Budget and Taxation Quiz

What is the role of Congress when creating the budget?

• Propose new taxes

• Approve presidential proposals and make final budget decisions

• Implement the budget

• Collect taxes

By law, when does the President need to submit the budget to Congress?

• First Monday in February

• Last Friday in January

• First Monday in March

• Last Monday in February

What are continuing resolutions?

• New budget proposals

• Temporary funding measures

• Tax reduction plans

• Debt ceiling adjustments

What is sequestration?

• Increase in government spending

• Budget cuts for Republicans and Democrats

• Tax hikes

• Economic stimulus

What is the discount rate and how can it be used to slow the economy?

• Rate at which banks pay to borrow money; set the borrow rate higher

• Rate at which consumers pay for loans; set the rate lower

• Rate at which banks lend to consumers; set the rate higher

• Rate at which government borrows; set the rate lower

What is taxable income?

• Gross pay minus standard deduction

• Total earnings plus bonuses

• Net pay after all deductions

• Gross pay plus allowances

What is a W-4 form?

• A form that you fill out saying how much you want deducted

• A form for reporting annual income

• A form for claiming tax refunds

• A form for declaring bankruptcy

What is a W-2 form?

• The list of how much was withheld, used to fill out your 1040 form

• A form for reporting self-employment income

• A form for claiming tax credits

• A form for declaring tax exemptions