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1
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In which period did the federal budget show the greatest deficit?

A
1990 to 2000
B
2000 to 2010
C
1980 to 1990
D
1980 to 2000
2
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Which of these words can best be applied to this budget?

A
balanced
B
unbalanced
C
deficit
D
surplus
3

What can the reader reasonably conclude from information in the graph?

A
More new businesses were started in 2006 than in 2005.
B
The number of new businesses remained constant between 2006 and 2009.
C
Fewer new businesses were started in 2010 than in other years.
D
The opening of new businesses peaked between 2007 and 2008.
4

What led to Henry Ford’s success as an entrepreneur?

A
His commitment to improving labor laws.
B
His personal wealth.
C
His innovative production methods.
D
His desire to pay high wages.
5

An entrepreneur is someone who

A
is an employee of a business.
B
starts and runs a business.
C
invents products for other businesses.
D
works for multiple developing businesses.
6

To be successful, what must an entrepreneur be willing to invest? Choose three correct answers.

A
personal safety
B
money
C
considerable effort
D
unemployment
E
time
7

A plan for spending money that balances income with spending and shows how money will be spent is

A
a surplus.
B
a budget.
C
a deficit.
D
an expenditure.
9

Spending that can change from year to year is known as

A
deficit spending.
B
discretionary spending.
C
expansionary spending.
D
mandatory spending.
10

When a government creates a budget, it is seeking a way to

A
return as much money to taxpayers as possible.
B
allocate money to programs and projects.
C
spend as much revenue as possible.
D
cut spending to a bare minimum.
11

What gives the US government the power to collect taxes?

A
common law
B
the Constitution
C
an executive order
D
laws passed by Congress
12

High government expenditures can lead to a bigger

A
revenue.
B
surplus.
C
stimulus.
D
deficit.
13

What was the main effect of entrepreneurship in China?

A
New products were invented.
B
Foreign investment declined.
C
Poverty noticeably declined.
D
Product exports exceeded imports.
14

On which of these are individuals required to pay income taxes in the United States? Choose three correct answers.

A
wages
B
tips
C
store purchases
D
investment earnings
E
gasoline
16

How are Bill Gates and Henry Ford similar? Choose three correct answers.

A
They both founded a company when they were very young.
B
They both developed products that filled a human need or needs.
C
They both streamlined factory production.
D
They both became wealthy and successful.
E
They both helped better the lifestyles of others.
17

How are progressive taxes and regressive taxes similar?

A
Both are determined based on income.
B
Both are types of indirect taxes.
C
Both are considered flat taxes.
D
Both charge high-income individuals more.
18

Governments collect taxes to ensure that

A
politicians get paid in a timely manner.
B
there is sufficient money to fund private businesses.
C
citizens contribute to meeting society's needs.
D
a government program exists for every need that arises.
19

Which programs or projects are most likely funded by taxes paid by the citizens of the United States? Choose three correct answers.

A
building of private homes
B
constructing a highway
C
public school funding
D
maintaining state parks
E
developing a vacation resort
20

Question text not available

Answer:

proportionally

21

Which of these best describes what the diagram is showing?

A
a plan to balance the budget
B
a budget deficit
C
a balanced budget
D
a budget surplus
22

Which of these would be a good title for this diagram?

A
The Federal Debt
B
Government Spending
C
The National Economy
D
Fiscal Policy

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