Unit 5 Review

Front

Which tax system is intended to reduce income inequality?

Back

Progressive tax

Front

What type of tax is a source of revenue for local governments? Options: Income Tax, Sales Tax, Luxury Tax, Import Tax

Back

Sales Tax

Front

What is the primary goal of a progressive tax system?

Back

To increase the tax rate as the taxpayer's income increases

Front

The income received by a government from taxes and other non-tax sources.

Back

Revenue

Front

What is the major revenue source for the Federal Government? Options: Sales Taxes, Income Taxes, FICA Taxes, Property Taxes

Back

Income Taxes

Front

Where does the largest share of federal tax revenue come from? Options: Corporate taxes, General sales taxes, Individual income taxes, Property taxes

Back

Individual income taxes

Front

Public schools are largely funded by _________ taxes in the United States.

Back

Property

Front

Which nation has the largest debt? Options: South Korea, Germany, United States, China

Back

United States

Front

If the government wants to pay down the national debt, in what area might it reduce spending? Options: Medicaid, military, Social Security, Medicare

Back

military

Front

What is mandatory spending in relation to the US budget?

Back

Mandatory spending is government spending on programs that are required by law.