Quiz 1 Econ

What is a tax

• money people and business pay to the government

• money the government pays to people and businesses

• money people pay to businesses

Which of these are things the government uses tax money to pay for?

• public schools

• private schools

• infrastructure

• police and fire fighters

• EBT

Which of these are things the government uses tax money to pay for?

• Military

• Salaries of government workers

• Businesses

• Building government buildings

• Building houses

What is a sales tax?

• The money we pay to the government every time we buy something

• The money we pay to the government if we own land/house

• The money businesses pay to the government when they earn a profit

• The money we pay to the government every time we earn money

• The money the government gives back to us if we overpaid our taxes

What is a property tax?

• The money we pay to the government every time we buy something

• The money we pay to the government if we own land/house

• The money businesses pay to the government when they earn a profit

• The money we pay to the government every time we earn money

• The money the government gives back to us if we overpaid our taxes

What is a corporate tax?

• The money we pay to the government every time we buy something

• The money we pay to the government if we own land/house

• The money businesses pay to the government when they earn a profit

• The money we pay to the government every time we earn money

• The money the government gives back to us if we overpaid our taxes

What is an income tax?

• The money we pay to the government every time we buy something

• The money we pay to the government if we own land/house

• The money businesses pay to the government when they earn a profit

• The money we pay to the government every time we earn money

• The money the government gives back to us if we overpaid our taxes

What is an income tax refund?

• The money we pay to the government every time we buy something

• The money we pay to the government if we own land/house

• The money businesses pay to the government when they earn a profit

• The money we pay to the government every time we earn money

• The money the government gives back to us if we overpaid our taxes

When prices increase, it is called

• inflation

• deflation

• economic growth

• economic efficiency

When we produce more, it is called

• inflation

• deflation

• economic growth

• economic efficiency