Unit 3 Review

Match the following

• used to manage the economy

• BOTH

• changes in interest rates

• FISCAL

• changes to the tax code

• MONETARY

Civics throwback

Groups:

(a) Part of the Legislative Branch

,

(b) Part of the Executive Branch

,

(c) Not actually part of the government

• The Federal Reserve

• POTUS

• The Senate

• The Dept of the Treasury

• The House of Representatives

• IRS

Congress includes the House and the Senate...

• TRUE

• FALSE

What are the main sources of federal revenue?

• income taxes, corporate taxes, payroll taxes, and excise taxes

• property taxes, sales taxes, and tariffs

• excise taxes, property taxes, and state income taxes

• state income taxes, property taxes, and sales taxes

Name the 3 categories of federal outlays.

• social security spending, welfare spending, and environmental spending

• mandatory spending, discretionary spending, and interest on the national debt

• education spending, infrastructure spending, and healthcare spending

• 
  defense spending, entitlement spending, and foreign aid

Which is the largest of the federal outlays?

• social security and medicaid

• defense

• interest on our debt

• mandatory spending

What is a budget deficit?

• A lack of spending on essential services.

• The government spends an equal amount of money as it receives.

• The government spends more money than it receives in revenue.

• The net amount of all deficits and surpluses.

Define national debt.

• The total amount of money that a country's government owes to foreign countries.

• The total amount of money that a country's government owes to its citizens.

• The total amount of money that a country's government owes to creditors or individuals.

• The total amount of money that a country's citizens owe to the government.

Which revenue source contributes the most to our state budget?

• sales tax

• property tax

• corporate tax

• income tax

What do mandatory spending categories and payroll taxes have in common?

• They are reserved exclusively for Veterans

• They involve Social Security and Medicare

• The amount of funds collected and spent are not subject to change