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PUBLIC ECONOMICS

Total questions: 25

Worksheet time: 18mins

Name
Class
Date
1.

_____ is a loan taken by the government from its own people as well as from foreign countries.

a)

public debt

b)

public revenue

c)

public expenditure

d)

deficit financing

2.

_____ debt is becoming very common these days

a)

internal debt

b)

productive debt

c)

external debt

d)

unproductive debt

3.

The greatest sources of revenue for the federal government comes from

a)

gift tax

b)

sales tax

c)

income tax

d)

property tax

4.

Which is an example of proportional tax?

a)

sales tax

b)

Illinois state tax

c)

social security tax

5.

A tax placed on harmful items to prevent people from buying them.

a)

sin tax

b)

harmful tax

c)

all taxes

d)

proportional tax

6.

The principle of taxation in which people pay based on what they earn:

a)

pay as you earn principle

b)

ability to pay principle

c)

benefit principle

d)

allowance principle

7.

What form do you fill out when you're first hired to indicate federal income tax withholdings?

a)

W-2

b)

W-4

c)

1099

d)

1040

8.

By what date must you file your income taxes to the federal government?

a)

January 31

b)

January 15

c)

April 15

d)

April 30

9.

Which tax claims a greater percent of total income from people that make less money?

a)

regressive tax

b)

proportional tax

c)

progressive tax

10.

The higher the number of allowances, the _______taxes withheld from our paycheck.

a)

more

b)

less

11.

A tax on large sum of money you inherit from your uncle is called

a)

property tax

b)

excise tax

c)

gift tax

12.

Which agency collects taxes?

a)

BBB

b)

FTC

c)

IRS

d)

TAX

13.

The tax you pay to your local government for owning a portion of land is called.

a)

property tax

b)

income tax

c)

gift tax

d)

sales tax

14.
Sales tax is __________ to the price
a)
subtracted
b)
added
c)
multiplied
d)
divided
15.

What are the dates for the beginning and end of the financial year?

a)

1st of Jan to the 31st of Jan

b)

31st of June to the 1st of July

c)

July 1st to October 31st

d)

1st of July to the 30th of June

16.
Economics is...
a)
studying goods, services, and how people can get them.
b)
studying trees, bushes, and other plants.
c)
studying animals and wildlife.
d)
studying food, and how food is made.
17.
The people who grow or create goods are called...
a)
producers
b)
consumers
c)
banker
d)
traders
18.
All people have the same wants and needs.
a)
True
b)
False
19.
The government issues currency and coins money to -
a)
help make the exchange of goods and services easier
b)
control the exchange of goods and services
c)
promote monopolies
d)
promote global trade
20.
The government enforces antitrust legislation to promote __.
a)
monopolies
b)
competition
c)
private ownership
d)
global  trade
21.

The degree to which a demand or supply is sensitive to changes in price or income

a)

elasticity

b)

production

c)

utility

d)

scarcity

22.

study of economics in relation to real world situations

a)

Microeconomics

b)

Macroeconomics

c)

Econometrics

d)

Applied economics

23.

government activities towards taxation, borrowings and expenditures

a)

national budget

b)

money supply

c)

foreign domestic investment

d)

public finance

24.

this is responsible for the rapid technological change and high living standards during the 1980's.

a)

entrepreneur

b)

market

c)

innovation

d)

government

25.

the author of the book "General Theory of Employment, Interests and Money" is

a)

Joseph Schumpeter

b)

Donald Trump

c)

Karl Marx

d)

John Maynard Keynes