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Flashcards in Chapter 7 Deck (25):
1

The role of government has grown tremendously over the last _______decades.

Seven

2

True or false. State and local government are expected to provide more and more services while their tax bases are limited

True

3

What is the largest source of federal tax revenues come from?

Individual income tax returns

4

Each of the following is an indirect tax except the blank tax.
Gasoline, telephone, corporate income, and excise.

Corporate income tax

5

True or False
The camp rock tax-cut of 1981 and the tax reform act of 1986 both lowered federal income tax receipts

True

6

Most of the poor families pay --------federal personal income tax.

No

7

The seeds of expansion of economic role of the federal government or sound during the administration of who?

Franklin Roosevelt

8

The federal government fiscal period year begins on what date

October 1

9

The most important source of local tax revenue is the,,,,,,,,, tax.

Property taxes

10

The sales tax is the most important source of,,,,,,,,,, government revenue.

State

11

Which statement is true? The Social Security tax is an excise tax, a person earning 100,000 pays a higher percentage of her income and Social Security then someone earning 50, the Social Security tax is an indirect tax, or none is true

None is true

12

The property tax that is the most important source of,,,,,,,,,, government revenue.

Local

13

Which statement is false? There are now nine Federal personal income tax brackets, most people pay more in Social Security tax been in personal income tax, we pay more indirect than indirect taxes to the federal government, none is false.

There are now nine Federal personal income tax brackets.

14

A wage earner making 10,000 pays – – more money and Social Security tax been in personal income tax, more personal income tax van in Social Security tax or about the same in Sosa security tax as in personal income tax.

More in Social Security tax then and personal income tax

15

Which statement is false? The corporate income tax is the third largest source of federal tax revenue, the tax reform act of 1986 to go over millions of poor families off of the income tax rolls, the camp rough text cut of 1981 lowered the average citizens bill by 23%, or none is false.

None is false

16

The federal government fiscal year is,,,,,,,,,,,, Months long.

12

17

Compared to the people earning $150,000 a year, people earning $300,000 pay,,,,,,,,,,,, Social Security tax.

The same

18

In 1980 the top marginal tax rate was

70%

19

Which of the following statements does not apply to the US tax structure? The individual income tax system is progressive, general sales tax or regressive, the property taxes are important source of revenue for the federal government, or the major source of revenue for the federal government differs from major sources of revenue for state and local government's.

Property taxes are an important source of revenue for the federal government

20

Which of the following pairs represents the chief source of income and the most important type of expenditures for local governments

Property tax and expenditures for education

21

A tax on,,,,,,, would be the least regressive.

Luxury cars

22

In a progressive tax structure

The marginal tax rate exceeds the average tax rate

23

Which of the following is a transfer payment

Veterans benefits

24

The money that pays Social Security benefits is raised by

The taxes that both workers and employers pay

25

Which of the following is not an example of a transfer payment?

The seller is received by social workers employed by the federal government.