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12 Cards in this Set
- Front
- Back
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What is the difference between a progressive tax and a regressive tax?
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progressive - percentage increases as individuals income becomes higher You make more, you pay more
regressive - individual with a higher income pays a lower percentage than someone with a smaller revenue |
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What is proportional tax?
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Everyone pays the same percentage no matter what their income.
income $30,000 pay $3,000 $40,000 Pay $4,000 $50,000 pay $5,000 |
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What are consumption taxes?
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Taxes based on spending, rather than income.
ex. sales tax/ VAT |
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What are the advantages and disadvantages of consumption taxes?
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advantage - small rate can generate enormous amount of money (ie. gasoline)
disadvantage - a tax on necessities penalizes the poor and middle class |
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Where does the state get funding for education?
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state, personal, corporation and sales taxes
highway use, motor vehicle fees, insurance and estate taxes, liquor taxes tobacco tax & lottery used for spec. purposes |
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What (2) primary souces of information does the CBO rely on in order to make budget projections.
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monthly expenditure reports that have been generated for the first six months of the fiscal year
actual student attendance |
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Why is it crucial for the CBO to monitor the expenditure reports each month?
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Salaries and benefits expenditures should be approx. 50% of what was budgeted in these categories. If the expenditures exceed 50%, adjustments may be required for that category. The most critical area is the amount used for utilities.
CBO should also check the last 6 months of the preceding year for large payments that may come due |
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Why are accurate enrollment projections important?
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enrollment projections are significant because the indicate income, determine classroom usage and the number of teaching positions needed.
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What is base revenue limit?
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the specific amount the district will receive for each student enrolled in the district
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What is COLA
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Cost of living adjustment
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What is the purpose of categorical revenue?
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To supplement education for specific purposes.
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What are other sources of revenue?
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donations
revenue accounts |
