ECONOMICS UNIT 5: "Sources of Government Revenue"

Revenue is a word for the total income created by a given source

• true
• false

The main sources of Federal government revenue are individual income taxes, sales taxes, and borrowing.

• true
• false

The Economic Recovery Act of 1981 was signed into law by Ronald Regan

• true
• false

The payroll withholding system requires employers to deduct income taxes from employees' paychecks and send them directly to the IRS.

• true
• false

a _____ is a relatively high tax on socially undesirable products, such as tobacco.

• sin tax
• property tax
• individual income tax
• payroll taxes

A tax on possessions, such as real estate, buildings, and homes is called a _____.

• sin tax
• estate tax
• property tax
• sales tax

federal tax on people's earnings is a _____.

• excise tax
• gift tax
• individual income tax
• property tax

A tax on wages and salaries deducted from paychecks to finance Social Security and Medicare is called a _____.

• payroll taxes
• property tax
• estate tax
• sales tax

A tax on the manufacture and sale of selected items is known as a _____.

• property tax
• sales tax
• sin tax
• excise tax

A _____ is a tax paid by the donor on transfer of money or wealth.

• gift tax
• proportional tax
• regressive tax
• estate tax