True/False
Indicate whether the sentence or statement is true
or false.
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| 1. | It
takes an enormous amount of money to run the federal, state and local governments of the United
States.
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| 2. | Every
year the governments are taking more and more from the pockets of it’s workers, in taxes, fees,
fines, licenses etc.
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Completion
Complete each sentence or
statement.
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| | 3. | Why
is it important to get the deficit and debt under control?
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Matching
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a. | IRS | h. | excise
tax | b. | withholding | i. | estate
tax | c. | tax
return | j. | gift
tax | d. | income
tax | k. | VAT
tax | e. | FICA | l. | property
tax | f. | sales
tax | m. | tax
assessor | g. | customs duty | n. | bracket creep | | | | |
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| 4. | the
idiot, eh government official who values my house so I can pay taxes on what he or she
“thinks” it is worth. (it always goes up, believe me)
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| 5. | only
states and counties can collect this tax
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| 6. | the
Social Security withholding on every check that you get paid
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| 7. | tax
on inheritance, some call it the death tax (geeze, your money has already been taxed numerous times,
but when you die, it gets taxed again)
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| 8. | tax
on items you bought overseas
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| 9. | tax
on money YOU earned
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| 10. | an
extra tax, just for the fun of it, kinda special like liquor or cigarettes
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| 11. | the
“rule” put in where the government takes the money from you BEFORE you even get it,
it’s a beautiful thing
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| 12. | after
paying taxes every paycheck, you must fill out this to see if you paid enough.
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| 13. | a tax
on levels of production of a product, it’s invisible, another beautiful thing
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| 14. | taxes
you must pay when someone gives you something, like catching McGwire’s home run
ball
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| 15. | the
phenomenon of inflation moving you into ever higher tax brackets, another beautiful experience (for
the collectors).
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| 16. | tax
on your home, it funds schools, well at least it used to be enough
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| 17. | a tax
on everything you buy, or almost everything, we certainly do not want consumers consuming in a
consumer society.
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a. | public
sector | j. | CBO | b. | private sector | k. | medicare | c. | public
goods | l. | medicaid | d. | grant | m. | OSHA | e. | subsidies | n. | FmHA | f. | balanced budget | o. | deficit spending | g. | federal
budget | p. | GDP | h. | fiscal year | q. | bonds | i. | appropriations
bill | r. | Graham-Rudman-Hollings | | | | |
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| 18. | a
loan to the government, pretty good deal, but low interest
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| 19. | when
the government does NOT go in the hole in a year
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| 20. | list
of what the government is going to spend it’s money on
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| 21. | business domain or landscape
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| 22. | total
amount of wealth the nation has, we hope this number constantly goes up
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| 23. | an
organization that help people in rural areas get a home loan
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| 24. | government’s territory or domain
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| 25. | items
produced by the government
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| 26. | for
the government, it starts Oct 1 to Oct 1, but some businesses go from July 1 to July 1
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| 27. | government agency that regulates safety measures to protect workers
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| 28. | spending more money than you have (Keynesian economics)
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| 29. | transferring money from one government agency to another, ex. highways
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| 30. | government transferring money to individuals or industries like farmers
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| 31. | health insurance for senior citizens
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| 32. | agency that is suppose to keep the government books and accounting
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| 33. | effort to force congress to balance the budget, the book said it was one of the most
important pieces of legislation ever, Ha! What a joke, they already got rid of it. Never
happened.
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| 34. | a law
that gives the government the OK to spend money on something
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| 35. | health insurance for the poor
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Short Answer
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| | 36. | Ok,
time for a good laugh. The book said there are four criteria for taxes. Here they are, why is this so
funny??????? (answer each one seperately) Ha Ha, Chuckle, Chuckle, Cluck, Cluck, Hee Hee....ahh, Man
I’m a funny guy.
1) A tax must yield enough
revenue.
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2) A tax must be written clearly.
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3) A tax must be easy to collect.
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4) A tax must be fair.
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| | 37. | What
is a progressive tax?
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| | 38. | What
is the ability to pay principle?
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| | 39. | What
is a regressive tax?
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| | 40. | Read
the following passage from the book:
Taxes are neccessary to support the operatons of
government. At the same time, however, they reduce the amount of income available to individuals and
businesses. This in turn alters their spending decisions. The key thing to remember is that taxes
affect productivity and the allocation of resources in the economy.
Hmmmmmm, if this is true, can you list some negative effects of higher
and higher taxes?
1)
2)
3)
4) And why on earth is this not taught anymore in
America? (bonus)
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