1. The federal government’s biggest single source of revenue is from (1 point)
foreign aid.
loans from banks.
big business.
individual income tax.
2. During the year employers set aside a certain amount of money, called ____, from their employees’ wages. (1 point)
securities
tax shelter
withholding
dependent tax
3. These are government financial instruments that include bonds, notes, and certificates. (1 point)
corporate income taxes
securities
excise taxes
customs duties
4. When the government’s spending is greater than its income, it creates a (1 point)
national debt.
government securities’ risk.
withholding situation.
national taxable income.
5. To raise revenue and pass appropriations is the power of (1 point)
the Supreme Court.
the people.
Congress.
the president.
6. The idea that the best forecast of this year’s budget is last year’s, plus a little more, is called (1 point)
reconciliation.
incrementalism.
policy budget-making.
fiscal year budget-making.
7. The IRS checks some tax returns more carefully than others during (1 point)
entitlements.
discount rates.
uncontrollables.
audits.
8. A 12-month accounting period is called a (1 point)
deficit year.
revenue year.
monetary year.
fiscal year.
9.
An example of an entitlement program is (1 point)
Social Security.
corporate tax.
tax loopholes.
individual income tax.
10. The yearly sum of goods and products produced in a country is called the (1 point)
deficit.
gross national product.
uncontrollables.
entitlements.
11. The United States economy is a (1 point)
regressive tax economy.
market economy.
fiscal policy economy.
monetary policy economy.
12. An individual’s total income, minus certain deductions and personal exemptions, is called the (1 point)
excise tax.
withholding.
social insurance tax.
taxable income.