ECON: Taxes Test Study Guide

 Where does the government get the money needed

to provide essential goods and services?

Taxes

Dues

Insurance

Other Countries

The Department of Treasury is part of what branch

of the Government

Legislative

Judicial

Executive

What can happen to a taxpayer who does not follow

the system of voluntary compliance?

The IRS does not have the authority to take actions to collect any

unpaid taxes and assess penalties and interest.

The IRS has the authority to take actions to collect any unpaid

taxes and assess penalties and interest.

When must taxpayers file a return?

by midnight of filing deadline

when taxpayers complete the forms
when notified by mail
it varies by state

What are the three goals of lawmakers when they

create taxes?

to raise revenue, to influence behavior, and to unjust
to decrease revenue, to influence behavior, and to be fair
to raise revenue, and to influence behavior
to raise revenue, to influence behavior, and to be fair
What does the IRS stand for?

Internal Review System

Internal Revenue System

Internal Review Service

Internal Revenue Service 

Why did the government pass a federal income

tax during the Civil War ?

To give more money to France

 To raise revenue for the war 

To give more money to cotton farmers

To give money to slaves moving from the south

To Fund Social Security

To Fund  WIC

To Fund Medicaid

To Fund Medicare

What is the purpose of the FICA tax?
What is a mass Tax?

A tax that a minority of citizens pay

A tax that you pay on cars based on weight

A tax that overweight people pay

A tax that a majority of citizens pay

What two criteria can be used to assess whether a

tax is fair?

ability to pay and benefits received
ability to not pay and benefits received
ability to pay and benefits not received
ability to not pay and benefits not received
Income tax pays for:
National Defense 

Public Schools

Highways

Retirement

How does a regressive tax impact lower income groups?

takes a larger share of income from high-income groups than from

low-income groups, which "gives" lower-income workers more money by

letting them keep more of what they earn.

takes a larger share of income from low-income groups than from

 high-income groups.

the same tax rates
vertical equity
How does a progressive tax help equalize the wealth of a country?

takes a larger share of income from high-income groups than from

low-income groups, which "gives" lower-income workers more money

 by letting them keep more of what they earn.

takes a larger share of income from low-income groups than from

high-income groups.

the same tax rates
vertical equity

What is the biggest source of revenue when it

comes to state and local governments?

Income tax

Sales Tax

Property Tax 

Gas tax

What three sectors contribute to the United States

economy?

households, businesses, and the government
schools, businesses, and the government
households, schools, and the government
households, businesses, and enterprise
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