Vocab 12.1
Vocab 12.2
Vocab 12.3
Questions
True/False
100
Is the payment made for the use of borrowed money
What is interest
100
a tax on earnings
What is income tax
100
revenue equal to expenditures
What is balanced budget
100
In the year 2005 the federal government spent about 2.4 trillion, billion, or million
What is 2.4 trillion
100
Other than taxes, the government raises money through fees for hunting licenses, fines for traffic tickets, and license plate fees.
What is TRUE
200
payments charged by the governement for various licencses (hunting licenses, marriage, ect)
What are feeds
200
is the income left after paying expenses
What is profit
200
a shortage of money
What is deficit
200
The largest source of revenue for the federal government
What is income tax
200
Congress proposes the federal budget, and the president turns the budget into law.
What is FALSE
300
money charged for breaking certain laws
What are fines?
300
a tax on property owned
What is property tax
300
excess of money
What is surplus
300
The purpose of taxes is to
What is raise money
300
Most states do not have a sales tax.
What is FALSE
400
another word for money
What is revenue?
400
a tax on goods imported into the US
What is a tariff
400
a careful examination of every income and expenditure
What is audit
400
If you aunt gave you a gift of $15,000. Who has to pay the tax?
What is your aunt.
500
a certificate stating that the government has borrowed a certain sum of money
What is a bond?
500
a tax that takes a larger portion from the higher-income groups than the lower-income groups
What is progressive
500
similar to sales tax
What are excise taxes.
500
Handles the collections of taxes
What is the IRS?
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