Taxes
What type of tax takes a higher percentage of income as income increases?
Name an example of mandatory government spending.
What is Social security or Medicare?
The goal of fiscal policy.
What is to influence the economy through government spending and taxation?
The purpose of unemployment benefits.
What is to provide temporary income to individuals who have lost their jobs?
What Proverbs 22:7 says about debt.
What is "the borrower is slave to the lender."?
Give an example of a regressive tax.
What is Sales tax?
Type of government spending required by law.
What is Mandatory spending?
This type of fiscal policy involves increasing spending or cutting taxes.
What is expansionary fiscal policy?
Name a type of economic relief program used during the COVID-19 pandemic.
What is Stimulus payments, PPP loans, or enhanced unemployment benefits?
A biblical principle that aligns with helping the vulnerable through economic relief programs.
What is Micah 6:8?
Name a tax that everyone pays at the same percentage rate, regardless of income.
What is Proportional tax?
Type of spending that is decided on annually by congress.
What is discretionary spending?
The time when the government would use contractionary fiscal policy.
What is during periods of high inflation?
A way small business loans during a crisis can benefit the economy.
What is help businesses stay open, preserve jobs, maintain economic activity?
A way that the government can reflect Proverbs 31:8-9 in its economic policies.
What is by speaking up for the poor and ensuring justice?
Name two programs payroll taxes fund.
What are Social security and Medicare?
One example of discretionary spending.
What is Defense (education, infrastructure)?
Define a stimulus check and its purpose.
Example of a food assistance program.
What is food stamps?
How stewardship is important in managing government spending.
What is to use its resources wisely and avoid excess debt?
Type of tax that is placed on goods like gasoline and cigarettes.
What is excise tax?
The way that discretionary spending is allocated.
What is the annual budget?
Explain how the fiscal policy can reduce unemployment.
What is by increasing spending or cutting taxes, the government boosts demand for goods and services, creating jobs?
A way infrastructure spending helps the economy.
How balancing the national budge reflects biblical principles.
What is it promotes responsibility and long-term stability?