Random 1
The government must pay _______ on the money it borrows.
What is Interest?
A sales tax is an example of a(n)________
What is a regressive tax?
Governments also raise money by charging _____ for various licenses, such as hunting and marriage licenses.
What are Fees?
A(n) ______________ is a certificate stating that the government has borrowed a certain sum of money from the owner.
What is a Government Bond?
True or False: When a government collects more money than it spends, it has a deficit.
False: What is a SURPLUS?
Taxes are set at different rates based on people’s ___________
What is income/ability to pay?
True or False: At the federal level, tax collecting is handled by the U.S. Customs Service. If the answer is False, You must provide the correct response to recieve points.
False: What is the Internal Revenue Service?
A tax that takes a larger percentage of income from high-income groups is a(n)......
What is a Progressive Tax?
A tax that must be paid on any gift of more than $11,000 is a(n)........
What is a GIFT TAX?
Retired people and people with disabilities are provided an income using money from the......
What is Social Security Tax?
Local governments can raise revenue by charging ________ for actions such as illegal parking, speeding, and other traffic violations.
What are fines?
The money the U.S. government has borrowed, plus interest, is known as the.......
What is the National Debt?
True or False: When a government has a balanced budget, its revenues are less than its expenditures.
False: What is EQUAL to?
True or False: Both houses of Congress must approve the final version of the federal budget.
What is True?
The income a business has left after paying its expenses is its.........
What is Profit?
The principle of _________ means that taxes are applied at the same rate for similar taxable items.
What is equal application?
The tax on money people leave behind after their death is the......
What is Estate Tax?
One reason taxes are ________ is to make sure people pay them.
What is CUMPULSORY?
One reason why it costs so much to run the government today is because the United States serves a larger population than ever before, more than ________ million people.
What is 300 Million?
True or False: When a government spends more money than it collects, it has a surplus.
False: What is a DEFICIT?
Federal, state, and local governments all raise most of the money to pay for services and programs by collecting ___________
What are taxes?
True or False: At the federal level, the president is responsible for budget planning.
What is True?
True or False: The chief agency that helps the president prepare the federal budget is the Internal Revenue Service (IRS).
False: What is the Office of Management and Budget? (OMB)
Taxes collected on imported products are called....
What are Tarrifs?
Taxes collected on luxury items are.......
What are EXCISE taxes?