Paying for the Government Chapter 12 Test A

taxes collected only on certain services and goods, usually luxury items, sold in the US

shortage of money

The chief purpose of taxes is to

The largest cost to the federal government is in

tax on products imported from other countries

The president, with the help of the OMB, prepares the federal budget each year

the money taxpayers are allowed to deduct for themselves and for each dependent

In the year 2000, the federal government spent

tax that takes a larger percentage of income from high-income groups than from low-income group

The legislative branch proposes the federal budget, executive branch turns the budget into law

Most states do not have a sales tax

When a government spends less money than it collects, it has a

money raised

The largest source of revenue for the federal government is

If your great aunt gave you a gift of $15,000

At the federal level, the collection of taxes is handled by the

the payment made for borrowed money

Individual income tax is an example of a regressive tax

Other than taxes, the government raises money through

The deadline for paying federal taxes each year is

an examination by trained accountants of every item of income and expenditure

Money collected from Social Security tax is used mainly for

revenues equal expenditures

The chief source of income for most local governments is the property tax

the income a business has left after paying its expenses