Unit 3 Review: Government Involvement

Net amount of a countrys' deficits and surpluses.

• National Debt

• Trade Barrier

• National Budget

• Fiscal Policy

Which of the following is NOT part of the US National Budget process?

• The President proposes a budget to Congress

• Congress is broken into 12 different Appropriation Committees to determine funding

• The Senate and House of Representatives agree on a final version of each spending bill

• The Speaker of the House in the House of Representatives signs each of the budget bills into law ending the process

Match the following terms to their definitions

• Revenues - Outlays =

• Outlays

• Spending

• Debt

• Income

• Revenue

• Fiscal Year

• FY

Direct

Flat

4.50%

• NC State Income Tax

• NC State Sales Tax

• US Federal Income Tax

Organize these options into the correct categories related to extending the Social Security trust fund.

Groups:

(a) Tax Adjustment

,

(b) Benefit Reduction

• Lower COLAs

• Include More Types of Income in the Payroll Taxes

• Raise the Retirement Age

• Increase Payroll Tax Rate

Match the following taxes to their level of government

• State and Federal

• Property Tax

• Local

• Sales Tax

• Federal, State, and Local

• Income Tax

• State and Local

• Excise Tax

Organize these options into the right categories

Groups:

(a) Progressive

,

(b) Flat/Proportional

• NC State Income Tax

• Federal Income Tax

• Payroll Tax

• Sales Tax

Concept that says that if many people enjoy unrestricted access to a resource they will overuse it demonstrating the need for rules/regulations.

• Tragedy of the Commons

• Copyright

• Open Season

• Fair Use

Things that would not be available unless a government or other entity funded them because individuals would not pay to produce them.

• Public Goods/Services

• Private Goods/Services

• Marginal Tax Rates

• Tragedy of Commons

Which TWO terms (select two) define a public good/service?

• Non-Rivalrous

• Non-Excludable

• Competitive

• Tragedy of Commons