Level 10 Review Role of Government, Taxes, Federal Expenditures

What are the types of taxes a person might pay?

• birth tax

• Income tax

• death tax

• tree tax

What are the economic goals of the U.S. gocernment?

• •economic growth,

• stability,

• full employment, freedom, equity

• ALL of the above

What is a sin tax?

• exceptions or oversights in the tax law allowing taxpayer to avoid taxes

• a relatively high tax designed to raise revenue while reducing consumption of a socially undesirable product

• the way in which income is allocated among families, individuals, or other groups

• tax levied on the wages, salaries, and other income of individuals

What is a sales tax?

• general state or city tax levied on a product at the time of sale

• a relatively high tax designed to raise revenue while reducing consumption of a socially undesirable product

• tax in which percentage of income paid in tax is the same regardless of the level of income

• none of the above

What is medicare?

• social security

• affordable health care

• A state health care program that provides baby formula.

• a federal health-care program for senior citizens, regardless of income

What is mandatory government spending?

• Spending required by law

• discretionary spending

• spending on social security and medicare

• spending not required by law.

What is discretionary spending?

• spending conducted on credit

• government spedning required by law.

• government spedning NOT required by law.

• None of the above

What is a budget deficit?

• When the government spends more than it collects.

• when the government spends less than it collects

• when the government breaks even

• a government surplus.

What is the national debt?

• the amount of money that the government needs

• the amount of money that the government owes.

• the amount of money that the federal government has lent

• The amount of money the federal government has borrowed.

What is the fiscal year?

• The fiscal year for the federal government is the period over which the federal budget is spent. It begins on January 1 and ends on December 30.

• The fiscal year for the federal government is the period over which the federal budget

  applies. It begins on October 1 and ends on September 30.

• The year beginning September 1 and ending August 31

• A calendar year divded into four quarters.