Policy and Federal Reserve

What are the two principles of Taxation

• Benefits-Received
• Ability-to-Pay
• Progressive-Income
• Efficient-Equity
• Mandatory-Discretionary

Which Income tax structure has higher tax rates on lower income persons?

• Progressive
• Regressive
• Proportional

List at least 4 of the types of federal taxes we discussed

• Tariff tax, Reality Tax, Property tax, Income Tax

• Sales tax, Income Tax, Duties, Sales Tax.

• Income tax, Gift tax, Excise tax, Estate tax

• Property tax, Capital Gains Tax, Legal Tax, Estate Tax.

When does the Fiscal Year start in the U.S.?

• October 1st
• September 21st
• September 30th
• October 10th
• December 30th

What is the difference between a mandatory and discretionary federal expense?

• Mandatory expenses are decided by the President, while discretionary expenses are decided by Congress.
• Mandatory expenses are funded by state governments, while discretionary expenses are funded by federal governments.
• Mandatory expenses are related to defense, while discretionary expenses are related to healthcare.
• Mandatory expenses are required by law instituted programs, while discretionary expenses are optional or flexable.

Which of the following states has no corporate or personal income tax to generate revenue?

• Alaska

• Florida

• Delaware

• Wyoming

Who figures local property taxes? What is their Job title?

• Tax Collector
• Property Appraiser
• Tax Assessor
• Revenue Officer

What type of fiscal policies don't need to be manually passed by the government to be implemented?

• Expansionary Fiscal Policy
• Contractionary Fiscal Policy
• Discretionary Fiscal Policy
• Automatic Stabilizers

Fiscal Policy is designed to affect what type of supply and demand?

• Aggregate
• Total
• Net
• Consumer
• Real

Would the government opening up new shipyards to help boost the economy (by creating higher paying jobs) be demand or supply side fiscal policy?

• Demand
• Supply