PUBLIC ECONOMICS

_____ is a loan taken by the government from its own people as well as from foreign countries.

• public debt

• public revenue

• public expenditure

• deficit financing

_____ debt is becoming very common these days

• internal debt

• productive debt

• external debt

• unproductive debt

The greatest sources of revenue for the federal government comes from

• gift tax

• sales tax

• income tax

• property tax

Which is an example of proportional tax?

• sales tax

• Illinois state tax

• social security tax

A tax placed on harmful items to prevent people from buying them.

• sin tax

• harmful tax

• all taxes

• proportional tax

The principle of taxation in which people pay based on what they earn:

• pay as you earn principle

• ability to pay principle

• benefit principle

• allowance principle

What form do you fill out when you're first hired to indicate federal income tax withholdings?

• W-2

• W-4

• 1099

• 1040

By what date must you file your income taxes to the federal government?

• January 31

• January 15

• April 15

• April 30

Which tax claims a greater percent of total income from people that make less money?

• regressive tax

• proportional tax

• progressive tax

The higher the number of allowances, the _______taxes withheld from our paycheck.

• more

• less