Tax Test : Question Preview (ID: 8525)


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Who prepares the federal budget each year to present to Congress
a) The President
b) Congressional Budget Office
c) A council of governors
d) The Senate

Which describes an excise tax
a) A gift tax
b) An estate tax
c) A luxury tax
d) A payroll tax

What limit does the Constitution place on the amount of money the federal government may borrow each year.
a) $500 Billion
b) There is no limit
c) $1 Trillion
d) The government is not allowed to borrow

Which office is responsible for preparing a yearly report showing income and expenses?
a) Office of Income Security
b) Office of Management and Budget
c) Office of Policy Development
d) Office of Trade

Which of the following agencies does the President consult on military and foreign policy issues?
a) National Security Council
b) Council of Economic Advisers
c) Office of Administration
d) Office of Management

What is the main role of the Executive Office of the President?
a) To execute the national security policy
b) To pass new legislation
c) To hand out federal aid
d) To advise the President

How do government corporations differ from private corporations?
a) They have no business purpose
b) Congress decides their purpose
c) They do not have income
d) They do not have a board of directors

Which are taxes levied on goods brought into the United States
a) Excise taxes
b) Gift taxes
c) Regressive taxes
d) Customs duties

Who decides how much the federal government can spend each year?
a) The president
b) Congress
c) Independent agencies
d) The internal revenue service

Who creates Independent agencies?
a) The White house Office
b) other federal agencies
c) Congress
d) The President

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