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Fiscal Policy Answers

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1
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What gives Congress the power to raise taxes to fund services?

A
the Federal Reserve Bank
B
the Internal Revenue Service
C
the Bill of Rights
D
the Constitution
2
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Revenue is the amount of money that

A
the government spends on defense.
B
the government collects from taxes or borrowing.
C
the government owes in debt.
D
the government uses to provide social services.
3

Money spent on government programs is referred to as

A
bonding.
B
an obligation.
C
revenue.
D
an expenditure.
4

What is a difference between payroll and income taxes?

A
Payroll taxes are itemized deductions from an individual’s paycheck, while income taxes are based on an individual’s salary.
B
Payroll taxes are taken out of an individual’s salary once a year, while income taxes are paid by workers every time they get paid.
C
Payroll taxes are based on an individual’s salary, while income taxes are itemized deductions from an individual’s paycheck.
D
Payroll taxes are paid by individuals who have a job, while income taxes are partially funded by employers and employees.
5

Which best describes a way in which the government might respond to rising threats to national security through fiscal policy?

A
sending troops overseas
B
passing an excise tax on gasoline
C
appointing a new Secretary of Homeland Security
D
increasing military spending
6

What happens to the amount of money the government collects in taxes if unemployment is high?

A
It is harder to collect.
B
It stays the same.
C
It goes down.
D
It goes up.
7

Examine the pie chart.

Question illustration
A
Social Security, Labor and Transportation, and Other
B
Social Security and Education/Health and Human Services
C
Defense/Homeland Security, and Social Security
D
Defense/Homeland Security, Treasury, and Veterans Affairs
8

expenditurerevenuebudget

A
expenditure
B
revenue
C
budget
9

What happens to the amount of money the government collects in taxes if unemployment is high?

A
It is harder to collect.
B
It stays the same.
C
It goes down.
D
It goes up.
10

[BLANK]

A
million
B
billion
C
trillion
11

When might workers be exempt from paying income taxes?

A
when they are injured on the job
B
when they make too much money
C
when they don’t earn enough money
D
when they are laid off by a company
12

Examine the pie chart.

Question illustration
A
Social Security and social programs
B
national defense and transportation
C
international aid and veterans’ programs
D
education and managing the nations’ debt
13

Look at a portion of a sample paycheck:

Question illustration
A
payroll
B
property
C
income
D
excise
14

[BLANK]

A
expenditure
B
revenue
C
budget
15

What are some examples of excise taxes imposed by the government? Check all that apply.

A
gambling
B
fast-food restaurants
C
cigarettes
D
movies
E
baseball games
F
alcohol
G
gasoline
H
hotels
16

A new presidential administration takes office, after having made campaign promises to support entitlement programs.One suggestion the new president is most likely to make in the budget proposal is to

A
increase military spending.
B
raise income taxes on all people in the US.
C
increase spending on Social Security.
D
lower corporate taxes.
17

Money spent on government programs is referred to as

A
bonding.
B
an obligation.
C
revenue.
D
an expenditure.
18

In addition to raising money, the government imposes excise taxes to

A
protect manufacturers of specific products.
B
encourage the use of specific products.
C
discourage the use of specific products.
D
protect consumers from specific products.

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