NEW
Font size
S
M
L
XL
WorksheetsPSB Unit 4 Quiz
Total questions: 14
Worksheet time: 7mins
Name
Class
Date
1.
GDP slows or declines for 6 straight months.
a)
Expansion
b)
Recession
c)
Contraction
d)
Depression
2.
Borrowed money in which you pay back what you owe, plus interest, in structured monthly payments of the same amount
a)
Interest
b)
Loan
c)
Credit
d)
Real Wages
3.
The gradual increase in prices over time.
a)
Inflation
b)
Real Wages
c)
Deflation
d)
Fake Wages
4.
These are taxes on items such as homes, automobiles, and recreational vehicles.
a)
Excise
b)
Sales
c)
Income
d)
Property
5.
These are taxes on retail products, based on a set percentage of retail cost. Kentucky’s is 6%
a)
Property
b)
Estate
c)
Sales
d)
Income
6.
These are taxes on products such as such as gasoline, tires, telephone services, and tobacco products. Also known as luxury taxes or sin taxes.
a)
Sales
b)
Excise
c)
Income
d)
Property
7.
These are taxes on earned salaries and business profits. This is the largest source of federal revenue.
a)
Excise
b)
Sales
c)
Income
d)
Property
8.
These are taxes paid by employers and employees to finance specific programs such as Social Security and Medicare.
a)
Payroll
b)
Sales
c)
Excise
d)
Property
9.
This entity is responsible for overseeing the banking industry. There are 12 branches throughout the country.
a)
FDIC
b)
Local Government
c)
Federal Reserve
d)
The President
10.
This is a sustained period of economic decline that is much longer than 6 months.
a)
Recoverty
b)
Depression
c)
Decline
d)
Recession
11.
This refers to income adjusted for inflation
a)
Fake Wages
b)
Inflation
c)
Deflation
d)
Real Wages
12.
In addition to paying back the full amount of money borrowed, you usually have to pay this, too. It's essentially a fee for borrowing the money.
a)
Loan
b)
Credit
c)
Debit
d)
Interest
13.
This is an economic policy that says during economic hardship, Congress should increase government spending while decreasing taxes.
a)
Monetary Policy
b)
Fiscal Policy
c)
Economics
d)
Money Policy
14.
This is an economic policy that says when the economy is facing hardship, the Federal Reserve should increase the money supply.
a)
Fiscal Policy
b)
Monetary Policy
c)
Economics
d)
Money Policy
Reset
