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Fiscal Policy Review Pt 2
Test Description: Continuation of first review-next 10 questions
Instructions: Answer all questions to get your test result.
1) Which government agency sets and enforces rules and standards that protect the environment and control pollution.
A
OSHA
B
EPA
C
FDA
D
SEC
2) Which type of tax is collected by TWO levels of government?
A
Estate Taxes
B
Gift Tax
C
Sales Tax
D
Tariffs
3) Select the answer that is BOTH a revenue sources and an expenditure.
A
Social Security
B
Defense
C
Income tax
D
Net Interest
4) During an expansion phase. the government could implement a contractionary policy in order to
A
promote spending
B
create jobs
C
encourage investment
D
address any inflation issues.
5) What tool would the government use to fight a recession?
A
increase government spending and increase taxes
B
increase government spending and lower taxes
C
decrease government spending and lower taxes
D
decrease government spending and increase taxes
6) A tax tends to regressive when it
A
takes a larger portion from lower incomes
B
is based on a person's ability to pay
C
imposes a higher rate on higher incomes
D
imposes consistent rates for all tax payers
7) Which 2 types of tax are sales tax?
A
federal and state
B
progressive and proportional
C
progressive and regressive
D
regressive and proportional
8) What is the largest spending category for most local governments?
A
public education
B
police force
C
hospitals
D
Medicaid and welfare
9) What is an expenditure?
A
spending
B
taxes
C
money that is collected
D
inflation
10) What is an example of revenue?
A
taxes
B
spending
C
inflation
D
deflation
*select an answer for all questions
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