Ch10 L1

Which of the following is defined as "government spending that is funded by money the government borrowed"?

• Deflation

• Inflation

• Deficit Spending

• National Debt

Which of the following tends to grow as a direct result of deficit spending?

• Deflation

• Inflation

• Withholdings

• National Debt

Which of the following is the TRUEST measure of what you make in a paycheck?

• Withholdings

• Net Income

• The Fiscal Year

• Gross Income

Your ​ (a)   is what you make pre-tax, while your ​ (b)   is what you make post-tax.

• gross income
• net income
• deductible income
• deficit income

Match the following tax source to the correct percentage that it holds in America's tax revenues.

• Income Taxes

• 8%

• Payroll Taxes

• 35%

• Excise, Estate, and Gift Taxes

• 6%

• Corporate Taxes

• 51%

American's want to track government spending because when deficit spending increases, your taxes typically ___.

• Increase

• Decrease

When the government releases their budget, that budget is set for the ​ ​ (a)  

• fiscal year
• Quarter
• federal semester
• quarter
• national cycle

Benjamin Franklin's quote, the theme to chapter 10, is that only two things are certain in this world: ______

When making a budget, it is best to use your ​ (a)   when planning how much money you'll have that month.

• net income
• gross income
• withholdings
• deductions

Choose the equation that should be used to determine your monthly gross income.

• ($ per hour) x (hours per week) =

• ($ per hour x hours per week) x state tax =

• ($ per hour x hours per week) x state AND federal tax =

• ($ per hour x hours per week) / state AND federal tax =

• ($ per hour x hours per week) / state tax =