# CTE Resource Center - Verso - Economics and Personal Finance Task 1591973375

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.

Definition

Description should incorporate the basic types and purposes of taxes, including
  • income
  • estate
  • excise
  • FICA
  • flat
  • gift
  • inheritance
  • luxury
  • progressive
  • property
  • proportional
  • real estate
  • regressive
  • sales
  • Social Security
Description should also include the ways taxes are levied and the ways the resources are used by all levels of government (e.g., for local, state, and federal services, such as defense, education, transportation, public safety).

Related Standards of Learning

English

10.5

The student will read, interpret, analyze, and evaluate nonfiction texts.
  1. Analyze text features and organizational patterns to evaluate the meaning of texts.
  2. Recognize an author’s intended audience and purpose for writing.
  3. Skim materials to develop an overview and locate information.
  4. Compare and contrast informational texts for intent and content.
  5. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
  6. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
  7. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
  8. Analyze ideas within and between selections providing textual evidence.
  9. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
  10. Use reading strategies throughout the reading process to monitor comprehension.

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

History and Social Science

GOVT.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

  1. planning inquiries by synthesizing information from diverse primary and secondary sources;
  2. analyzing how political and economic trends influence public policy, using demographic information and other data sources;
  3. comparing and contrasting historical, cultural, economic, and political perspectives;
  4. evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;
  5. constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;
  6. explaining how cause-and-effect relationships impact political and economic events;
  7. taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;
  8. using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;
  9. applying civic virtues and democratic principles to make collaborative decisions; and
  10. communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.

GOVT.8

The student will apply social science skills to understand the organization and powers of the state and local governments described in the Constitution of Virginia by

  1. examining the legislative, executive, and judicial branches;
  2. examining the structure and powers of local governments (county, city, and town);
  3. analyzing the relationship between state and local governments and the roles of regional authorities, governing boards, and commissions;
  4. investigating and explaining the ways individuals and groups exert influence on state and local governments; and
  5. evaluating the effectiveness of citizen efforts to influence decisions of state and local governments by examining historical or contemporary events.

GOVT.9

The student will apply social science skills to understand the process by which public policy is made by

  1. defining public policy and determining how to differentiate public and private action;
  2. examining different perspectives on the role of government;
  3. describing how the national government influences the public agenda and shapes public policy by examining examples such as the Equal Rights Amendment, the Americans with Disabilities Act (ADA), and Section 9524 of the Elementary and Secondary Education Act (ESEA) of 1965;
  4. describing how the state and local governments influence the public agenda and shape public policy;
  5. investigating and evaluating the process by which policy is implemented by the bureaucracy at each level;
  6. analyzing how the incentives of individuals, interest groups, and the media influence public policy; and
  7. devising a course of action to address local and/or state issues.

GOVT.15

The student will apply social science skills to understand the role of government in the Virginia and United States economies by

  1. describing the provision of government goods and services that are not readily produced by the market;
  2. describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
  3. investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
  4. analyzing how Congress can use fiscal policy to stabilize the economy;
  5. describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
  6. evaluating the trade-offs in government decisions.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.7

The student will demonstrate knowledge of how monetary and fiscal policy influence employment, output, and prices by
  1. describing the purpose, structure, and function of the Federal Reserve System;
  2. describing government’s role in stabilizing the economy;
  3. describing sources of government revenue; and
  4. explaining balanced budget, deficit, and national debt.

EPF.16

The student will demonstrate knowledge of taxes by
  1. describing the types and purposes of local, state, and federal taxes and the way each is levied and used;
  2. exploring how tax structures affect consumers, producers, and business owners differently;
  3. computing local taxes on products and services;
  4. examining potential tax deductions and credits on a tax return;
  5. explaining the content and purpose of a standard W-2 form; and
  6. explaining the similarities and differences between state and federal taxation of inheritances.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Economics

 

Introduction to Business

 

Job Interview

 

Personal Finance