Financing Government

Question 1

What is an import?

Accepted Answer

An item made in a foreign nation and is shipped to the US

Question 2

What is the National Debt?

Accepted Answer

Money the US gov. has borrowed + interest

Question 3

What type of tax is one where people who make less money pay a higher percentage of income?

Accepted Answer

Regressive, Sales

Question 4

The ACA is more commonly called what?

Accepted Answer

ObamaCare

Question 5

Property Taxes normally go towards what?

Accepted Answer

Public Schools

Question 6

The IRS is part of which cabinet department?

Accepted Answer

Treasury

Question 7

What government organization collects tax money?

Accepted Answer

IRS

Question 8

A payment you have to make in punishment for breaking the law is called what?

Accepted Answer

Fine

Question 9

Balanced Budget is what?

Accepted Answer

When Revenue Equals Expenditures

Question 10

What is an audit?

Accepted Answer

A thorough examination of income and expenditures

Question 11

What state is the US budget currently in?

Accepted Answer

Deficit

Question 12

If you pay sales tax at Safe Harbor to what level of government does the money go to?

Accepted Answer

State

Question 13

The Federal Government gets most of their money from which type of tax?

Accepted Answer

Income

Question 14

What is the single biggest federal government expenditure?

Accepted Answer

Social Security

Question 15

An excise tax is a special type of sales tax on what?

Accepted Answer

Luxury Goods

Question 16

The money that a business has left over after paying their expenses is called what?

Accepted Answer

Profit

Question 17

An extra payment that you have to make to a person to borrow money from them is what?

Accepted Answer

Interest

Question 18

An appropriations bill has to do with what?

Accepted Answer

Spending Money

Question 19

If you own a business you have to pay an Income tax called what?

Accepted Answer

Corporate Income Tax

Question 20

What is the debt ceiling

Accepted Answer

The law that determines how much money the gov. can borrow

Question 21

Which government program mainly provides Healthcare for elderly people?

Accepted Answer

Medicare

Question 22

What type of Tax is one where you pay more if you make a higher income?

Accepted Answer

Progressive

Question 23

Which nation spends the most money on military?

Accepted Answer

USA

Question 24

What type of tax is the Social Security Tax?

Accepted Answer

Income

Question 25

If you want to get a Driver's License, then what do you have to pay?

Accepted Answer

Fee

Question 26

If you borrow money from someone, then what do you now owe them?

Accepted Answer

Debt

Question 27

Roughly how large is the national debt in 2019?

Accepted Answer

$27 Trillion

Question 28

What does IRS stand for?

Accepted Answer

Internal Revenue Service

Question 29

What is a deficit?

Accepted Answer

When more money is spent than collected

Question 30

A tariff is a tax on what?

Accepted Answer

Imports

Question 31

What month are Tax Returns due?

Accepted Answer

April

Question 32

A budget is a list of what?

Accepted Answer

Incomes and Expenses

Question 33

What is a surplus

Accepted Answer

When more money is collected than is spent

Financing Government

Questions 33

Financing Government

Questions 33