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Standards 2/3 Review

Standards 2/3 Review. Taxes. Section One. Types of Taxes. Know the difference between sales, income and property taxes. What types of goods and services do these taxes help pay for? What is a plus tax?. Types of Taxes Continued.

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Standards 2/3 Review

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  1. Standards 2/3 Review

  2. Taxes Section One

  3. Types of Taxes • Know the difference between sales, income and property taxes. • What types of goods and services do these taxes help pay for? • What is a plus tax?

  4. Types of Taxes Continued • What types of taxes are considered federal taxes, and what taxes are regulated by state and local governments? • What are the differences between progressive and regressive taxes?

  5. Paying Taxes • Why do we pay taxes? • Who is required to pay taxes? • Income Taxes • Sales Tax • Property Tax • When are we required to pay taxes? • Income? • Sales? • Property?

  6. Paying Taxes Continued • What principle is the U.S. tax system based on? • What division of the U.S. Treasury is responsible for regulation of the federal tax system?

  7. Tax Regulation • What are the potential consequences of failing to report taxes properly? • Know what an audit is. • What type of things will increase the likelihood of receiving a tax audit? • What is the most common?

  8. Dependents and Deductions • What is a dependent, for tax reasons? • What types of things can be considered deductions when filling out tax forms

  9. More Taxes • Know the difference between progressive and regressive taxes. • What is a “free rider?”

  10. Financial Institutions Section Two

  11. Financial Institutions • Know the different types of financial institutions. • What are some differences between credit unions and banks? • Why do financial institutions charge fees and interest on their services?

  12. Checks and Debit Cards • What are the advantages and disadvantages to using debit cards instead of checks and vice versa? • Where can you use debit cards and/or checks?

  13. Credit Cards vs. Debit Cards • What are the similarities and differences between credit and debit cards? • Are there any benefits to using credit cards? • If so, what are they?

  14. Checking Accounts • Why have a checking account? • Are there any advantages to online banking? • If so, what are they? • Is a checking account the best way for students your age to start saving for college? • If not, what would be?

  15. Insurance Last, But not least

  16. Types of Insurance • What is the purpose of insurance? • What types of insurance are there? • Do employers, generally, have insurance to protect their employees?

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