Unit 3 Test Review Sheet Ch. 9

Card Set Information

Author:
gerardcb
ID:
117448
Filename:
Unit 3 Test Review Sheet Ch. 9
Updated:
2011-11-17 01:07:51
Tags:
econ
Folders:

Description:
econ
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user gerardcb on FreezingBlue Flashcards. What would you like to do?


  1. Ability-to-pay
    Belief that taxes should be paid according to level of income regardless of benefits received
  2. Corporate income tax
    Tax on corporate profits
  3. Estate Tax
    Tax on the transfer of property when a person dies
  4. Excise Tax
    General revenue tax levied on the manufacture or sale of selected items
  5. FICA
    • Federal Insurance Contributions Act; tax levied(Impose a tax, fee, or fine) on employers and employees to support Social Security and medicare
  6. Indexing
    Adjustment of tax brackets to offset the effects of inflation
  7. Individual income tax
    • Tax levied(Impose a tax, fee, or fine) on wages, salaries, and other income of individuals
  8. Progressive tax
    Tax where percentage of income paid in tax rises as level of income rises
  9. Proportional Tax
    Tax in which percentage of income paid in tax is the same regardless of the level of income
  10. Regressive tax
    Tax where percentage of income paid in tax goes down as income rises
  11. Sales tax
    General state or city tax levied on a product at the time of sale
  12. Sin tax
    Relatively high tax designed to raise revenue and discourage consumption of a socially undesirable product
  13. VAT(Value-added tax)
    Tax on the value added at every stage of the production process

What would you like to do?

Home > Flashcards > Print Preview