Fiscal Policy

Question 1

What is a difference between payroll and income taxes?

Revolt · Accepted Answer

Payroll taxes are itemized deductions from an individual’s paycheck, while income taxes are based on an individual’s salary.

Question 2

When might workers be exempt from paying income taxes?

Revolt · Accepted Answer

when they don’t earn enough money

Question 3

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

Revolt · Accepted Answer

It goes down.

Question 4

Based on the taxing and spending cycle, how will changing expenditures affect taxes collected by the government?

Revolt · Accepted Answer

Spending less will reduce services, leading to a reduction in tax revenue for the government.

Question 5

What are some examples of excise taxes imposed by the government? Check all that apply.gamblingfast-food restaurantscigarettesmoviesbaseball gamesalcoholgasolinehotels

Revolt · Accepted Answer

gambling; cigarettes; alcohol; gasoline

Question 6

Examine the pie chart.

Revolt · Accepted Answer

Social Security and Education/Health and Human Services

Question 7

Money spent on government programs is referred to as

Revolt · Accepted Answer

an expenditure.

Question 8

Examine the pie chart.

Revolt · Accepted Answer

international aid and veterans’ programs

Question 9

Look at a portion of a sample paycheck:

Revolt · Accepted Answer

payroll

Question 10

The government raises money on the federal level through which taxes? Check all that apply.income taxes tariff taxesoccupation taxesexcise taxessales taxescorporate taxesproperty taxes

Revolt · Accepted Answer

income taxes; tariff taxes; excise taxes; corporate taxes

Fiscal Policy Answers

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