Unit 4 Tax and Economy Terms Flashcards

How well can do you know about the name of the following Tax and economy terms from chapter 4? Answer these quiz based flashcards based on the name for the following Tax and economy terms and check your knowledge.

15 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Question 1
Governor

Commander and Chief of a state government, elected for a four year term. A governor has the power to approve or veto state legislation, appoint state officials, activate the national guard or a state militia, and set the general direction for a state's legislation.
Answer 1
Mayor

The elected leader of a municipal government, with powers varying widely from city-to-city. Mayors of some cities may act as a simple speaker of the house-esque figure to the city council, while others may have much more formal power.
Question 2
Initiative

An Initiative is a piece of legislation, voted directly into consideration by the people through the use of a petition without having its origins in a body of legislators. Around half the states in the country allow this in state government and local governments. Initiatives can not be submitted on the federal level.
Answer 2
Sales Tax

A tax payed to the government for certain types of sales or services. Includes the infamous "Sin tax" on alcohol and taxes on goods produced outside of the country.
Question 3
Recall

A practice by which state officials can be ejected from office, following a petition with enough signatures from the populace. Only three states allow this to be done without legal grounds for the official to be ejected from office.
Answer 3
Income Tax

A tax on income, generally salary. Income tax increases with income, to the point that those who make six figures often fork over around half of their income each year. Unfortunately, much to the dismay of its proponents, it is easily weasled out of by the elite, who can just pay themselves a dollar a year and collect money from their company on the down-low. As such, the super-rich surprisingly often support high income taxes, and poor workers are often against them.
Question 4
Referendum

A decision or public action that is submitted by the government to direct popular vote. This is almost never done in the U.S, if ever, but a recent example would be the Brexit referendum held in the U.K.
Answer 4
Property Tax

Taxes collected on property value, such as when you sell your house. These vary widely depending on state, and some states don't charge them at all.
Question 5
Municipality

A local government, controlling a city, a county, or some other local region, or in the case of city-states like Monaco, the entire country.
Answer 5
Estate Tax

A tax collected on inheritance, be it cash, property, or possessions. Despite this I have yet to hear of estate tax being collected on the Rothschilds.
Question 6
State Lottery

A state-regulated system of mass-gambling, whereby purchasers of a ticket have a remote chance of winning large cash prizes. Said prizes are heavily taxed and usually come about to around half of what is shown on the ticket.
Answer 6
School Voucher

A system of funding that makes private schools, charter schools and homeschooling more accessible for those seeking an alternative for public education. Proponents suggest that competition between schools will encourage quality in education, rather than the corrupt, gutted brainwashing factories that our children are sent to today. They don't say it in those exact words, of course.
Question 7
Charter School

Schools that receive government funding, but operates independently of the state government. Despite them not having to follow normal school regulations, they are still held accountable for the results of their curriculum, that meaning that students must still be able to preform well on standardized tests.
Answer 7
Standardized Testing

Tests that are issued by the federal government, that all students in the U.S take. These tests usually play a role in college admissions, and have the purpose of providing a general evaluation of what a student has gotten out of their curriculum. They aren't perfect, however, I personally made a passing score despite having never studied and having put for every answer in an entire section.
Question 8
Factors of Production

The factors or means of production are the physical and economic factors that allow for the production of goods and services. Communists believe that by seizing such a vague collection of things, they can finally stick it to the bourgeoisie.
Answer 8
Democracy

A system of government whereby decisions are made by the people's vote. True democracy has been extremely rare throughout history, on account of its overall inefficiency as a system of government, with Athens being the most successful example of it historically. Most nations that brag about their "democracy" these days are representative democracies, in which officials are elected to make decisions on behalf of the people, with the people's vote having no real effect on what bills are introduced in or pass legislation.
Question 9
Socialism

An economically left, authoritarian-leaning ideology that promotes a strong welfare state and heavy restrictions on the market, as well as a large government overall, with many typically private services being federalized. On the cultural axis, socialism can be aligned with either the right or the left, but generally leans to the left (Socdem), with Nazi Germany (Natsoc) being the most obvious exception.
Answer 9
Capitalism

An economically right, libertarian-leaning ideology that advocates for private property and free trade, as well as a smaller government overall, with very little in the way of social programs or other government intervention in the free market. Contrasted with modern-day corporatism, capitalism as an ideology opposes corporate bailouts and centralized banking. On the cultural axis, capitalism is in the center, but can vary one way or another on occasion.
Question 10
Globalization

Refers to ongoing economic interdependency between countries, and rapid gains of power by unregulated trans-national "megacorporations" and NGOs. Neoliberal Globalism refers to the ideology promoting this interdependency, which is criticized in america by both conspiracy theorists and moderates on the right for apparent corruption and destruction of national identity, as well as exporting american jobs to countries such as China, whose use of unpaid slaves in the production of goods allows them to almost effortlessly outcompete domestic producers.
Answer 10
United Nations

An organization originally intended as a stronger successor to the League of Nations, and to serve as an international meeting place for world powers, as well as direct international agendas. It also possesses a paramilitary peacekeeping force, often sent to provide relief in the third world, but in practice usually just winds up running child sex slavery rings, as it did in haiti.
Question 11
World Trade Organization

An NGO whose members agree to certain policies designed to facilitate free trade worldwide. A major player in the Globalist Agenda, the President briefly considered to leaving the organization due to its dubious benefits, but was unable to get the idea far.
Answer 11
World Bank

An international bank that provides loans and bailouts to small or poor countries for the purpose of pursuing public projects. Pictured are the Rothschilds, who along with several other banking dynasties jointly own the World Bank, and are the subject of countless conspiracy theories.
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