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Taxes And Trade
Test Description: Test on taxes and foreign trade
Instructions: Answer all questions to get your test result.
1) Which of the following is an example of a progressive tax?
A
income tax
B
excise tax
C
tariff
D
sales tax
2) What kind of tax is placed on gasoline and tobacco
A
excise tax
B
estate tax
C
property tax
D
sales tax
3) Which of the following is NOT true concerning tariffs?
A
They protect American made products
B
It protects the jobs of American workers
C
It causes the prices on foreign goods to increase
D
It allows foreign companies to sell goods cheaper
4) Which type of tax do local government rely on the most?
A
payroll tax
B
income tax
C
property tax
D
sales tax
5) The government's overall policy on taxing and spending is known as
A
fiscal policy
B
discount rate
C
discretionary policy
D
monetary policy
6) The agreement to eliminate all trade restrictions between Mexico, Canada, and the United States is known as
A
CAFTA
B
DECA
C
NATO
D
NAFTA
7) Which best describes the definition of outsourcing?
A
The selling of some factories in order to reduce the size of a company
B
Being outsold by other businesses
C
Goods and services being supplied by someone outside the company or country
D
Using technology that is supplied by another person
8) Which occurs when a country imports more goods than it exports?
A
trade deficit
B
exchange rate
C
comparative advantage
D
trade surplus
9) Which best describes the idea of comparative advantage?
A
The advantage between one country and another in living conditions
B
When one company can produce their product at lower price
C
Shipping routes that are more easy to navigate
D
When one country can produce a product better and cheaper than another country
10) Which tax is the more you earn the lower percentage you pay in taxes?
A
flat tax
B
proportional tax
C
progressive tax
D
regressive tax
11) Which is a tax placed on items that is paid by the seller?
A
sales tax
B
excise tax
C
payroll tax
D
estate tax
12) Which tax is paid based on the earning of individuals and businesses?
A
payroll tax
B
income tax
C
excise tax
D
sales tax
13) Which type of tax does one pay a higher percentage as their income increases?
A
progressive tax
B
regressive tax
C
proportional tax
D
payroll tax
14) Which is a tax on imports?
A
tariff
B
excise tax
C
estate tax
D
payroll tax
*select an answer for all questions
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