Which of these is the most accurate description of Social Security taxes?

They are taxes paid by employers and employees that provide benefits

They are a benefit that all U.S. citizens earn automatically

They are progressive taxes that eventually benefit all citizens.

They are used to fund programs for the unemployed and underemployed.

. Which of these is a fiscal policy that is meant to reduce inflation and increase the purchasing power of each dollar?

raising of interest rates by the Fed

reduction in spending by congress

selling of government bonds by the Fed

a state cannot collect taxes from which of the following?

loggers harvesting trees in a national forest

campers camping in a state park

city dwellers riding the subway

how are excise taxes and income taxes alike?

both raise revenue for the government

both can impact u.s. citizens and foreigners

both tax either goods or services

both were implemented by congress in the early 1800s

A fiscal policy that reduces taxes on U.S. businesses that export goods to other countries would likely cause which of these?

increase in the quantity of goods that can be produced

cuts in the number of workers the company can hire

. decrease in the amount of money a company is able to charge for goods

increase in the price of materials needed to produce goods

Which of these statements about the federal budgeting process is true?

A variety of staff in the executive and legislative branches help to prepare and analyze the budget.

A new budget is approved at the end of each calendar year.

The budget is prepared by the House and approved by the Senate

The president has only a small impact on the budget

The Federal Reserve has the power to do which of these?

decrease or increase income taxes

Which of these is an expense that a working mom would likely incur that could qualify for a tax credit?

retirement account savings expense

A president who supports social justice measures would make which of these expenditures a priority?

pay raises for overseas military

11. Which of these accurately contrasts excise taxes and income taxes?

An excise tax is paid by someone obtaining a service; an income tax is paid by someone who is paid to perform the service.

. An excise tax is a source of revenue for federal and state governments; an income tax is only a source of revenue for the federal government.

An income tax can be reduced with deductions and credits; an excise tax can be reduced by a protective tariff.

An income tax is always paid when a home is inherited; an excise tax is always paid when a home is purchased.

. Inflation would be most likely to occur after which of these actions?

Congress cuts spending on programs

The Fed raises the discount rate

The Fed raises the reserve requirement

Which of these fiscal and monetary policies would combine to cause the fastest economic growth?

a reduction in the discount rate for banks and a reduction in taxes

a reduction in the reserve requirement for banks and an increase in taxes

. an increase in government spending and the selling of securities by the Fed

an increase in the buying of securities by the Fed and an increase in taxes

4. Which of these possible results from a cut in the capital gains tax would strengthen the U.S. economy

More money would be available for private investment.

Government programs would lack revenue and be cut

More profits would be transferred overseas.

Other taxes would be increased to balance the budget.

. When conservatives control the House, what is likely to be a focus of their budget proposals?

reduced funding for business regulators

. expenditures for workforce regulations

funding for consumer protections

salary increases for House and Senate members

How do the executive and legislative branches collaborate on the federal budget?

. Congress holds hearings to ask budget questions of executive branch officials.

Agency heads work with the president to set budget priorities.

House and Senate committees send their budgets to the full House or Senate.

The Congressional Budget Office communicates with Congress on the budget

Lowering income taxes for U.S. citizens and corporations could increase the role of foreign investors in the U.S. economy if which of these other actions were taken?

government spending was increased

gross domestic product in the us was increased

. Which of these expenditures would be paid for under the uncontrollable spending portion of the budget?

maintenance for military aircraft

What is the most likely reason an investor in one state would buy local government bonds in another state?

The investor would not have to pay federal taxes on bond interest.

The investor would be able to collect assessments on the project.

The investor would become part owner of the project.

The president might propose which of these actions to slow the economy and prevent inflation?

raising taxes to reduce the deficit

borrowing money from foreign investors

. increasing expenditures on highway projects

. lowering the reserve requirement

Which of these circumstances might contribute to inflation?

when interest rates are low and many people are borrowing to buy houses

when banks are building up their reserves to avoid failure

when companies are laying off workers in order to stay in business

when the Fed sells government bonds on the open market

CIVICS CHAPTER 21 TEST

Authored by Kayne Hargrave

Social Studies

9th - 12th Grade

Used 49+ times

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50 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

THE MONEY A GOVERNMENT COLLECTS FROM TAXES OR OTHER SOURCES IS CALLED...

REVENUE

BUDGET

DEBT

DEFICIT

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

EXTRA MONEY LEFT IN A BUDGET AFTER ALL SPENDING TAKES PLACE IS CALLED...

REVENUE

SURPLUS

DEFICIT

NATIONAL INCOME

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

FINANCIAL OUTLAY IS A/AN...

ENTITLEMENT

SPENDING

CONTROLLED

EXPENDITURES

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

LEFT TO CHOICE OR JUDGMENT IS CALLED...

DISCRETIONARY

ENTITLEMENT

SUBSIDY

EXEMPTIONS

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A HIGH CUSTOMS DUTY IS A....

EXCISE TAX

REGRESSIVE TAX

PROGRESSIVE TAX

PROTECTIVE TARIFF

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

PAYMENT MADE BY INDIVIDUALS AND BUSINESS TO SUPPORT GOVERNMENT ACTIVITIES IS CALLED..

EXCISE TAX

PROTECTIVE TARRIFF

TAX

GRANT

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the money an employer holds back from workers wages as payments of anticipated income taxes

withholdings

dependents

taxable income

exemptions

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CIVICS CHAPTER 21 TEST

THE MONEY A GOVERNMENT COLLECTS FROM TAXES OR OTHER SOURCES IS CALLED...

EXTRA MONEY LEFT IN A BUDGET AFTER ALL SPENDING TAKES PLACE IS CALLED...

FINANCIAL OUTLAY IS A/AN...

LEFT TO CHOICE OR JUDGMENT IS CALLED...

A HIGH CUSTOMS DUTY IS A....

PAYMENT MADE BY INDIVIDUALS AND BUSINESS TO SUPPORT GOVERNMENT ACTIVITIES IS CALLED..

the money an employer holds back from workers wages as payments of anticipated income taxes

When the federal government gives a state or local government a grant or gift of money this is an example of ...

markets,scales, reports, or figures that give information about how areas of the economy are performing is called...

the central banking system of the u.s. is called the ...

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