F4 Fiscal Policy: Taxes UPDATED Exam Questions and CORRECT Answers
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Course
F4 Fiscal Policy: Taxes
Institution
F4 Fiscal Policy: Taxes
F4 Fiscal Policy: Taxes UPDATED Exam
Questions and CORRECT Answers
Why taxes exist
governments collect taxes in order to: - CORRECT ANSWER- fund necessary programs like
infrastructure
ensure that citizens contribute appropriately to meeting needs in their society.
Congress shall have power ...
F4 Fiscal Policy: Taxes UPDATED Exam
Questions and CORRECT Answers
Why taxes exist
governments collect taxes in order to: - CORRECT ANSWER- fund necessary programs like
infrastructure
ensure that citizens contribute appropriately to meeting needs in their society.
Congress shall have power - CORRECT ANSWER- power to tax:
Congres
lay and collect taxes
duties
imposts
excises
Article 1, section 8
Constitution of the United States
Article I, Section 8
Phrase A) The Congress shall have Power To lay and collect Taxes, Duties, Imposts and
Excises
Phrase B) to pay the Debts and provide for the common Defence and general Welfare of the
United States
Phrase C) but all Duties, Imposts and Excises shall be uniform throughout the United States
, Which phrase defines the reasons why the federal government collects
taxes?_______________
Which phrase grants the federal government the power to collect
taxes?______________________ - CORRECT ANSWER-
Which phrase defines the reasons why the federal government collects
taxes?_______________ - CORRECT ANSWER- Phrase B) to pay the Debts and provide for
the common Defence and general Welfare of the United States
Which phrase grants the federal government the power to collect
taxes?______________________ - CORRECT ANSWER- Phrase A) The Congress shall
have Power To lay and collect Taxes, Duties, Imposts and Excises
Three ways governments can approach taxation - CORRECT ANSWER- types of taxation:
1 progressive taxation
2 proportional taxation
3 regressive taxation
1 progressive taxation - CORRECT ANSWER- charges individuals with higher incomes a
higher percentage of their total income
progressive income tax
citizen a 25,000 10 percent 2,500 tax paid
citizen b 75,000 20 percent 14,000 tax paid
citizen c 150,000 28 percent 42,000 tax paid
50,000 20%
36,000 15%
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