Government CH 20.1 (Fiscal Policy): Question Preview (ID: 30738)


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What is the biggest source of income for the federal government?
a) income taxes b) tariffs c) excise taxes d) gift taxes
The money that is deducted for each paycheck and used to pay income tax is called?
a) withholdings b) tax credits c) deductions d) taxable income
What is the term for money subtracted from earned income because of things like charitable contributions?
a) tax credits b) withholdings c) deductions d) taxable income
What allows for a reduction of taxable income as an incentive for meeting certain qualifications?
a) deductions b) withholdings c) social insurance d) tax credit
What is the term for the amount that taxes are calculated from?
a) earned income b) withholdings c) taxable income d) sustainable income
Who assists the President with budget planning?
a) OMB b) CBO c) OPM d) FCC
What is copying the previous year's budget, but adding a little to it called?
a) contractionary fiscal policy b) incrementalism c) entitlements d) deficit spending
Which theory thinks that it is best for the government to spend more in order to help the economy?
a) Keynesian Economic Theory b) Laissez Faire Economic Theory c) Supply-Side economic Theory d) Social Contract Economic Theory
Which idea would FDR most agree with?
a) Laissez Faire Economic Theory b) Supply-Side economic Theory c) Keynesian Economic Theory d) Social Contract Economic Theory
Which theory thinks that it is best for the government to reduce taxes in order to help the economy?
a) Supply-Side economic Theory b) Keynesian Economic Theory c) Laissez Faire Economic Theory d) Social Contract Economic Theory
Which idea would Ronald Reagan most likely agree with?
a) Keynesian Economic Theory b) Laissez Faire Economic Theory c) Supply-Side economic Theory d) Social Contract Economic Theory
Which idea did George Washington most agree with?
a) Laissez Faire Economic Theory b) Keynesian Economic Theory c) Supply-Side economic Theory d) Social Contract Economic Theory
Which of the following did Adam Smith create?
a) Laissez Faire Economic Theory b) Keynesian Economic Theory c) Supply-Side economic Theory d) Social Contract Economic Theory
If the government reduces taxes, then what is it practicing?
a) expansionary fiscal policy b) contractionary fiscal policy c) contractionary monetary policy d) monetary fiscal policy
Who plans the budget?
a) president b) congress c) federal bureaucracy d) Supreme Court
Who approves the budget?
a) congress b) president c) federal bureaucracy d) supreme court
Who spends the federal budget?
a) federal bureaucracy b) president c) congress d) supreme court
Which branches are involved in the budget process?
a) legislative and executive b) executive and judicial c) legislative and judicial d) executive, legislative, and judicial
Which branches are involved in fiscal policy?
a) legislative and executive b) executive and judicial c) legislative and judicial d) executive, legislative, and judicial
In addition to fiscal policy, what is another way that our government is involved in our economy?
a) foreign policy b) alternative energy research c) regulation d) immigration reform
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