Understanding Taxes and Government Revenue

Front

Why do governments impose taxes?

Back

To provide goods/services and to fund functions of the government

Front

Which of the following is NOT a characteristic of a good tax? Simplicity, Efficiency, Safety, Equity

Back

Safety

Front

The ________ states that people should pay taxes based on the level of benefits they receive from the government.

Back

Benefits received principle

Front

Article 1, Section 8, of the Constitution does what?

Back

Gives Congress power to tax

Front

Income tax is considered a ________ tax.

Back

Progressive

Front

________ raise the price of foreign goods to help keep the price of American products competitive.

Back

Tariffs

Front

All of the following are types of taxes the federal government collects except? Unemployment taxes, Corporate income taxes, Social Security

Back

Franchise tax

Front

_____ taxes fund two large government programs- Social Security and Medicare.

Back

FICA

Front

Why are the costs of Social Security benefits expected to increase in the future?

Back

Baby boomer generation is reaching retirement age and are living longer

Front

Which of the following is NOT an entitlement program?
Social Security, Education, Medicaid, Medicare

Back

Education