Ch 16 Financing Government

Individual and corporate income taxes are what type of taxes?

• Estate Tax
• Progressive Tax
• Excise Tax
• Gift Tax

Taxes on luxuries such as gasoline, oil, tires, firearms, telephone services, and airline tickets are what kind of taxes?

• Excise Tax
• Payroll Tax
• Progressive Tax
• Gift Tax

If someone gives another person a large amount of money they incur this type of tax?

• Progressive Tax
• Excise Tax
• Gift Tax
• Income Tax

A charge for borrowed money, generally a percentage of the amount borrowed?

• Interest
• Tax
• Loan
• Mortgage

This occurs when the government spends more than it takes in?

• Surplus
• Deficit
• Break Even
• Excess

This occurs when the government takes in more money than it spends?

• Deficit
• Surplus
• Loss
• Break Even

All the money the federal government has borrowed over the years and not repaid is?

• Surplus
• Public Debt
• Loss
• Deficit

This program represents the largest share of federal spending

• Defense 
• Health & Human Services
• Transportation
• Agriculture

Spending that the government can change

• Controllable Spending
• Unlimited Spending
• Limited Spending 
• Uncontrollable Spending

Spending that the government cannot change

• Controllable Spending
• Unlimited Spending
• Limited Spending
• Uncontrollable Spending