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Government CH 20.1 (Fiscal Policy)
Test Description: Fiscal policy
Instructions: Answer all questions to get your test result.
1) What is the biggest source of income for the federal government?
A
tariffs
B
income taxes
C
gift taxes
D
excise taxes
2) The money that is deducted for each paycheck and used to pay income tax is called?
A
deductions
B
taxable income
C
tax credits
D
withholdings
3) What is the term for money subtracted from earned income because of things like charitable contributions?
A
deductions
B
withholdings
C
taxable income
D
tax credits
4) What allows for a reduction of taxable income as an incentive for meeting certain qualifications?
A
tax credit
B
withholdings
C
social insurance
D
deductions
5) What is the term for the amount that taxes are calculated from?
A
sustainable income
B
taxable income
C
earned income
D
withholdings
6) Who assists the President with budget planning?
A
OPM
B
CBO
C
OMB
D
FCC
7) What is copying the previous year's budget, but adding a little to it called?
A
entitlements
B
incrementalism
C
deficit spending
D
contractionary fiscal policy
8) Which theory thinks that it is best for the government to spend more in order to help the economy?
A
Laissez Faire Economic Theory
B
Keynesian Economic Theory
C
Supply-Side economic Theory
D
Social Contract Economic Theory
9) Which idea would FDR most agree with?
A
Supply-Side economic Theory
B
Social Contract Economic Theory
C
Laissez Faire Economic Theory
D
Keynesian Economic Theory
10) Which theory thinks that it is best for the government to reduce taxes in order to help the economy?
A
Keynesian Economic Theory
B
Social Contract Economic Theory
C
Laissez Faire Economic Theory
D
Supply-Side economic Theory
11) Which idea would Ronald Reagan most likely agree with?
A
Supply-Side economic Theory
B
Social Contract Economic Theory
C
Keynesian Economic Theory
D
Laissez Faire Economic Theory
12) Which idea did George Washington most agree with?
A
Social Contract Economic Theory
B
Laissez Faire Economic Theory
C
Supply-Side economic Theory
D
Keynesian Economic Theory
13) Which of the following did Adam Smith create?
A
Social Contract Economic Theory
B
Laissez Faire Economic Theory
C
Keynesian Economic Theory
D
Supply-Side economic Theory
14) If the government reduces taxes, then what is it practicing?
A
monetary fiscal policy
B
contractionary monetary policy
C
contractionary fiscal policy
D
expansionary fiscal policy
15) Who plans the budget?
A
federal bureaucracy
B
president
C
congress
D
Supreme Court
16) Who approves the budget?
A
federal bureaucracy
B
president
C
supreme court
D
congress
17) Who spends the federal budget?
A
congress
B
supreme court
C
president
D
federal bureaucracy
18) Which branches are involved in the budget process?
A
legislative and executive
B
legislative and judicial
C
executive, legislative, and judicial
D
executive and judicial
19) Which branches are involved in fiscal policy?
A
executive, legislative, and judicial
B
executive and judicial
C
legislative and executive
D
legislative and judicial
20) In addition to fiscal policy, what is another way that our government is involved in our economy?
A
alternative energy research
B
regulation
C
immigration reform
D
foreign policy
*select an answer for all questions
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