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Worksheets

Money and Taxes Review

Total questions: 25

Worksheet time: 14mins

Name
Class
Date
1.

What is a tax that is the same regardless of income

a)

Regressive Tax

b)

Proportional Tax

c)

Progressive Tax

2.

What is a tax that increases as income increases

a)

Regressive Tax

b)

Proportional Tax

c)

Progressive Tax

3.

Sales taxes are an example of

a)

Progressive Taxes

b)

Proportional Taxes

c)

Regressive Taxes

4.

When the Federal Reserve manipulates the money supply it is known as

a)

Monetary Policy

b)

Fiscal Policy

5.

Which of the following is NOT one of the characteristics of money

a)

Limited Supply

b)

Durable

c)

Portable

d)

Medium of Exchange

6.

Which of the following is NOT one of the functions of money?

a)

Medium of Exchange

b)

Uniform

c)

Store of Value

d)

Unit of Account

7.

What are the three tools of the Federal Reserve to influence the money supply?

a)

Discount Rate Manipulation

b)

Reserve Requirements

c)

Increase taxes

d)

Open Market Operations

8.

The Federal Reserve System contains how many regional banks?

a)

19

b)

7

c)

12

d)

5

9.

How many voting members are included in the Federal Open Market Committee (FOMC)

a)

19

b)

7

c)

12

d)

5

10.

How many members are included in the Board of Governors

a)

19

b)

7

c)

12

d)

5

11.

Which fiscal policy is used during times of excessive inflation or extreme expansion in order to control inflation levels?

a)

Expansionary

b)

Contractionary

12.

The government would use which type of fiscal policy during a recession?

a)

Expansionary

b)

Contractionary

13.

A balanced budget is when

a)

Revenue > Expenses

b)

Revenue < Expenses

c)

Revenue = Expenses

14.

True or False: The national debt is the money the federal government owes from past and present deficits

a)

True

b)

False

15.

What tax is most commonly used by federal governments to provide public goods and services?

a)

Sales Tax

b)

Property Tax

c)

Income Tax

d)

Excise Tax

16.

If Jimmy recently started his new job at Toys R Us, what tax form would Jimmy need to complete for his employer?

a)

W-2

b)

W-4

c)

1040

d)

1040EZ

17.

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?

a)

W-2

b)

W-4

c)

1040

d)

1040EZ

18.

This type of tax is a tax paid directly to the government, such as income tax.

a)

Progressive Tax

b)

Direct Tax

c)

Indirect Tax

d)

Proportional Tax

19.

Charity contributions and student loans are an example of which reduction in tax liability?

a)

Tax Credit

b)

Tax Deduction

c)

Tax Waiver

d)

Tax Exemption

20.

Which of the following is a reduction in the tax in general?

a)

Tax credit

b)

Tax deduction

c)

Tax waiver

d)

Tax exemption

21.

What are the functions of money

a)

Medium of exchange

b)

Store of Value

c)

Unit of Account

d)

Taxable Income

22.

A tax that is paid to a third party, and built into the cost of the goods or services is known as a(n)

a)

Progressive Tax

b)

Indirect Tax

c)

Regressive Tax

d)

Income Tax

23.

Choose all of the following which are functions of money

a)

Medium of Exchange

b)

Unit of Account

c)

Limited Supply

d)

Store of Value

e)

Durability

24.

Gold is an example of which type of money

a)

Commodity Money

b)

Fiat Money

25.

When the Federal Reserve buys and sells Treasury Securities it is known as

a)

Open Market Operations

b)

Reserve Requirements

c)

Discount Rate Manipulation

d)

The Federal Reserve does not buy/sell Treasury Securities