Fiscal Policy Answers
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expenditurerevenuebudget
A
expenditureB
revenueC
budget2
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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.3
What gives Congress the power to raise taxes to fund services?
A
the Federal Reserve BankB
the Internal Revenue ServiceC
the Bill of RightsD
the Constitution4
Examine the pie chart.
A
Social Security, Labor and Transportation, and OtherB
Social Security and Education/Health and Human ServicesC
Defense/Homeland Security, and Social SecurityD
Defense/Homeland Security, Treasury, and Veterans Affairs5
Look at a portion of a sample paycheck:
A
payrollB
propertyC
incomeD
excise6
Examine the pie chart.
A
Social Security and social programsB
national defense and transportationC
international aid and veterans’ programsD
education and managing the nations’ debt7
an excise taxan income taxa tariff
A
an excise taxB
an income taxC
a tariff8
Which best describes a way in which the government might respond to rising threats to national security through fiscal policy?
A
sending troops overseasB
passing an excise tax on gasolineC
appointing a new Secretary of Homeland SecurityD
increasing military spending9
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.10
Based on the taxing and spending cycle, how will changing expenditures affect taxes collected by the government?
A
Spending less will help lower prices, leading to an increase in tax revenue for the government.B
Spending less will reduce services, leading to a reduction in tax revenue for the government.C
Spending more will boost prices, leading to an increase in tax revenue for the government.D
Spending more will increase services, leading to a reduction in tax revenue for the government.Did you find these answers helpful?
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