Tax review questions

1. What type of tax does the Federal government get most of their money from?  What about State government? What about Local government?

2. What is an excise tax?

3. What is cyclical unemployment?  Give an example.

4. What is seasonal unemployment?  Give an example.

5. What is a progressive tax mean? Who does it impact the most?

6.  What are the four characteristics of a good tax?  Explain the meaning of each.

7. What is a customs tax? Is it progressive?

8. What is structural unemployment?  Give an example.

9. What is a regressive tax? What types of taxes are regressive?

10. What are the characteristics of an expansion period?

11. What are the characteristics of a contraction period?

12. When does cyclical unemployment take place?

13. How do frictional and structural unemployment differ?

14. What are the 3 main indicators of the economy?

15. What is Gross Domestic Product?

16.  Explain how proportional taxes work.

17. What form do you fill out when you get a job?  How is the form used?

18. What is a W2?

19. Why do you fill out a 1040?

20. What is pay-as-you-earn taxation?

Prezi on Unemployment: http://prezi.com/3zgtoinox-mf/copy-of-eco-chapter-13-section-1/

See me for the worksheet if you missed class.

Today we discussed/showed what the W2, W4,  and 1040EZ forms are.

Read and take notes
pp 375-378
p 380 #1-4

14.2 Questions

1. Why do employers withhold a set amount of your income?
2. What is taxable income?
3. What does Social Security provide?
4. What is Medicare?
5. What items are taxed for the purpose of changing behavior?
6. Explain pay-as-you-earn taxation.
7. What is the purpose of FICA?
8. Describe withholding and explain how it would affect someone with a part-time job.
9. How much of the federal government’s income comes from individual income tax?

10. What is the difference between an estate tax and a gift tax?

Federal Tax Notes

Pay Stub Example

Pay Stub Questions

Where your tax dollars go pie chart

LAST DAY TO TURN IN MAKEUP WORK FOR THE CURRENT 6 WEEK GRADING PERIOD IS WEDNESDAY, APRIL 22ND.

Taxes Chart

1. What is the fairest taxation method?  Why? 

2. Read each of the following situations:

·          A city wants to build a new: park, stadium, parking garage, swimming pool, homeless shelter, convention/civic center, or school.

·          The federal government wants to increase the size of the military force.

·          The state government wants to repave all of the state roads.

For each situation, write a short paragraph (2-3 sentences) that:

·          Identifies a type of tax that can be used to generate money for the civic project.

·          Categorizes whether the tax is progressive, regressive, or proportional and explains reasons for the categorization.

·          Justifies why the tax chosen is appropriate for the particular project.

·          Analyzes how it impacts taxpayers.

3. Which income level does a higher proportional tax rate, such as 25 percent, affect the most? Why?

4. Would a low proportional tax rate, such as 5 percent, raise enough money to cover the nation’s needs? Why or why not?

5. Do fixed fees have a place in the larger tax system? For example, states require fees for driver’s licenses. Is such a fee regressive? Is it fair to all income levels?  Explain your opinion on this fee placed on drivers. Or, write a suggestion for an alternative way of collecting a fee from people who seek driver’s licenses.

6. Why do governments impose taxes?

7.  What is the difference between a progressive tax and a regressive tax?

Intro To Taxes Notes

Movie Notes on Types of Taxes
If you missed class read page 361 and take notes on the three tax structures.

Exam and Notebook check today

Supply and Demand Review Sheet #2

Exam Tomorrow and notebook check!

Notebook Check
1. Concept Map
2. Supply/Demand Shifts
3. Elasticity Questions
4.Elasticity Worksheet
5. Big Apple Game
6. Review Questions

SUPPLY AND DEMAND REVIEW

1.        Explain the law of supply using a graph on the your paper

2.        Explain the law of Demand using a graph on your paper

3.        What is an inelastic good? Explain why it is inelastic

4.        What conditions lead to a surplus?

5.        What is an elastic good?  Give an example.

6. What is the point called where supply and demand intersect?

7. Graph an increase in demand and a decrease in supply

8. Explain how the “price of inputs” affects supply

9. Explain how demand changes due to the income effect

10. Explain how demand is affected by the complementary effect.

11. What is a demand schedule?

12.     Goods that have no substitute are what types of demand?

13. Name 4 reasons why supply changes

14. What happens to price if there is a decrease in supply?

15. What happens to price if there is an increase in supply and a decrease in demand?

16.     What 4 things will cause a demand curve to shift?

17.     How can future price affect current demand?

18.     How is elasticity determined?

19.     What is a price floor?  Give an example.

20.     What is a price ceiling?  Why would the government implement this?

Graph the change that would take place for each of the following scenarios.

21.     There is an expectation of higher future prices of all goods for consumers.

22.     Incomes rise for all consumers, what happens to demand for Top Ramen?

23.     The government decides to tax a good heavily.

24.     Foreign producers are now allowed to compete with domestic products.

25.     Producers anticipate higher future prices.

Big Apple Questions

1.  What is the price the apples are most frequently sold at in Round 3?

2.  In which round was there the greatest spread in price?

3.  Why did prices become more concentrated at times?

4.  Why did high profit takers have success? Ask students who made lots of money what strategies they used.

5.  Can you relate the price changes in any specific round to conditions in the national economy?

6.  What problems did you run into buying or selling?

7.  List 1 strategy that you employed to negotiate your prices.   Did your strategy work? Why or why not?

        8. Based on your experiences in this game, explain the importance of supply and demand as a function of our society?

Big Apple Game

Presented Supply and Demand Rap Songs

Gave instructions for Big Apple Game which we will start tomorrow!!

Supply/Demand Rap Song

Make a (school appropriate) rap song about supply and demand.
The song must be 20 lines long
It must rhyme.

You don't have to rap it to the class, HOWEVER, if you want 10 pts extra credit you can rap it to the class.