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Taxes
Taxes
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StudBud Administration
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Fiscal Policy and Tax terms
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Which of these is an example of a direct tax?
a property tax on a business
an excise tax on cigarettes
a property tax on an individual
a sales tax on a business
2
Which type of unemployment means you are just in-between jobs temporarily?
Cyclical
Frictional
Structural
Seasonal
3
Which government agency helps to develop a budget with the President?
The Treasury Department
The Office of Management and Budget
The Federal Reserve System
The Bureau of Labor Statistics
4
Where does the majority of money go from the Federal government?
National security
Parks and Recreation
Education
Income redistribution
5
Which government agency is responsible for monitoring inflation?
The Consumer Price Index
The Bureau of Labor Statistics
The Office of Management and Budget
The Treasury Department
6
If you have some control over where the money goes, which type of spending bill is this?
Mandatory spending bill
Income redistribution bill
Appropriations bill
Discretionary spending bill
7
How could the federal government lower the money supply using Fiscal policy?
lowering taxes
raising taxes
raising the discount rate
raising government spending
8
Which of these examples is associated with the Ability - to pay principle?
the individual income tax
a tax for parks in a community
a gift tax that pays for a new school
a tax on gas that pays for road construction
9
Which type of spending bill is required by existing law?
Appropriations bills
Income redistribution bills
Mandatory spending bills
Discretionary spending bills
10
What type of a tax is a gasoline tax?
A property tax
An excise tax
A Sales tax
An income tax
11
What action has a longer outside time?
fiscal policy
monetary policy
considering raising taxes
printing more money
12
Which of these is NOT a characteristic of a good tax?
Certainty
Simplicity
Progressive
Efficiency
13
What amendment to the constitution created the National Income tax in the U S?
The 15th
The 14th
The 18th
The 16th
14
What is the largest source of revenue for local governments?
Sales Taxes
Gasoline Taxes
Property Taxes
"Sin" Taxes
15
What principle states that those who benefit from a tax should be the one paying it?
Ability - to pay principle
"Sin" tax principle
Benefits received principle
Progressive tax principle
16
The Bureau of Labor Statistics is a part of which government branch?
the legislative
the executive
the judicial
the consumer price index
17
What is the largest source of revenue for the Federal Government?
Sales tax
Corporate property tax
Excise Taxes
Individual Income tax
18
What term means taking a part of income out as it is earned for taxes?
deductions
withdraw
tariff
withholdings
19
Which type of unemployment means that the skills of the people do not match the jobs available?
Frictional
Cyclical
Seasonal
Structural
20
The first day of the Fiscal Year.
October 1
July 1
January 1
June 30
21
What is a tax on imports called?
Export tax
a VAT tax
Excise tax
Tariff
22
A _____ Tax takes a higher percentage from lower income groups?
Indirect
Progressive
Regressive
Proportional
23
Who signed the Income tax amendment?
Woodrow Wilson
Calvin Coolidge
Teddy Roosevelt
Bill Clinton
24
What is the largest source of revenue for State governments?
Property taxes
Income taxes
Restaurant taxes
Sales taxes
25
What type of a tax is the Individual Income tax?
Direct and Progressive
Indirect and Proportional
Direct and Regressive
Indirect and Regressive
