Government Agencies
Name an agency that is considered an independent government agency.
Social Security Administration, FEC, Federal Reserve. FTC, NASA, Equal Employment Opportunity
What is the difference between "reserved powers", "delegated powers", and "concurrent powers"?
reserved powers: powers to the states by the constitution
delegated powers: power given to the federal government by the constitution concurrent powers: powers given to both states and federal government
What was the first event to increase the United States' debt?
American Revolutionary War
What type of party system do we have in the U.S.?
Two-Party
What type of economy puts the needs of the government before the needs of its own citizens?
command
How do independent agency board members gain their positions?
They are appointed by the president and approved by the Senate.
What is an example of a reserved power?
ssuing driver's licenses, marriage licenses, and professional licenses, creating public schools, and establishing voting and election procedures.
Which founding father was the first secretary of the treasury?
Alexander Hamilton
How many electoral votes is required to become President
270
What does freedom of choice mean in a market economy?
Business owners can produce and sell whatever goods they want, and consumers can choose what to buy.
Why are the terms of the board members staggered?
They are staggered so that one president does not appoint an entire board to benefit him politically.
What is an example of a concurrent power?
Taxation, Establishing courts, Borrowing, Intrastate commerce, Education
Why does the government take taxes?
To fund different programs such as welfare, medicaid, and unemployment.
What do you call a party’s principles, beliefs, and position?
Platform
What is the difference between a checking account and a savings account?
Checking accounts allow customers to deposit and withdraw money at any time. Savings accounts are for long-term deposits that earn interest.
Which of the following is the main task of an independent agency?
to help supervise and manage different parts of the federal government's power and authority that go beyond the scope of normal legislation
What established the system that splits powers between the states and the federal government?
U.S. Constitution
Name 3 different types of taxes
Tariff, Property Tax, Estate Tax, Income Tax, Social Security, Medicare, Excise Tax, Sales Tax
What is a government dominated by a religion called?
Theocracy
What must be purchased and provided at a certain time and cannot be owned?
services
Why are independent agencies considered "independent" even though they are part of the United States government?
Independent agencies are part of the U.S. government, but they operate independently with little oversight, and members cannot be removed by the president without cause.
Which section of the Constitution states that the federal government and states should share concurrent powers?
it is only implied, not stated
Adam Smith is one of the most important economic thinkers in history. Which of the following is not one of the principles of taxes that he advocated for?
Taxes should go up and down as needed, in order to meet the demands of the government.
Where does the largest share of presidential campaign spending come from?
Public Funding
How do interest rates impact loan payments?
The higher the interest rate, the higher the payment.