What determines the difference between communism and socialism?

amount of government involvement

The Congressional Budget Office -

composes & reports data about the federal budget to Congress

A key principle of the economic theory of communism is -

government ownership of property

The US is a mixed economy. This means:

private ownership and government control

The Office of Management and Budget:

A group who performs the managerial and financial functions for the POTUS

An advantage of a corporation is that

owners have limited liability for debt

The best way to describe regressive taxes is -

the more you make, the less the tax affects you

Gross National Product

Total of all goods and services made in a country in a year

a twelve-month period that can begin on any date

What best describes progressive taxes?

Income increases, taxes taken increases

What is the Power of the Purse that is granted to Congress?

The power to control taxing and spending

Contrast Socialism v. Communism with the best description below:

Communism has a dictator, Socialism elects a leader

has elements of traditional, market & command economies

What is deficit spending?

Paying more out than one receives

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Unit 7 OC Govt Honors

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Questions 22

Answers

1
What determines the difference between communism and socialism?
amount of government involvement
goods produced
types of factories
money
2
The Congressional Budget Office -
composes & reports data about the federal budget to Congress
monitors government spending and operations
spends money on whatever congress needs
provides objective, analysis, and information for the POTUS
3
Paycheck deductions go toward which type of tax?
All of the above
Income tax
Sales tax
Property tax
4
A key principle of the economic theory of communism is -
privatization of business
restoration of a bartering system
government ownership of property
organization of workers' unions
5
The US is a mixed economy. This means:
no government control at all
private individuals can do whatever they want
private ownership and government control
all of the above
6
The Office of Management and Budget:
joins govt agencies, congressional committees, and interest group
A commission outside the executive dept overseeing aspects of the economy
A release from any legal punishment which may occur.
A group who performs the managerial and financial functions for the POTUS
7
An advantage of a corporation is that
owners have direct control over buisness
the business is subject to little gov. regulation
owners have limited liability for debt
owners pay fewer taxes than owners of other buisnesses
8
What won't businesses do under a command economy?
Determine how much they will produce
Make their own decisions
Determine who will buy goods
Set their own price
9
The 16th amendment did what?
created federal income tax
set the guidelines for electing the president
gave powers not delegated to the federal government
right to bear arms
10
The best way to describe regressive taxes is -
income increases, taxes taken increases
constant percentage of income is taken
the more you make, the less the tax affects you
personal Income
11
Gross National Product
A disgusting product
The one thing any country is known for producing
Total of all goods and services made in a country in a year
How many things a country needs to buy from another country
12
A fiscal year is -
a twelve-month period that can begin on any date
govt office that manages the federal budget.
fiscal policies (higher spending + tax cuts) that encourage economic growth
a bill that sets money aside for specific spending
13
What does the Federal Reserve System do?
Regulate money supply
Pay for the laws
Provide a balanced budget
Provide loans to businesses
14
Bonds are debt obligations of corporations or governments.
False
True
15
What best describes progressive taxes?
Personal Income
Income increases, taxes taken increases
The more you make, the less the tax affects you
Constant percentage of income is taken
16
Land, Labor, Capital, & Entrepreneurship are
Types of Production
Factors of Economics
Capital
Factors of Production
17
What is the largest source of revenue coming into the US government?
Corporate taxes
Tariffs
Income taxes
Fuel taxes
18
What is the Power of the Purse that is granted to Congress?
The power to control taxing and spending
The power to check other branches
The power to impeach the president
The power to pass laws
19
Contrast Socialism v. Communism with the best description below:
Socialism has a dictator, Communism a president
Communism has a dictator, Socialism elects a leader
They both are very similar to a traditional economy
They both support the survival of the fittest theory
20
A mixed economy ...
has elements of traditional, market & command economies
has elements of both market and command economies
has limited use in today's global economy
was more useful before the invention of bitcoin
21
Which of the following is a regressive tax?
a flat tax
a sales tax
a tax on property
an income tax
22
What is deficit spending?
Welfare for lower income individuals
Paying less out than one receives
Paying more out than one receives
Used only during economic depressions

Unit 7 OC Govt Honors Flashcards | StudBud