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Government
Topic 12 Test
| Question | Answer |
|---|---|
| My brother just bought a brand-new home that cost over 10 million dollars! Now he has to sell the house because he couldn’t afford a surprise additional tax. What is this surprise tax? | property tax |
| The more I make the more I’m taxes is a form of this type tax? | progressive tax |
| My uncle suddenly passed away and left me a boatload of money. Government also wants a share of this money. What kind of tax is this? | inheritance tax |
| I just purchased a 2026 Ferrari! It cost 120 thousand dollars. I knew the taxes would add up, but then I found out I have to pay an additional 2% to the government! What the heck. I didn’t plan on this type of tax? | excise tax |
| Walmart made over 100 billion dollars worldwide! The government is also excited about those profits. What kind of tax is this? | corporate tax |
| A tax on how much money you earn each year is this kind of tax. | income tax |
| I just bought a week’s worth of groceries at Ken’s yesterday. The tax I paid is an example of what? | sales tax |
| My mom just gave me the ag land that was under her name. She is still alive! We made this agreement to prevent me paying this type of tax. | inheritance tax |
| I just won a brand-new car. WOW! Now the government informs me that I must pay a 40% tax on my winnings! What kind of tax is this? | gift tax |
| A sales tax is an example of this kind of tax. | consumption tax |
| List the three factors of production under Capitalism | 1) Land 2) Capital or money 3) Labor |
| Why was John D. Rockefellers’ Standard Oil company broken up into 19 different oil companies? | it was a monopoly and went against the Sherman Anti-trust act |
| Why are monopolies bad for a free enterprise economy? If a person has a great idea why can’t that person, make all the money? | they reduce competition which goes against a free market. They set the price which causes them to have bad quality items. |
| Why does the Federal Reserve manipulate the interest rates. | to promote fairness in regulating our economy |
| Explain how Social Security works? | money is taken out of your paycheck and is returned when you retire |
| How would a tariff help American businesses? | tariffs make other country's products more expensive so people will buy all american products |
| Why is it so hard for our federal government to balance our budget, or to spend less than it makes? | the gov't has to pay large amounts of money towards medicare, social security, welfare programs, and other sources. It doesn't get enough money to support it all |
| Why is there a concern that Social Security might become bankrupt? | more people are retiring and less workers are paying social security which makes it hard to pay senior citizens |
| Explain what happens to prices in supply and demand. | when demand is high and supply is low, prices rise. when demand is low and supply is high, prices fall. |
| list the top three world economies | 1. United States 2. China 3. Germany |
| this kind of economy works best in times of war | mixed economy |
| this kind of economy controls people's lives | command economy |
| this kind of economy gives people choices of what to do | communism |
| this kind of economy guarantees you money and jobs | capitalism |
| people who are business owners | entrepreneurs |
| supply and demand controls success in this economy | free enterprise |
| a business that is the only source of service or product | monopoly |
| act which outlawed monopolies | Sherman Anti-trust |
| government should play a limited role in the economy | laissez faire |
| who invented socialism which then became communism | Karl Marx |
| a cabinet position which protects workers from over aggressive businesses | Department of Labor |
| total amount of goods and services within a country | Gross Domestic Product |
| total amount of goods and services within and outside a country's border | Gross National Product |
| a type of loan to the government by the American people | Bond |
| prepared by the president, approved by congress | Budget |
| What type of economy has China moved to? Not Communist!! | socialist market economy/mixed economy |
| What type economy created a class system between the rich and the poor? | capitalism |
| What type economy is determined by how well you do in school? | command economy |
| What does the United States rank in GNP and in GDP? | first in both |
| Where does the U.S. Government spend most of its budget on? | social security |
| What is the United States Government debt! | 38 trillion and counting |
| What are some of the other countries in which we owe money? | China, United Kingdom, Japan |
| When was the last year we actually balanced our budget! | since clinton was president in the 1990s |
| How does our government promote our economy overseas? | by helping companies sell abroad, creating trade agreements, and providing financial assistance |
Created by:
random567