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ECON Unit 4

Quiz by Vince

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28 questions
Show answers
  • Q1
    If you purchase a laptop for $800 and the sales tax rate is 7.5%, how much do you pay in sales tax?
    $80
    $60
    $75
    $65
    30s
  • Q2
    What is the term used to describe the amount of money individuals are required to pay to the government based on their income?
    Income tax
    Excise tax
    Property tax
    Sales tax
    30s
  • Q3
    Which of the following is NOT a type of tax deducted from individual income?
    Medicare tax
    Social Security tax
    Federal income tax
    Corporate tax
    30s
  • Q4
    Which statement best describes the concept of ability to pay in economics?
    Ability to pay refers to an individual's capacity to afford goods and services based on their income and wealth
    Ability to pay is related to a person's shoe size
    Ability to pay indicates a person's intelligence level
    Ability to pay is determined by a person's height and weight
    30s
  • Q5
    What is a proportional tax?
    A tax that increases as income increases
    A tax that decreases as income increases
    A tax that takes the same percentage of income from everyone
    A tax that is only paid by certain individuals
    30s
  • Q6
    Which government program provides health insurance to individuals aged 65 and older in the United States?
    Social Security
    CHIP
    Medicare
    Medicaid
    30s
  • Q7
    What is the primary source of funding for Medicare in the United States?
    Income tax
    Payroll taxes
    Sales tax
    Property tax
    30s
  • Q8
    Who is eligible for Medicaid?
    Only children under 10 years old
    Low-income families and individuals
    Only senior citizens over 65 years old
    High-income families and individuals
    30s
  • Q9
    What is the main goal of a progressive tax system?
    To reduce income inequality
    To increase income inequality
    To eliminate taxes for everyone
    To benefit only high-income individuals
    30s
  • Q10
    How do tax rates change in a progressive tax system based on income levels?
    Tax rates decrease as income increases
    Tax rates increase as income increases
    Tax rates are higher for lower incomes
    Tax rates are constant regardless of income
    30s
  • Q11
    Which of the following best describes a regressive tax?
    Tax that is only paid by corporations
    Tax that takes a higher percentage of income from low-income earners
    Tax that is the same for all income levels
    Tax that takes a higher percentage of income from high-income earners
    30s
  • Q12
    What is an example of a regressive tax?
    Income tax
    Sales tax
    Property tax
    Estate tax
    30s
  • Q13
    What is a flat tax system?
    A tax system where individuals can choose how much tax to pay
    A tax system where all individuals pay the same percentage of their income regardless of how much they earn
    A tax system where only the wealthy pay taxes
    A tax system where taxes are not collected at all
    30s
  • Q14
    What is the purpose of an excise tax?
    To encourage investment in the stock market
    To promote savings among individuals
    To reduce consumption of certain goods
    To increase consumption of certain goods
    30s
  • Q15
    Why are gasoline and diesel fuels commonly subject to excise taxes?
    To decrease the cost of commuting for individuals
    To support renewable energy initiatives
    To fund transportation infrastructure projects
    To encourage people to drive less
    30s

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