Chapter 12: Taxes

Reasons that the costs of government have gone up are...

• The government has established new priorities.

• The US has paid off its debt

• The US population has grown

• The value of the dollar has decreased

• There are larger, more expensive services and programs

Parking meters and toll roads/bridges are examples of...

• Fees

• Fines

• Taxes

• Special Services

Marriage and hunting licenses are examples of...

• Fees

• Fines

• Taxes

• Special Services

Bail money and traffic tickets are examples of...

• Fees

• Fines

• Taxes

• Special Services

All income taxes must be paid in full by _____ every year.

• March 1st

• March 15th

• April 1st

• April 15th

When revenue equals its expenditures. There are no profits and no losses

• Balanced Budget

• Deficit

• Surplus

When the government collects more money than it spent...

• Balanced Budget

• Deficit

• Surplus

When the government spends more money than it collects...

• Balanced Budget

• Deficit

• Surplus

________ is responsible for creating and presenting a budget plan, signing the budget into law, and spending the budget.

• Congress

• The IRS

• The President

• The Supreme Court

________ is responsible for creating an appropriation bill and passing the budget into law.

• Congress

• The IRS

• The President

• The Supreme Court