Econ Quiz 9 & 10

A tax for which the percentage of income paid in taxes increases as income increases.

• Regressive

• Proportional

• Excise

• Progressive

Taxes that fund Social Security and Medicare

• FICA

• Tariff

• Gift

• Estate

A tax on the dollar value of a good or service being sold

• Proportional Tax

• Revenue

• Sales Tax

• Medicare

What does the "equity" of a tax mean?

• The tax is simple to collect

• The tax is fairly assessed

• The tax is paid equally by everyone

• The tax is paid only by those who will use the service it provides

Which level of government earns revenue from state income taxes and property taxes?

• National/Federal

• State

• Local

What is the major source of revenue for the US federal government?

• Income tax

• Sales tax

• Property tax

Allocate means

• Distribute

• Dilute

• Digeridoo

• Diego

True or False: The national government uses tax money to provide services like homeland security and national defense.

• True

• False

annual government spending in excess of taxes and other revenues

• deficit spending

• national debt

• balanced budget

• trust fund

total amount borrowed from investors to finance the government’s deficit spending

• deficit spending

• national debt

• balanced budget

• trust fund