PFLE Unit 5 test flashcards

PFLE Unit 5 test flashcards

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Easy

Created by

Michael Ford

Used 1+ times

FREE Resource

Student preview

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15 questions

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1.

FLASHCARD QUESTION

Front

What are the types of taxes at different levels?

Back

Progressive and regressive taxes at the local, state, and national levels.

2.

FLASHCARD QUESTION

Front

Why are federal income, Social Security, Medicaid, and Medicare taxes important?

Back

They are important for funding government programs and services, with considerations for earnings limitations.

3.

FLASHCARD QUESTION

Front

What are the macroeconomic goals of the United States?

Back

Full employment, price stability, and economic growth.

4.

FLASHCARD QUESTION

Front

How do fiscal policies affect the economy?

Back

They impact interest rates, inflation, and unemployment through government decisions.

5.

FLASHCARD QUESTION

Front

What is the role of the Federal Reserve System in the economy?

Back

It enacts monetary policies that affect interest rates, inflation, and unemployment.

6.

FLASHCARD QUESTION

Front

How do you differentiate among gross, net, and taxable income?

Back

Gross income is total earnings, net income is earnings after deductions, and taxable income is the portion subject to taxes.

7.

FLASHCARD QUESTION

Front

What is the purpose of monetary policy tools like open market operations?

Back

They are used to control the money supply and influence interest rates to achieve economic stability.

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