Fredricks Chapter 16 + more
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Last updated 11:05 AM on 2/23/23
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200 Terms
1
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What is the population of the USA
335 Million
2
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Population of the world
8 billion
3
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Average worker in the world make per year
18,000
4
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Median household income in the USA per year
60,000
5
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Median household income in the world per year
10,000
6
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Average income in the USA per year
70,000
7
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Poverty line for a single person per year in the USA
12,000
8
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Poverty line for a household of 3 per year in the USA
24,000
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WORLD poverty line per day for a single person
2\.90 per day/ 700-1000 per year
10
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USA spends per k-12 child per year
15,000
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Country that spends the least per k-12 student per year
Brazil
12
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USA rank in mathematics in the world
39
13
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USA rank in science in the world
18
14
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How much does the USA spend per year now
6 trillion
15
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How much revenue does the USA receive annually
4\.6 trillion
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how much is the deficit in the USA
1\.4 trillion
17
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Top 6 countries with the Highest GDP (in order)
USA
China
Japan
Germany
UK
France or India
China
Japan
Germany
UK
France or India
18
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Focus that was given on the first day of school
Think
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Focus when talking about federal expenditures(spending)
Every dollar out
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Focus when talking about federal revenue
Every dollar in
21
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Interpret (meaning)
to anazlyze and determine; to think
22
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Rule 1 of how to interpret a political cartoon
Dont interpret it
23
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RUle 2 of interpretting a political cartoon
What do you see
24
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Rule 3 of interpretting a political cartoon
Whats happening
25
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RUle 4 of interpretting a political cartoon
Look at the words and define them
26
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Rule 5 of interpretting a political cartoon
What do the words have to do with what you see and whats going on
27
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Rule 6 of how to interpret a political cartoon
Interpret it
28
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brainwashing
Getting someone to believe something without thinking about it
29
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What is IBM
International business machines
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What was IBM’s nickname
Big blue
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Who invented sticky notes
3M
32
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PPP
purchasing power parity
33
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How many people in the US Military
2 million
34
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How many people are in the NYC burrows
8 million
35
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Economics
the practice of maximizing scarce resources
36
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Economic principles are
SIC (Savings, Investment, Credit)
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Underconsumption that is not used; individual sacrifice
Savings
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Risk taking/savings risked to produce more later
investemnt
39
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Capital loaned out/borrows is called_
credit
40
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A piece of equipment used to make more money is called...
Capitol
41
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Money being spent by the Federal government is called...
Expenditures
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Money taken in by the federal government is called...
revenue
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Central banking system of the USA; has a long name so we call it the...
Federal Reserve Bank (The FED)
44
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OASDI
Old Age, Survivors, disability insurance
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Program with the highest expenditures of the Fed
OASDI
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OASDI is also called
social security
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What percent is spent on OASDI
25%
48
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What percent is spent on healthcare(medicare and medicaid)
29%
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How much is spent on medicare per year in cent out of every dollar
15%
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How much is medicaid in percent in every dollout out per year
14%
51
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how much is spent in federal welfare and unemployment in cents out of every dollar per year
16
52
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how much is spent on interesy on debt per year in percentage out of every dollar
9
53
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how much is spent on foreign aid per year in cents out of every dollar
1
54
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how much is spent on education per year in percentage out of every dollar
1
55
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how much is spent on veterans per year in cents out of every dollar
2
56
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How much is spent on national parks and transportation per year in cents out of every dollar
1
57
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how much is spent on other per year in cents out of every dollar
1
58
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medicare is care for the
elderly
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medicaid is aid for the
poor
60
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Politics is
power
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Rule 1 of politics
please as many people as possible, displease no one
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is anything really free?
no
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Uncontrollable spending is also called
mandatory spending
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uncontrollable spending is made of three things
Entitlements
Large ticket items under contract
interest payments on the debt
Large ticket items under contract
interest payments on the debt
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Largest source of revenue of the federal govt
Federal Individual income tax
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How much is received on federal individual income tax per year in pecentage
48%
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How much is received on F.U.T.A and F.I.C.A per year in cents out of ever dollar
35
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Federal Individual income tax, F.U.T.A, and FICA makes up _ tax
pay roll
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a tax that removes money directly from workers paychecks
payroll tax
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FUTA
Federal Unemployment Tax Act
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FICA
Federal Insurance COntributions Act
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The type of tax that can be raised the more a person makes is called...
progressive
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The Type of tax that is flat line
regressive
74
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How much is received on Corporate income tax per year in cents out of every dollar?
9
75
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How much is received on excise tax per year in cents out of every dollar?
2
76
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How much is received on customs tax per year in cents out of every dollar?
3
77
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How much is received on estate taxes per year in cents out of every dollar?
1
78
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How much is received on gift tax per year in cents out of every dollar?
1
79
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How much is received on other per year in cents out of every dollar?
1
80
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Death taxes are composed of:
1. inheritance tax
2. double taxation on death
81
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What amendment had to be changed for income tax?
16th
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Top 10% pays __% of taxes:
71
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Bottom 50% pays what percent of taxes
3%
84
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The value of everything in the country added together is:
GDP
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this is given first in a loan payment
principle
86
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GPD ( equation)
Consumption + Government + Investment + (Exports - Imports)
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Title of Chapter 16
Financing the Government
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Title of 16.1
Taxes and other revenue
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title of 16.2
Borrowing and the public debt
90
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Title of 16.3
Spending and the Budget
91
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Title of 16.4
Fiscal and monetary policy
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__ Policy is used to raise and spend money/ influence the nations economy
fiscal
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Who said: "in this world nothing can be said to be certain, except death and taxes
Ben Frankline
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to change or impose, also know as:
levying
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the government imposed a tax on _______ because the substances were harmful, driving them out of the market.
Matches
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The 4 rules of taxation are:
1. taxes imposed for public reasons only
2. no taxes on exports
3. direct taxes must be evenly distributed
4. indirect taxes must be evenly distributed
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Income tax is a __ tax
progressive
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___ taxes are taxes apllied to a percent of a person salary
payroll
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___ _____ tax is a tax put on the earnings business
corporations income
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______ tax is a tax placed on the manufacturing of goods:
excise
Note 
Flashcards (20)