Tax and Finance Quiz 2024

The institution charged with stabilizing the value of the American dollars is

• Presidency
• Federal Reserve
• World Trade Organization
• Interanational Monetary Fund

Which of the following is the US Government's primary method of raising funds for federal expenditures?

• Excise Tax
• Sales Tax
• Income Tax
• Property Tax

Progressive income taxes

• incrase the tax rate as income increases
• decrease the total tax as income incrases
• maintain a constant tax rate as income incrases
• decrease the tax rate as income increases

Deductions allow taxpayers to

• protect some of their income taxation
• avoid having taxes withheld from their paychecks
• purchase goods and services sales-tax free
• increase their pre-tax personal incomes

The withholding tax that contributes to Social Security and Medicare is known as

• FICA
• FDIC
• AMT
• VAT

The act of taking money out of an employee's paycheck and paying it to the government as advance payment for income taxes is known as

• withholding
• adding to the tax base
• proportional taxation
• filing tax returns

The main purpose of of a progressive income tax is to

• decrease the need for social programs
• incrase government spending on welfare
• tax everyone equally
• tax individuals based on their abiltites to pay

The paperwork that people use to determine how much tax their either owe, or are owed by , the government is known as

• a deduction request
• a tax return
• withholding
• a voluntary contribution form

In fractional reserve banking system, money is said to be created when

• the goverment sells bonds to teh public
• loans are made of by banks using their excess reservers
• checks are cashed at the central bank
• loans are repaid back to corporations

Corporations can raise capital by which of the following means?

• Selling stock and issuing bonds
• Printing money and issuing bonds
• Selling Stock and Buying Stock
• Printing money and selling stock