12.3 Review

According to the Constitution, who has the power to tax?

• State Governments

• Supreme Court

• Congress

• President

What type of tax is the income tax?

• Regressive tax

• Progressive tax

• Flat tax

• Excise tax

Which program is funded by social insurance taxes?

• Medicaid

• Social Security

• Food Stamps

• Welfare

What is the tax on the making, selling, and using of certain goods and services called?

• Customs duties

• Estate tax

• Income tax

• Excise tax

What is the tax imposed on the portion of an estate inherited by each heir?

• Gift tax

• Inheritance tax

• Excise tax

• Estate tax

Which tax is laid on goods brought into the United States from another country?

• Excise tax

• Income tax

• Estate tax

• Customs duties

Where does nontax revenue from the Federal Reserve System come from?

• Donations

• Interest charges

• Investments

• Fines

What is the charge for borrowed money called?

• Dividend

• Royalty

• Tax

• Interest

Which tax is withheld from paychecks by employers and sent to the government?

• Payroll tax

• Estate tax

• Excise tax

• Income tax

What is the tax on the assets belonging to a person who has died called?

• Estate tax

• Gift tax

• Excise tax

• Inheritance tax