Taxes
Spending
More Taxes
More Spending
Vocabulary
100
Type of tax the U.S. government places on goods that are imported to the U.S. from other countries. a. Tariff b. Embargo c. Excise Tax d. Export Tax
What is a tariff?
100
Spending that is required by law. a. discretionary b. intentional c. mandatory d. flexible
What is mandatory?
100
Corporations must pay an income tax? a. True b. False
What is true?
100
Spending that Congress decides on each year. a. discretionary b. intentional c. mandatory d. flexible
What is discretionary?
100
A plan for spending.
What is a budget?
200
This tax is NOT a payroll tax. a. Federal Income Tax b. State Estate Tax c. Social Security Tax d. Medicare Tax
What is State Estate Tax?
200
Which is NOT a discretionary expenditure in the federal budget? a. NASA b. the military c. veteran's benefits and retirement d. the Federal judicial system
What is veteran's benefits and retirement?
200
Tax on property, land, homes of very wealthy persons. a. Property Tax b. Excise Tax c. Corporate Income Tax d. Estate Tax
What is estate tax?
200
What is the current national debt?
What is $19 trillion?
200
The Federal government's healthcare system for people age 65 and over.
What is Medicare?
300
Excise taxes are also called ___________. a. death taxes b. tariffs c. payroll taxes d. sin taxes
What is sin taxes?
300
The largest expenditure in the federal budget. a. Medicare b. Medicaid c. Welfare d. Social Security
What is Social Security?
300
Tax which was renewed recently in St. James Parish to acquire $500 million to renovate schools, build a new St. James High School, and build a swimming pool at Lutcher High. a. Sales Tax b. Property Tax c. Excise Tax d. Estate Tax
What is a property tax?
300
What happens when the president and Congress can't agree on a budget before the new fiscal year begins? a. they use the budget from the previous year b. the Supreme Court decides on the new budget c. the budget is frozen and could lead to a government shutdown d. each of the 50 states' budgets are added together to calculate the new federal budget
What is the budget is frozen and could lead to a government shutdown?
300
IOUs. a. interest b. securities c. taxes d. expenditures
What is securities?
400
Which of the following is NOT a progressive tax? a. property tax b. income tax c. sales tax d. all are regressive taxes
What is sales tax?
400
Which is considered by many to be the most dangerous mandatory expenditure in the Federal budget? a. Social Security b. Interest paid on borrowing c. Medicare d. Income assistance for low-income families
What is interest paid on borrowing?
400
The sales tax rate for St. James Parish. a. 8.5% b. 5% c. 3.5% d. 7.5%
What is 3.5%?
400
Current mandatory spending is estimated to be about ____ of all federal spending. a. 1/2 b. 2/3 c. 3/4 d. 3/5
What is 2/3?
400
When the government spends more money than it brings in.
What is a deficit?
500
Federal excise taxes include a tax on all of the following except: a. alcohol b. fishing equipment c. indoor tanning d. gasoline
What is alcohol?
500
Approximate amount of the Federal Government's daily deficit. a. $11 billion b. $5 billion c. $6 billion d. $2.6 trillion
What is $6 billion?
500
This local office collects local sales taxes in St. James Parish. a. the Assessor's Office b. the School Board Office c. the Sheriff's Office d. the Parish Council
What is the School Board office?
500
China and Japan are the largest foreign holders of U.S. debt, what country is 3rd? a. Canada b. Great Britain c. Brazil d. Sweden
Who is Brazil?
500
Tax where persons pay the same tax rate; therefore poorer people have higher tax burden.
What is a regressive tax?
M
e
n
u