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Chapter 12 Paying for Government

Chapter 12 Paying for Government. Test Review Chapter Test: Friday, April 16 th. National Debt Audit Income Tax Surplus Fees Revenue Bond Profit. Tariff Fine Regressive Tax Progressive Tax Deficit Interest Property Tax. Matching (2 pts.) 15 Questions.

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Chapter 12 Paying for Government

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  1. Chapter 12Paying for Government Test Review Chapter Test: Friday, April 16th

  2. National Debt Audit Income Tax Surplus Fees Revenue Bond Profit Tariff Fine Regressive Tax Progressive Tax Deficit Interest Property Tax Matching (2 pts.)15 Questions

  3. Multiple Choice (2 pts.)25 Questions • Why does the United States use tariffs? • What is an individual’s income tax based on? • How much did the government spend on defense in 2005? • How does income tax differ based on an individuals income? • Why has the cost of government gone up?

  4. Multiple Choice (2 pts.)25 Questions • What are excise taxes? • What is a balanced budget? • What is the tax principle “ability to pay?” • Who sets the debt limit? • Why are taxes on imports so high? • List several ways the government raises money.

  5. Multiple Choice (2 pts.)25 Questions • What is the #1 debated topic when it comes to the government’s budget? • How do people lend money to the government? • How much money did the government spend in 2005? • List several expenses the local governments have • What is the largest single cost of the federal government?

  6. Multiple Choice (2 pts.)25 Questions • Why are alcohol and cigarettes so highly taxed? • What type of a tax is sales tax? • What happens if a tax payer misses the filing deadline? • What is a government bond? • What agency collects taxes on tariffs? • Are state income taxes higher or lower than federal taxes?

  7. Multiple Choice (2 pts.)25 Questions • What agency audits federal expenditures? • What tax is the main source of income for local governments? • At what point is a gift tax issued?

  8. Critical Thinking (10 pts.)2 Questions • What three principles do governments try to follow when setting up a tax system needed to raise funds needed to run the government without creating too great a burden for taxpayers? • What are some reasons for the high costs of government? Explain why the costs of government have been rising, and suggest some ways that they could be lowered.

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