Taxes

Match the following

• Spending that is required by law (no need to vote or approve because it is already in law)

• Supplemental spending

• Spending that arises after the fiscal year has begun (emergencies or unforeseen circumstances)

• Mandatory spending

• Spending that is voted and approved by a governing body (up to the government's plans)

• Discretionary spending

In plural form (the one that ends in 's'), what do you call mandatory payments from individuals by a government entity to fund government activity?

The three government levels, from the highest to the lowest, are ​ (a)   , ​ (b)   and ​ (c)   .

• federal
• state
• local

Match the following

• Difference between spending compared to revenue (shortfalls)

• Deficit

• Expenditures

• National Debt

• Amount a country owes over time

• Spending

• Income

• Revenue

As of last week, match the following

• $2 trillion

• US Spending

• $1 trillion

• US Revenue

• $3 trillion

• US Deficit

As of last week, how much is US' national debt?

• $31 trillion

• $21 trillion

• $11 trillion

• $7 trillion

According to the lesson, how does the government make money (gain revenue)?

• It engages in wars.

• It owns land.

• It sells agriculture.

• It collects taxes.

​ ​ (a)   is when a person knows they are paying tax from their own pocket. An example of this is ​ (b)   . ​ (c)   is when companies or businesses collect tax from you (by adding the charge to the product you're buying). An example of this will be ​ (d)   .

• Direct tax
• income tax
• Indirect tax
• excise tax

Match the following

• Taxes on what you own

• Sin tax

• Taxes on what you earn

• Sales tax

• Taxes on what you buy

• Income tax

• Taxes added to products people want to discourage

• Property tax

What does FICA stand for?