Ch. 14 Review

What is a relatively high tax designed to raise revenue and reduce consumption of a socially undesirable product?

• Medicare

• Earmarks

• Sin Tax

• Budget Deficit

What term describes a negative balance after expenditures are subtracted from revenues?

• Sin Tax

• Budget Deficit

• Earmarks

• Medicare

What is the tax on tangible and intangible possessions such as real estate, buildings, furniture, stocks, bonds, and bank accounts?

• Property Tax

• Natural Monopolies

• Intergovernmental Revenue

• Medicaid

Which tax decreases in percentage as income rises?

• Ability-to-Pay

• Regressive Tax

• Line-Item Veto

• Budget Surplus

Which branch of the U.S. Treasury Department is responsible for collecting taxes?

• Budget Surplus

• Individual Revenue Service

• Line-Item Veto

• Ability-to-Pay

What tax is levied on employers and employees to support Social Security and Medicare?

• Tax Loopholes

• Distribution of Income

• FICA (Federal Insurance Contributions Act)

• Sales Tax

What is the term for a 12-month financial planning period that may or may not coincide with the calendar year, specifically October 1 to September 30 for the federal government?

• Appropriations Bill

• Fiscal Year

• Tax Return

• Payroll Withholding System

What is the method of automatically removing deductions from a paycheck called?

• Fiscal Year

• Payroll Withholding System

• Appropriations Bill

• Tax Return

Who is the person that examines and assesses property values for tax purposes?

• Mandatory Spending

• Tax Assessor

• Public Sector

• National Debt

What is the term for limits on annual discretionary spending?

• Estate Tax

• Indexing

• Spending Caps

• Individual Income Tax