Taxes And Trade Question Preview (ID: 37957)


Test On Taxes And Foreign Trade. TEACHERS: click here for quick copy question ID numbers.

Which tax is paid based on the earning of individuals and businesses?
a) payroll tax
b) income tax
c) excise tax
d) sales tax

Which is a tax placed on items that is paid by the seller?
a) sales tax
b) payroll tax
c) excise tax
d) estate tax

Which tax is the more you earn the lower percentage you pay in taxes?
a) progressive tax
b) regressive tax
c) proportional tax
d) flat tax

Which best describes the idea of comparative advantage?
a) The advantage between one country and another in living conditions
b) When one country can produce a product better and cheaper than another country
c) When one company can produce their product at lower price
d) Shipping routes that are more easy to navigate

Which occurs when a country imports more goods than it exports?
a) exchange rate
b) comparative advantage
c) trade deficit
d) trade surplus

Which best describes the definition of outsourcing?
a) The selling of some factories in order to reduce the size of a company
b) Goods and services being supplied by someone outside the company or country
c) Using technology that is supplied by another person
d) Being outsold by other businesses

The government's overall policy on taxing and spending is known as
a) monetary policy
b) discount rate
c) fiscal policy
d) discretionary policy

The agreement to eliminate all trade restrictions between Mexico, Canada, and the United States is known as
a) NATO
b) DECA
c) CAFTA
d) NAFTA

Which type of tax do local government rely on the most?
a) sales tax
b) property tax
c) income tax
d) payroll tax

Which of the following is NOT true concerning tariffs?
a) It causes the prices on foreign goods to increase
b) It protects the jobs of American workers
c) It allows foreign companies to sell goods cheaper
d) They protect American made products

What kind of tax is placed on gasoline and tobacco
a) excise tax
b) sales tax
c) property tax
d) estate tax

Which of the following is an example of a progressive tax?
a) tariff
b) excise tax
c) income tax
d) sales tax

Which type of tax does one pay a higher percentage as their income increases?
a) progressive tax
b) proportional tax
c) regressive tax
d) payroll tax

Which is a tax on imports?
a) excise tax
b) payroll tax
c) tariff
d) estate tax

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