Federal Finances

The money that people pay to the government.

• Goods 
• Taxes
• Services
• Profit

Money collected by the provincial government is called...

• Expenditure
• Taxes
• Revenue
• User Fees

Money the government spends is called.

• Expenditure
• Taxes
• Revenue
• User Fees

What does the local government NOT spend its money on?

• Administration
• Roads
• New countertops for your kitchen
• Parks and Recreation

"The Fed" refers to the....

• Federal Bureau of Investigation
• Federal Government
• Federal Reserve System
• Federal Income Tax

Fee charged to borrow money

• Inflation
• Interest
• Discount rate
• Reserve requirement

Influencing the economy by changing the reserve requirement is called:

• Fiscal policy
• Monetary policy
• Tight Money
• Easy Money

What does Inflation do to the value of money?

• Makes it go up.
• Makes it go down.
• Makes it stay the same.

The primary role of the Federal Reserve Bank is to steer the economy by

• controlling the budget
• setting spending levels.
• controlling the money supply.
• loaning out money.

What is the gold standard?

• one unit of currency is equal to a set amount of gold
• the level by which gold is judged
• the use of gold as a medium of exchange
• the idea that gold can buy everything