Economics Test Tomorrow

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ECONOMICS

CHAPTER 14 REVIEW

1.     Medicare was created primarily for retired people.

2.     Medicaid was created primarily for low-income people.

3.     Medicaid and Food Stamps are considered Public Assistance Programs.

4.     OASDI stands for Old Age, Survivors, Disability Insurance.

5.     FICA stands for Federal Insurance and Contributions Act.

6.     AFDC stands for Aid for Families With Dependent Children.

7.     The #1 expense for state and local governments is education.

8.     The #1 expense for the national government is Medicaid and social security.

9.     A Progressive tax is when a person pays a higher % of taxes as he/she makes more money; it makes the upper income bracket pay a larger % of their income.

a.    An example of a progressive tax is our FEDERAL INCOME TAX.

10.  A regressive tax is tax on required items and hurts lower income people more than upper income people.

a.    An example of a Regressive Tax is a tax on food.

11.  A proportional/flat tax is a type of income tax that requires everyone to pay the same % of his or her income.

a.    An example of a proportional/flat tax is the Arkansas State Tax.

12.  The current sales tax in Memphis is 9.25%

13.  The estate tax is known as the death tax.

14.  Tariffs are taxes on imported goods; they are designed to protect American companies.

15.  Deficit Spending is spending more money than you take in (collect or make)