Ministry of Economy - An Ideal World eTwinning project

Question 1

Progressive taxes are designed to take a larger percentage of income from low-income than from high-income earners.

Accepted Answer

False

Question 2

an economic system where private individuals own and control businesses.

Accepted Answer

capitalism

Question 3

Scarcity means there are limited resources to meet unlimited wants and needs.

Accepted Answer

True

Question 4

Economic efficiency means the tax system should not waste resources.

Accepted Answer

True

Question 5

profit at the end of the year

Accepted Answer

Income

Question 6

Proportional taxes (flat taxes) take the same percentage from everyone, regardless of income.

Accepted Answer

True

Question 7

Helps you plan how to spend your money

Accepted Answer

Budgeting

Question 8

Mandatory payments to the government.

Accepted Answer

taxes

Question 9

Using money to make more money

Accepted Answer

investing

Question 10

The money a business makes after paying all its costs.

Accepted Answer

profit

Question 11

Revenues are the money spent by a government or organization

Accepted Answer

False

Question 12

The inflation rate measures how much prices for goods and services are rising.

Accepted Answer

True

Question 13

Income tax is a tax on the money people earn from their jobs and investments.

Accepted Answer

True

Question 14

Tax rate is the percentage at which an individual or corporation is taxed.

Accepted Answer

True

Question 15

A deficit occurs when revenues exceed expenditures.

Accepted Answer

False

Question 16

GDP means Gross Domestic Prices

Accepted Answer

False

Question 17

Revenues are the money a government or organization earns (e.g. taxes, fees and grants).

Accepted Answer

True

Question 18

Means having steady growth, low inflation and low unemployment

Accepted Answer

economic stability

Question 19

blends elements of both capitalism and socialism.

Accepted Answer

mixed economy

Question 20

Tax systems are important because they help fund public services like schools, roads and hospitals.

Accepted Answer

True

Question 21

A surplus occurs when revenues exceed expenditures.

Accepted Answer

True

Question 22

The way a country's wealth is divided among its population.

Accepted Answer

wealth distribution

Question 23

Transparency means being open and clear about how money is being used.

Accepted Answer

True

Ministry of Economy - An Ideal World eTwinning project

Questions 23

Ministry of Economy - An Ideal World eTwinning project

Questions 23