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12 Cards in this Set

  • Front
  • Back
What is the difference between a progressive tax and a regressive tax?
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
What is proportional tax?
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
What are consumption taxes?
Taxes based on spending, rather than income.

ex. sales tax/ VAT
What are the advantages and disadvantages of consumption taxes?
advantage - small rate can generate enormous amount of money (ie. gasoline)

disadvantage - a tax on necessities penalizes the poor and middle class
Where does the state get funding for education?
state, personal, corporation and sales taxes

highway use, motor vehicle fees, insurance and estate taxes, liquor taxes

tobacco tax & lottery used for spec. purposes
What (2) primary souces of information does the CBO rely on in order to make budget projections.
monthly expenditure reports that have been generated for the first six months of the fiscal year

actual student attendance
Why is it crucial for the CBO to monitor the expenditure reports each month?
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
Why are accurate enrollment projections important?
enrollment projections are significant because the indicate income, determine classroom usage and the number of teaching positions needed.
What is base revenue limit?
the specific amount the district will receive for each student enrolled in the district
What is COLA
Cost of living adjustment
What is the purpose of categorical revenue?
To supplement education for specific purposes.
What are other sources of revenue?
revenue accounts