Economics: Chapter 14 Notes with
correct answers 100% 2026
Why do governments collect taxes? - Correct Answers To generate government revenue to
provide public goods like street lighting, highways, law enforcement, and the court system
Governments collect taxes to generate government ___________ - Correct Answers revenue
Governments collect taxes to generate government revenue to provide ___________________ -
Correct Answers public goods
What are examples of public goods? - Correct Answers street lighting, highways, law
enforcement, and the court system
What are the four most used tax bases? - Correct Answers Individual income, corporate income,
sales, and property
he thing that is being taxed - Correct Answers tax base
What is the purpose of a tax incentive? - Correct Answers To encourage or discourage certain
economic behavior
What are examples of tax incentives? - Correct Answers there may be tax rebates for businesses
opening new factories, offices, and stores in economically depressed areas
a "sin tax" may be put on unhealthy items for society like gambling, cigarettes, and alcohol
You can lower _________ to encourage people to buy stuff; certain areas of land, etc. - Correct
Answers taxes
, a "_________" may be put on unhealthy items for society like gambling, cigarettes, and alcohol -
Correct Answers sin tax
Colorado has a state income tax of 4.63 percent on all income and a sales tax of 2.9 percent. Are
these taxes proportional, progressive, or regressive? Explain. - Correct Answers Proportional; it
is taxed the same for all income levels.
the portion of income subject to taxation - Correct Answers taxable income
a form used to report income and taxes owed to government. - Correct Answers tax return
the form used to report tax income. - Correct Answers Tax return
Tax return is the form used to report _____________ - Correct Answers tax income.
What does FICA stand for? - Correct Answers Federal Insurance Contributions Act
a payroll tax that provides coverage for the elderly, the unemployed due to disability, and
surviving family members of wage earners who have died - Correct Answers FICA
FICA encompasses both.... - Correct Answers Social Security and Medicare.
a federal program to aid older citizens, children who have lost a parent, and the disabled -
Correct Answers Social Security
This program started during the Great Depression in order to help those who were in desperate
need of economic assistance - Correct Answers Social Security
correct answers 100% 2026
Why do governments collect taxes? - Correct Answers To generate government revenue to
provide public goods like street lighting, highways, law enforcement, and the court system
Governments collect taxes to generate government ___________ - Correct Answers revenue
Governments collect taxes to generate government revenue to provide ___________________ -
Correct Answers public goods
What are examples of public goods? - Correct Answers street lighting, highways, law
enforcement, and the court system
What are the four most used tax bases? - Correct Answers Individual income, corporate income,
sales, and property
he thing that is being taxed - Correct Answers tax base
What is the purpose of a tax incentive? - Correct Answers To encourage or discourage certain
economic behavior
What are examples of tax incentives? - Correct Answers there may be tax rebates for businesses
opening new factories, offices, and stores in economically depressed areas
a "sin tax" may be put on unhealthy items for society like gambling, cigarettes, and alcohol
You can lower _________ to encourage people to buy stuff; certain areas of land, etc. - Correct
Answers taxes
, a "_________" may be put on unhealthy items for society like gambling, cigarettes, and alcohol -
Correct Answers sin tax
Colorado has a state income tax of 4.63 percent on all income and a sales tax of 2.9 percent. Are
these taxes proportional, progressive, or regressive? Explain. - Correct Answers Proportional; it
is taxed the same for all income levels.
the portion of income subject to taxation - Correct Answers taxable income
a form used to report income and taxes owed to government. - Correct Answers tax return
the form used to report tax income. - Correct Answers Tax return
Tax return is the form used to report _____________ - Correct Answers tax income.
What does FICA stand for? - Correct Answers Federal Insurance Contributions Act
a payroll tax that provides coverage for the elderly, the unemployed due to disability, and
surviving family members of wage earners who have died - Correct Answers FICA
FICA encompasses both.... - Correct Answers Social Security and Medicare.
a federal program to aid older citizens, children who have lost a parent, and the disabled -
Correct Answers Social Security
This program started during the Great Depression in order to help those who were in desperate
need of economic assistance - Correct Answers Social Security
