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Intense WISE Exam Review Questions And Accurate Answers
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Intense WISE Exam Review Questions AndAccurate Answers
why does the government levy taxes - Answer a. provide goods and services
b. more taxes
Direct tax - Answer paid directly to government by taxpayers
Indirect tax - Answer imposed on one party, but paid by another
Progressive tax - Answer imposes a higher tax rate on those with higher incomes
Regressive tax - Answer has effect of imiposing a higher tax rate on those with lower
incomes
Proportional tax- Answer puts same tax rate on all regardless of income disparities
what is taxed- Answer personal income
purchase
exise
property
wealth
personal income tax is- Answer your tax-income
purchase tax is- Answer goods and services
, Exise tax is- Answer sale and transfer of specified items including air travel, phone
service, gasoline.
property tax is- Answer real estate property tax and personal property tax
estate and gift taxes wealth tax is
The Government exercises its taxing power to create ________ to supply goods as well as
services to the public benefit. Example free rider, externalities, concentrated market
power - Answer revenue
The Government exercises it taxing power to stabilize the ______ - Answer economy
The Government exercises it's taxing power to deal with _____ - Answer social problems
The Government uses its taxing authority to influence ________ - Answer behavior
The Federal Government Spending limited resources force governments to make
____________ - Answer choices
The Federal Government Spending a budget reflects ____ and ___ of government and it's
people - Answer priorities
goals
The Federal Government Spending when government spends more than it collects, it
must ____ money - Answer borrow
The Federal Government Spending deficit spending increases the ____ ___ - Answer
national debt
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