WorksheetsRole of Government in an Economy
Total questions: 25
Worksheet time: 18mins
the amount of money collected from a property owner based on the value of a property for the local government as required by law
sales tax
property tax
income tax
payroll tax
Which tax imposes a higher rate of taxation on individuals with lower income?
progressive tax
regressive tax
proportional tax
Which tax imposes the same percentage rate of taxation on everyone, regardless of income?
progressive tax
regressive tax
proportional tax
What are the mandated payments that individuals and firms make to the government and the most important way the government raises revenue?
wages
taxes
prices
Economic functions of the government are all the following EXCEPT to ___________.
control the price level of public goods
create a stable economic environment
to increase the level of education
distribute income and wealth
Petroleum income tax and stamp duties are two examples of government revenue. Revenue falls under ______.
direct taxes
indirect taxes
non-tax revenue
non-revenue receipts
The government created laws to regulate business.
True
False
What are payments the government gives to some businesses to make up for their losses called?
revenues
tax incentives
patents
subsidies
Money the government takes in
Revenue
Profit
Subsidy
tax incentive
What is the definition of income tax?
based on the value of goods or services at the time of sale
tax on assets given by one living person to another
tax on the production or sale of a specific good or service
based on an individual's income from all sources
What is the definition of Estate Tax?
Money charged for the use of a good or service
tax on goods imported into the United States
tax on property transferred to others on the death of the owner
tax on the production or sale of a specific good or service
What is the best description of the Government
Group of officials who ensure the law and order in the country
Group of individuals who manage the economy
Group who oversee the welfare of the citizens
Group of officials who exercise authority and control the affairs of the country on behalf of the citizens
Which of the following is NOT a direct tax?
Income Tax
Capital Gains Tax
Corporation Tax
Value Added Tax
A reason for Government's Role in Business is
To increase Taxes
To provide services to benefit all citizens
To crowd out Private Sector investment
Compete with the Private Sector
Zoning involves...
Creating defined areas for business activities and restricting production in other areas
Collecting taxes for pollution of the environment
A way in which Government protect the environment
Identifying certain wildlife areas that should not be disrupted by development such as building of factories and residential areas.
Which of the following aids consumers with redress
The Food and Drug Act
The Standards Act
The Bureau of Standards
The Consumer Affairs Commission
Which of the following organizations investigates injustices suffered by citizens.
The Standards Act
The Ombudsman
Court of Justice
The Fair Trading Commission
All of the following are social services offered by the government EXCEPT
Subsidies
Roads
Health care
Education
All of the following are Government assistance to Business EXCEPT
Subsidies
Low interest loans
Customs duties
Training
What does N.I.S stands for
National Insurance Scheme
National Insurance Services
National Incentive Scheme
None of the Above
