Econ: Taxes & Government Spending

Front

Which of the following is the single largest source of federal revenue? Medicare payroll taxes, individual income tax, corporate income tax, borrowing

Back

individual income tax

Front

Which of the following is the single largest federal expenditure? national defense, Social Security, interest, Medicare

Back

Social Security

Front

Which type of tax is levied on specific items or services, including gasoline and telephone services?

Back

excise tax

Front

Which of the following is NOT an example of federal mandatory spending?
Social Security, Medicare, income security, national defense

Back

national defense

Front

Which example shows a budget surplus? Options: $4 trillion in revenue and $3.89 trillion in expenditures, $3.5 trillion in revenue and $4.75 trillion in expenditures, $4 trillion in revenue and $4.14 trillion in expenditures, $3.5 billion in revenue and $3.58 trillion in expenditures

Back

$4 trillion in revenue and $3.89 trillion in expenditures

Front

What is Medicare?

Back

A medical program for senior citizens

Front

When you combine Medicare and Social Security what Tax do you have?

Back

FICA

Front

What is Excise Tax?

Back

Hidden Tax on Gasoline

Front

Government spending that is required by existing laws to spend on certain programs.

Back

Mandatory spending

Front

When the government spends more money than it takes in.

Back

Budget deficit