This agency within the federal beuracracy assists the president to develop a budget

Office of Management and Budget

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Gov't Revenue & Spending

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Questions 15

Answers

1
The debt per US citizen is...
$58,000
$60,000
$50,000
$55,000
2
This type of tax is one where the % paid goes up as your income increases
Regressive
Excise
Indirect
Progressive
3
This type of spending includes defense, education and environment
Discretionary
Obligatory
Regulatory
Mandatory
4
The current annual U.S. budget is around...
$8 Trillion
$10 Trillion
$6 Trillion
$4 trillion
5
Social Security, Medicare and Welfare are collectively know as...
Entitlement Programs
Government Assistance
Pre-Tax Deductions
Subsidy Programs
6
This is a tax paid on an inheritance
Corporate Income Tax
Capital Gains Tax
Estate Tax
Excise Tax
7
This is a sales tax paid on goods and services
Capital Gains Tax
Excise Tax
Corporate Income Tax
Estate Tax
8
Spending above your budget
Scarcity
Debt
Shortage
Deficit
9
This is the tax all businesses must pay on their profits
Corporate Income Tax
Estate
Capital Gains Tax
Payroll Tax
10
When does the fiscal year begin and end?
Novemeber 30; October 1
October 30; November 1
October 30; September 1
September 30; October 1
11
Examples of this type of spending include social security and interest payments on debt
Mandatory
Regulatory
Discretionary
Obligatory
12
The Power of the Purse belongs to...
The President
Congress
The States
The Supreme Court
13
If you make money playing the stock market you must pay a...
Corporate Income Tax
Estate Tax
Excise Tax
Capital Gains Tax
14
The Total Debt the U.S. owes is around
$18 Trillion
$22 Trillion
$16 Trillion
$19 Trillion
15
This agency within the federal beuracracy assists the president to develop a budget
Task Force on Revenue and Spending
Office of Management and Budget
Securities and Exchange Commission
Internal Revenue Service

Gov't Revenue & Spending Flashcards | StudBud