PSB Unit 4 Quiz

 GDP slows or declines for 6 straight months.

• Expansion
• Recession
• Contraction
• Depression

Borrowed money in which you pay back what you owe, plus interest, in structured monthly payments of the same amount

• Interest
• Loan
• Credit
• Real Wages

The gradual increase in prices over time.

• Inflation
• Real Wages
• Deflation
• Fake Wages

These are taxes on items such as homes, automobiles, and recreational vehicles.

• Excise
• Sales
• Income
• Property

These are taxes on retail products, based on a set percentage of retail cost. Kentucky’s is 6%

• Property
• Estate
• Sales
• Income

These are taxes on products such as such as gasoline, tires, telephone services, and tobacco products. Also known as luxury taxes or sin taxes.

• Sales
• Excise
• Income
• Property

These are taxes on earned salaries and business profits. This is the largest source of federal revenue.

• Excise
• Sales
• Income
• Property

These are taxes paid by employers and employees to finance specific programs such as Social Security and Medicare.

• Payroll
• Sales
• Excise
• Property

This entity is responsible for overseeing the banking industry. There are 12 branches throughout the country.

• FDIC
• Local Government
• Federal Reserve
• The President

This is a sustained period of economic decline that is much longer than 6 months.

• Recoverty
• Depression
• Decline
• Recession