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WorksheetsMoney and Taxes Review
Total questions: 25
Worksheet time: 14mins
What is a tax that is the same regardless of income
Regressive Tax
Proportional Tax
Progressive Tax
What is a tax that increases as income increases
Regressive Tax
Proportional Tax
Progressive Tax
Sales taxes are an example of
Progressive Taxes
Proportional Taxes
Regressive Taxes
When the Federal Reserve manipulates the money supply it is known as
Monetary Policy
Fiscal Policy
Which of the following is NOT one of the characteristics of money
Limited Supply
Durable
Portable
Medium of Exchange
Which of the following is NOT one of the functions of money?
Medium of Exchange
Uniform
Store of Value
Unit of Account
What are the three tools of the Federal Reserve to influence the money supply?
Discount Rate Manipulation
Reserve Requirements
Increase taxes
Open Market Operations
The Federal Reserve System contains how many regional banks?
19
7
12
5
How many voting members are included in the Federal Open Market Committee (FOMC)
19
7
12
5
How many members are included in the Board of Governors
19
7
12
5
Which fiscal policy is used during times of excessive inflation or extreme expansion in order to control inflation levels?
Expansionary
Contractionary
The government would use which type of fiscal policy during a recession?
Expansionary
Contractionary
A balanced budget is when
Revenue > Expenses
Revenue < Expenses
Revenue = Expenses
True or False: The national debt is the money the federal government owes from past and present deficits
True
False
What tax is most commonly used by federal governments to provide public goods and services?
Sales Tax
Property Tax
Income Tax
Excise Tax
If Jimmy recently started his new job at Toys R Us, what tax form would Jimmy need to complete for his employer?
W-2
W-4
1040
1040EZ
Ben and Jerry's is giving out a tax form to all employees in the beginning of the year. This form will summarize employees' earnings and retirement contributions for the year. What form is Ben and Jerry's giving out?
W-2
W-4
1040
1040EZ
This type of tax is a tax paid directly to the government, such as income tax.
Progressive Tax
Direct Tax
Indirect Tax
Proportional Tax
Charity contributions and student loans are an example of which reduction in tax liability?
Tax Credit
Tax Deduction
Tax Waiver
Tax Exemption
Which of the following is a reduction in the tax in general?
Tax credit
Tax deduction
Tax waiver
Tax exemption
What are the functions of money
Medium of exchange
Store of Value
Unit of Account
Taxable Income
A tax that is paid to a third party, and built into the cost of the goods or services is known as a(n)
Progressive Tax
Indirect Tax
Regressive Tax
Income Tax
Choose all of the following which are functions of money
Medium of Exchange
Unit of Account
Limited Supply
Store of Value
Durability
Gold is an example of which type of money
Commodity Money
Fiat Money
When the Federal Reserve buys and sells Treasury Securities it is known as
Open Market Operations
Reserve Requirements
Discount Rate Manipulation
The Federal Reserve does not buy/sell Treasury Securities
