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topic 12 govt 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 couldnt afford a surprise additional tax. what is this surprise tax | excise |
| the more i make the more im taxed is a form of this type of tax | progressive |
| my uncle suddenly passed away and left me a boatload of money. govt also wants a share of this money, what kind of tax is this | inheritance |
| 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 govt. what type of tax is this | excise |
| walmart made over 100 billion dollars worldwide. the govt is also excited about those profits. what kind of tax is this | corporate |
| a tax on how much money you earn each year is this kind of tax | income |
| i just bought a weeks worth of groceries at kens yesterday. the tax i paid is an example of what | regressive |
| 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 kind of tax | inheritance |
| i just won a brand new car. now the govt informs me that i must pay 40 percent tax on my winnings, what kind of tax is this | gift |
| a sales tax is an example of this kind of tax | regressive |
| list the three factors of production under Capitalism | 1) land 2) labor 3) money |
| why was john d rockefellers standard oil company broken up into 19 different oil companies | it was a monopoly and it is seen as illegal |
| why are monopolies bad for a free enterprise economy | lack of competition |
| why does the federal reserve manipulate the interest rates | to slow down or stimulate the economy |
| explain how social security works | takes a percentage of your check and you get it back when you retire |
| how would a tariff help american buisnesses | makes cheaper foreign products equal to a more expensive american product |
| why is it so hard for our federal govt to balance our budget, or to spend less than it makes | unforeseen emergencies or disasters |
| why is there a concern that social security might become bankrupt | more people are retiring than was SS can afford |
| explain what happens to prices in supply and demand | if demand is high, supply is low and prices raise |
| list the top three world economies | 1) U.S. 2) China 3) Japan |
| this kind of economy works best in time of war | mixed economy |
| this kind of economy controls peoples lives | command economy |
| this kind of economy gives people choices of what to do | capitalism |
| this kind of economy guarantees you money and jobs | communism |
| people who are buisness 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 buisnesses | 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 countries border | gross national produdct |
| a type of loan to the government by the american people | bonds |
| prepared by the president, approved by congress | budget |
| what type of economy has china move to | free-enterprise |
| what type of economy created a class system between the rich and the poor | capitalism |
| what type of economy is determined by how well you do in school | command |
| what does the united states rank in GNP and GDP | #1 in GNP #2 in GDP |
| where does the U.S. Government spend most of its budget on | social security |
| what is the united states government debt | 38 trillion dollars |
| what are some of the other countries in which we owe money | China, Germany, UK, Japan |
| when was the last year we actually balanced our budget | 1998 during the Clintion Administration |
| how does our government promote our economy overseas | open markets with foreign countries |
Created by:
calitollifson