Civics and Economics SOL Review

Front

Which of the following is a characteristic of most goods and services provided by the government?
Options:
They provide benefits to many simultaneously,
They are only available if individuals provide them,
They do not include public schools,
They are only for private use

Back

They provide benefits to many simultaneously

Front

Which tax is a percentage of the sale price that consumers pay on many items they purchase?

Back

Sales tax

Front

Property tax is only levied on land and buildings, not on personal property such as boats or cars.

Back

False

Front

Governments pay for public goods and services in which two of the following ways?
Taxes and borrowing, Donations and fines, Selling public goods and user fees, Lottery and inheritance

Back

Taxes and borrowing

Front

What is the main duty of the Federal Reserve System as the central bank of the United States?

Back

Maintain the value of the national currency

Front

Fill in the blank: The United States government passes laws and creates agencies to protect consumer rights and ________, competition in the marketplace, labor, and the environment.

Back

property rights

Front

Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services.

Back

True

Front

List the three types of money generally used in the United States.

Back

Coins, currency, deposits in bank accounts that can be accessed by checks and debit cards.

Front

Human capital refers to the combination of a person's education, knowledge, skill, experience, health, training, and talent.

Back

True

Front

What does being fiscally responsible include?

Back

Being fiscally responsible includes making careful spending decisions, saving and investing for the future, having insurance, keeping to a budget, using credit wisely, and understanding contracts, warranties, and guarantees.