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Econ 8-10 Review

QuestionAnswer
1. What is the Fair Labor Standards Act? established a federal minimum wage
2. Workers who have the skills to operate machines and who require a minimum amount of training are ____________ labor. semiskilled labor
3. Understand the market theory of wage determination the theory that wages are based on the supply and demand for a worker's skills
4. What did the Equal Pay Act do? prohibits wage and salary discrimination for jobs that require equivalent skills and responsibilities?
5. What is the 16th amendment? the ability to levy a federal income tax comes from
6. What are intergovernmental revenues generally intended for? education and public welfare
7. What is meant by the phrase "incidence of a tax?" refers to those who bear the final burden of taxation
8. Understand what a progressive tax is. the more money a person makes the more tax you will have to pay
9. What do FICA taxes pay for? Social Security and Medicare
10. What types of spending does discretionary spending NOT include? how much to spend on the military, national defense, Coast Guard and welfare
11. The largest category of spending for most local governments is __________________. elementary and secondary education
12. What is the process for approving the federal budget. president to Congress and back to president
13. unskilled labor laborers who work primarily with their hands because they lack training
14. mediation process of bringing in a neutral third party to settle a dispute
15. boycott mass refusal to buy products from targeted companies
16. union shop employment situation where new workers must join a union after being hired
17. constant dollars dollars that are adjusted in a way that removes the distortion of inflation
18. right-to-work law state law making it illegal to force workers to join a union
19. wage rate standard amount of pay given for work performed
20. agency shop employment situation where workers do not have to join a union but must pay union dues
21. seniority length of time a person has been on a job
22. minimum wage lowest wage that can be paid by law to most workers
23. tax loophole exceptions in the tax law that allow some people to avoid paying taxes
24. Medicare federal health-care program for senior citizens
25. value-added tax (VAT) tax on the value added at every stage of the production process
26. proportional tax tax in which everyone pays the same percentage regardless of income
27. corporate income tax tax paid by corporations on their profits
28. tax assessor person who assigns value to property for tax purposes
29. regressive tax tax that imposes a higher percentage of taxation on lower incomes than on higher incomes
30. flat tax proportional tax on individual income after an income threshold has been reached
31. tax return annual report to the IRS summarizing total income, deductions, and taxes withheld by employers
32. estate tax tax on the transfer of property when a person dies
33. per capita per person
34. fiscal year 12-month financial planning period that may or may not coincide with the calendar year
35. private sector that part of the economy made up of individuals and privately owned businesses
36. balanced budget annual budget in which expenditures equals revenues
37. transfer payment payment for which the government receives neither goods nor services
38. budget surplus excess of revenues over expenditures
39. mandatory spending spending authorized by law that continues without the need for annual approvals by Congress
40. entitlement social programs that provide services or income to all individuals who meet eligibility requirements
41. balanced budget amendment a constitutional provision requiring that annual spending cannot exceed revenues
42. deficit spending spending in excess of revenues collected
Created by: jkrich2008
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