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Government CH 20.1 Fiscal Policy

Quiz by Ben Knol

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20 questions
Show answers
  • Q1
    What is the biggest source of income for the federal government?
    tariffs
    excise taxes
    gift taxes
    income taxes
    30s
  • Q2
    The money that is deducted for each paycheck and used to pay income tax is called?
    tax credits
    deductions
    taxable income
    withholdings
    30s
  • Q3
    What is the term for money subtracted from earned income because of things like charitable contributions?
    tax credits
    taxable income
    withholdings
    deductions
    30s
  • Q4
    What allows for a reduction of taxable income as an incentive for meeting certain qualifications?
    withholdings
    deductions
    social insurance
    tax credit
    30s
  • Q5
    What is the term for the amount that taxes are calculated from?
    earned income
    sustainable income
    taxable income
    withholdings
    30s
  • Q6
    Who assists the President with budget planning?
    OPM
    FCC
    CBO
    OMB
    30s
  • Q7
    What is copying the previous year's budget, but adding a little to it called?
    deficit spending
    incrementalism
    contractionary fiscal policy
    entitlements
    30s
  • Q8
    Which theory thinks that it is best for the government to spend more in order to help the economy?
    Keynesian Economic Theory
    Laissez Faire Economic Theory
    Social Contract Economic Theory
    Supply-Side economic Theory
    30s
  • Q9
    Which idea would FDR most agree with?
    Keynesian Economic Theory
    Social Contract Economic Theory
    Laissez Faire Economic Theory
    Supply-Side economic Theory
    30s
  • Q10
    Which theory thinks that it is best for the government to reduce taxes in order to help the economy?
    Keynesian Economic Theory
    Supply-Side economic Theory
    Social Contract Economic Theory
    Laissez Faire Economic Theory
    30s
  • Q11
    Which idea would Ronald Reagan most likely agree with?
    Laissez Faire Economic Theory
    Supply-Side economic Theory
    Keynesian Economic Theory
    Social Contract Economic Theory
    30s
  • Q12
    Which idea did George Washington most agree with?
    Supply-Side economic Theory
    Laissez Faire Economic Theory
    Social Contract Economic Theory
    Keynesian Economic Theory
    30s
  • Q13
    Which of the following did Adam Smith create?
    Laissez Faire Economic Theory
    Supply-Side economic Theory
    Social Contract Economic Theory
    Keynesian Economic Theory
    30s
  • Q14
    If the government reduces taxes, then what is it practicing?
    expansionary fiscal policy
    monetary fiscal policy
    contractionary fiscal policy
    contractionary monetary policy
    30s
  • Q15
    Who plans the budget?
    Supreme Court
    federal bureaucracy
    congress
    president
    30s

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