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Finance Flashcards

Chapter 11- Public Finance in Texas pt. 2

Why is a budget required? It is stated in the Tx constitution that the incoming has to equal or succeed outgoing because funds have to carry throughout
What are the top 4 Government programs? 1. Education programs 2. Health and Human Services Programs 3. Transportation Programs 4. Housing and Community Development
What is the General Revenue- Nondedicated Fund? this is the most important fund, it is the governments main fund/bank account. Funds can be shifted from areas of the budget
What is the General Revenue- Dedicated Fund? these are funds dedicated to one area of budget, and cannot be shifted around
Does Texas have a state income tax? NO, 1 of 9 states that doesn’t
What is the combined state sales tax in TX? 8.25%
What is the permanent school fund? money that comes from sale of state owned land and provides for primary and secondary schools
What is the Higher Education Fund? funds for smaller state schools
Texas maintains a balanced budget because the State Constitution requires it. TRUE
When combined states and local sales taxes in Texas are more than 10% if the individual purchase price. False
The top four sources of taxation in Texas include all of the following EXCEPT: The state income tax
Texas’s General Revenue Dedicated Fund serves as the states’ main operating fund. False
The Higher Education Fund and the National Research University Fund completely excludes funding for: Community/Junior Colleges
The federal government provides Texas with a considerable amount of money to provide for specific programs such as education and transportation True
In order to deal with budget shortfalls Texas has had a state income tax which dates from the era of the Republic of Texas. False
The top four types of programs that are heavily funded by federal money include all of the following except: University expansion programs
The permanent school fund and the Permanent University Trust Fund were provided for through a complex system of state income taxes. False it comes from the sale of state owned land
Oil and natural gas production taxes are based upon a percentage of the market value of oil and natural gas produced. True
What are other sources of revenue for the state? license fees, state fees, and the Texas State lottery
What is regressive taxes? spread taxes out evenly between classes
What is progressive taxes? targets specific portions of the population *TX has one of the most regressive taxes in the U.S.

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