Civics Ch 12 Paying for Government

A shortage of money: a government spends more money than it collects is a surplus

• True
• False

The income a business has left after paying its expenses is a profit

• True
• False

A Progressive tax is a tax for which the percentage of income paid in taxes decreases as income increases

• True
• False

Income tax ia a payment made for the use of borrowed money

• True
• False

Taxes on the amount of money earned as an individual or business is a property tax

• True
• False

Taxes that takes the largest percentage of income from the people that make the most money is a progressive tax.

• True
• False

Fees charged by governments for various licenses are fines.

• True
• False

Revenue is money

• True
• False

A careful examination by trained accountants of every item of income and every expenditure

• Income Tax
• Audit
• Deficit
• Review

When the government's revenue equals its expenditures

• Balanced Budget
• Surplus
• National Debt
• Deficit