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TAMU POLS 207 SMITH FINAL EXAM
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TAMU POLS 207 SMITH FINAL EXAMGross Domestic Product - Answer The total value of all goods and services
produced in the United States in a given year; a measure of the country's economic
size.
Tax Burden - ANSWER whomever needs to pay the largest amount of tax has this.
The Rich - ANSWER Who pays more in a progressive tax?
The poor -- ANSWER Who pays more in a regressive tax?
Magnet Schools - Answer To increase quality and attract students, schools focus on
specific areas of instruction.
Charter Schools - ANSWER Private community groups operate schools with public
monies under charters from public school districts or other granting agencies.
Tenure - Answer Faculty members for three to seven years can't be sacked unless
for a legitimate reason.
Poverty Rate: ANSWER The percentage of the population whose annual cash
income is less than what the federal government considers necessary to maintain a
decent standard of living.
Payroll Tax - A tax collected on and withheld from an employee's salary.
Medicare - ANSWER Federal health insurance for the elderly.
Medicaid - Answer Federal funding for states to offer health insurance for the poor.
, Progressive Taxes - Answer Taxes that force higher-income groups to pay a higher
proportion of their income in taxes than lower-income groups.
Regressive taxes are those that disproportionately affect low-income groups
compared to high-income groups.
Proportional taxes require all income groups to pay the same percentage of their
earnings in taxes.
Sales tax - ANSWER. Which state tax is considered to be the most regressive?
Local property taxes and state sales tax - ANSWER Which are the two most
important tax revenue streams for local and state governments?
16th Amendment - ANSWER Created the federal income tax, which is a
progressive tax based on the ability to pay.
-Increased pricing for consumers
-might lead firms to relocate to another state. - ANSWER What are the reasons
against increased state corporation taxes?
Most Americans are opposed to higher taxes. - ANSWER How do most Americans
feel about taxes, according to polls?
Local - Answer Which level of government would be most impacted if we
implemented tax limits?
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