Can you please help me with this i really need the help with these economics questions?

Answers:0   |   LastUpdateAt:2012-08-03 17:03:03  

Question
Wilson HELP
Asked at 2012-08-03 17:03:03
1.
Why is the individual income tax considered one of the most efficient taxes?
A) It provides the highest amount of revenue for the federal government.
B) The system of payroll deduction makes it relatively inexpensive to collect.
C) It is one of the most easily understood federal taxes.
D) It is one of the most uniformly applied federal taxes.
2.
What does the government use to influence economic behavior?
A) Incidence of tax
B) Progressive tax
C) Regressive tax
D) Tax incentive
3.
What term describes money taken out of a paycheck before the worker receives it?
A) Exemption
B) Deduction
C) Mortgage
D) Withholding
4.
Which may be taken as an itemized deduction?
A) Automobile payments
B) Clothing expenses
C) Grocery bills
D) Medical expenses
5.
What are tax exemptions?
A) The amount taxpayers may subtract from income for each family member
B) The amount taxpayers may subtract from income for mortgage interest
C) The amount taxpayers may subtract from income for charitable contributions
D) The amount taxpayers may subtract from income for medical expenses
6.
What problem do Social Security and Medicare have in common?
A) Rising costs of health care
B) Growing population of retired people
C) Lack of congressional support
D) High cost-of-living increases
7.
If a tax achieves the goal of raising revenue with a low cost, what criterion does it meet?
A) Ability-to-pay
B) Benefits-received
C) Efficiency
D) Simplicity
8.
A congressional representative comes from a district with many people living in poverty. To gain more votes in the next election, which tax will the representative most likely support?
A) Progressive income tax
B) Proportional income tax
C) Property tax
D) Sales tax
9.
What is the purpose of indexing?
A) To help taxpayers sort itemized deductions before paying taxes
B) To prevent inflation from moving taxpayers into higher tax brackets
C) To reclassify deductions to meet taxation principles
D) To redistribute the incidence of tax from producer to consumer
10.
Frank must pay taxes on the dividends he earns from stock. What tax base is that tax drawing from?
A) Individual income tax
B) Corporate income tax
C) Property tax
D) Sales tax
11.
In what way might levying high income taxes backfire?
A) By reallocating production resources
B) By discouraging people from buying certain goods
C) By motivating people to work too many hours
D) By encouraging an underground economy
12.
What payroll tax is taken out to cover Medicare and Social Security?
A) Federal Deposit Insurance Corporation
B) Federal withholding
C) Federal Insurance Contributions Act
D) State withholding
13.
What are unemployment taxes used for?
A) To give unemployed workers government jobs
B) To pay employers compensation when workers quit
C) To give unemployed workers income
D) To help employers get through labor stoppages
14.
The government cancels a contract for Jeep? tires with a factory in Wheeltown and awards the contract to a factory in Treadville. What does this illustrate?
A) Economic efficiency
B) Economic incentive
C) Income redistribution
D) Resource allocation
15.
What is an operating budget?
A) A plan for day-to-day expenses
B) A financial plan in which revenues equal expenses
C) A plan for major expenses or investments
D) A plan for cutting expenses
16.
What is one way the federal budget differs from most personal budgets?
A) It tries to balance income and expenses.
B) It runs for a 12-month year.
C) It uses a fiscal year, not a calendar year.
D) It is a plan for spending money.
17.
Which is a recent reform to an entitlement program?
A) Stricter Homeland Security regulations
B) Disqualifying high-income people from Social Security
C) Allowing private companies to take over Medicare
D) Raising the qualifying age for Social Security
18.
Which statement is true of mandatory spending?
A) Most is used to fund defense.
B) Most is used to fund education.
C) Most is used to fund entitlements.
D) Most is used to fund highways.
19.
The government halts funding to school music programs and funds alternative energy research instead. What does this illustrate?
A) Economic efficiency
B) Economic incentive
C) Income redistribution
D) Resource allocation
20.
Unemployment causes a town's population to decrease, so many homes stand empty. What is this an example of?
A) Ability-to-pay principle
B) Incidence of tax
C) Regressive taxation
D) Shrinking tax base
21.
What is the major source of funding for most public schools?
A) Corporate income taxes
B) Individual income taxes
C) Property taxes
D) Sales taxes
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