income received by a government from taxes and the non-tax sources: A) Tax Base B) Sales Tax C) Incidence of a tax D) Revenue

47. D) Revenue

48. Where does funding for most public universities come from? A) federal income taxes B) state sales taxes and state income taxes C) local property taxes D) private donations and interest earnings

49. B) state sales taxes and state income taxes

50. The income, property, good, or service that is subject to a tax: A) Tax Base B) Sales Tax C) Incidence of a tax D) Revenue

51. A) Tax Base

52. The final burden of a tax: A) Tax Base B) Sales Tax C) Incidence of a tax D) Revenue

53. C) Incidence of a tax

54. Taking tax payments out of employee's pay before he or she receives it: A) Tax Base B) Withholding C) Incidence of a tax D) Revenue

55. B) Withholding

56. A form used to file your income taxes:

57. Tax Return

58. Who pays unemployment taxes? A) unemployed people B) employers C) employees D) estates

59. B) employers

60. The earnings on which tax must be paid; total income minus exemptions and deductions:

61. Taxable Income

62. A set amount that taxpayers may subtract from their gross income for themselves, their spouse (wife/husband), and any dependents (kids)

63. Personal Exemption

64. A tax on imported goods:

65. Tariff

66. The use of taxation to discourage or encourage certain types of behavior: Clue: Tax ________

67. Tax Incentive

68. Social welfare program that people are ‘entitled to” benefit from if they meet certain eligibility requirements:

69. Entitlement

70. Specific Social program helping the elderly with their medical bills with hospitals and doctors: A) Medicaid B) Medicare C) AARP D) Old People’s Fund

71. B) Medicare

72. Land and any permanent structures on the land to which a person has legal title: A) personal property B) real property C) tax assessor D) tax exempt

73. B) real property

74. Movable possessions or assets: A) personal property B) real property C) tax assessor D) tax exempt

75. A) personal property

76. Last Question An official who determines the value of property: A) Tax exempt B) CPA Accounted C) Tax Assessor D) Tax Collector

77. C) Tax Assessor

78. Last Question What happens to the percentage of an income that is taxed when income rises and the tax is a proportional one? A) The percentage of tax falls B) The percentage of tax rises C) The percentage rises and then falls D) The percentage of tax stays the same

79. D) The percentage of tax stays the same