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NAME CLASS DATE<br />
Section 4: Guided Reading and Review<br />
Financing State and Local Government<br />
CHAPTER<br />
25<br />
A. As You Read<br />
As you read Section 4, complete the diagram by writing the various sources of State and local<br />
revenues in the space provided. Possible answers below<br />
2. ________ individual<br />
__________<br />
income tax<br />
__________<br />
3. ________ corporate<br />
__________<br />
income tax<br />
__________<br />
4. ________ property<br />
__________ tax<br />
__________<br />
5. ________ inheritance<br />
__________ tax<br />
__________<br />
1. ________ sales tax<br />
__________<br />
__________<br />
12.________ borrowing<br />
__________<br />
__________<br />
State and Local Revenues<br />
6. ________ estate tax<br />
__________<br />
__________<br />
7. ________ franchise<br />
__________ tax<br />
__________<br />
11.________ business<br />
__________<br />
enterprises<br />
__________<br />
10.________<br />
tolls<br />
__________<br />
__________<br />
9. ________ amusement<br />
__________ taxes<br />
__________<br />
8. ________ licenses<br />
__________<br />
__________<br />
© Pearson Education, Inc.<br />
B. Reviewing Key Terms<br />
Read each statement below. If a statement is true, write T in the blank provided. If it is false, write F.<br />
_____ T 13. A sales tax is one that is placed on the sale of commodities such as gasoline and<br />
cigarettes.<br />
_____ F 14. The assessed value of taxable property is always determined on a fair and equal basis.<br />
_____ T 15. Inheritance and estate taxes are also known as “death taxes” because they are levied<br />
after a person dies.<br />
_____ F 16. The sales tax is probably the most difficult tax for a State to collect.<br />
_____ F 17. Taxes that are geared according to a person’s ability to pay are called regressive taxes.<br />
_____ T 18. Generally, taxes placed on the annual income of individuals and corporations are<br />
progressive.<br />
Guided Reading and Review Chapter 25 115