Question 1

What is the biggest source of income for the federal government?

Accepted Answer

income taxes

Answer

tariffs

Answer

excise taxes

Answer

gift taxes

Question 2

The money that is deducted for each paycheck and used to pay income tax is called?

Accepted Answer

withholdings

Answer

tax credits

Answer

deductions

Answer

taxable income

Question 3

What is the term for money subtracted from earned income because of things like charitable contributions?

Accepted Answer

deductions

Answer

tax credits

Answer

taxable income

Answer

withholdings

Question 4

What allows for a reduction of taxable income as an incentive for meeting certain qualifications?

Accepted Answer

tax credit

Answer

withholdings

Answer

deductions

Answer

social insurance

Question 5

What is the term for the amount that taxes are calculated from?

Accepted Answer

taxable income

Answer

earned income

Answer

sustainable income

Answer

withholdings

Question 6

Who assists the President with budget planning?

Accepted Answer

OMB

Answer

OPM

Answer

FCC

Answer

CBO

Question 7

What is copying the previous year's budget, but adding a little to it called?

Accepted Answer

incrementalism

Answer

deficit spending

Answer

contractionary fiscal policy

Answer

entitlements

Question 8

Which theory thinks that it is best for the government to spend more in order to help the economy?

Accepted Answer

Keynesian Economic Theory

Answer

Laissez Faire Economic Theory

Answer

Social Contract Economic Theory

Answer

Supply-Side economic Theory

Question 9

Which idea would FDR most agree with?

Accepted Answer

Keynesian Economic Theory

Answer

Social Contract Economic Theory

Answer

Laissez Faire Economic Theory

Answer

Supply-Side economic Theory

Question 10

Which theory thinks that it is best for the government to reduce taxes in order to help the economy?

Accepted Answer

Supply-Side economic Theory

Answer

Keynesian Economic Theory

Answer

Social Contract Economic Theory

Answer

Laissez Faire Economic Theory

Question 11

Which idea would Ronald Reagan most likely agree with?

Accepted Answer

Supply-Side economic Theory

Answer

Laissez Faire Economic Theory

Answer

Keynesian Economic Theory

Answer

Social Contract Economic Theory

Question 12

Which idea did George Washington most agree with?

Accepted Answer

Laissez Faire Economic Theory

Answer

Supply-Side economic Theory

Answer

Social Contract Economic Theory

Answer

Keynesian Economic Theory

Question 13

Which of the following did Adam Smith create?

Accepted Answer

Laissez Faire Economic Theory

Answer

Supply-Side economic Theory

Answer

Social Contract Economic Theory

Answer

Keynesian Economic Theory

Question 14

If the government reduces taxes, then what is it practicing?

Accepted Answer

expansionary fiscal policy

Answer

monetary fiscal policy

Answer

contractionary fiscal policy

Answer

contractionary monetary policy

Question 15

Who plans the budget?

Accepted Answer

president

Answer

Supreme Court

Answer

federal bureaucracy

Answer

congress

Question 16

Who approves the budget?

Accepted Answer

congress

Answer

federal bureaucracy

Answer

supreme court

Answer

president

Question 17

Who spends the federal budget?

Accepted Answer

federal bureaucracy

Answer

supreme court

Answer

president

Answer

congress

Question 18

Which branches are involved in the budget process?

Accepted Answer

legislative and executive

Answer

legislative and judicial

Answer

executive, legislative, and judicial

Answer

executive and judicial

Question 19

Which branches are involved in fiscal policy?

Accepted Answer

legislative and executive

Answer

executive and judicial

Answer

legislative and judicial

Answer

executive, legislative, and judicial

Question 20

In addition to fiscal policy, what is another way that our government is involved in our economy?

Accepted Answer

regulation

Answer

alternative energy research

Answer

immigration reform

Answer

foreign policy

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