quiz 4

Question 1

national health insurance program for citizens over 65 and certain other people

Answer 1

medicare

Question 2

employers and employees each pay ____ of employee income

Answer 2

1.45%

Question 3

program funded by federal and state tax that provides benefits for a certain period of time to employees who lose their jobs through no fault of their own

Answer 3

unemployment

Question 4

unemployment tax applies to the first _____ earned by an employee

Answer 4

$7,000

Question 5

an individual can collect unemployment benefits for a maximum of ____

Answer 5

26 weeks

Question 6

extended the duration of the unemployment benefits from 26 to 72 weeks

Answer 6

emergency benefit program

Question 7

the 3rd largest source of tax revenue for the federal government

Answer 7

corporate income tax

Question 8

______ for corporations include deductions for investment in buildings, equipment, research, and rules that benefit multinational corporations

Answer 8

tax breaks

Question 9

profits are taxed at ____ then again at _____

Answer 9

corporate level

individual level

Question 10

a tax on property that is transferred to others on the death of the owner

Answer 10

estate tax

Question 11

tax on money or property given by one living person to another

Answer 11

gift tax

Question 12

in alabama what is the max amount of a gify you can receive

Answer 12

$14,000 per year, per individual

Question 13

a tax on the production or sale of a specific product such as gas or phones

Answer 13

excise tax

Question 14

the government puts an excise tax on goods or services for which there is relatively _________ in order to maintain a steady stream of revenue

Answer 14

inelastic demand

Question 15

a tax on good imported into the U.S. from another country, also known as tarriffs

Answer 15

customs duty

Question 16

money charged for the use of a good or service

Answer 16

user fee

Question 17

the programs and services the federal government funds with tax revenue are divided in to what 2 categories?

Answer 17

mandatory spending

discretionary spending

Question 18

spending required by law

Answer 18

mandatory spending

Question 19

money spent that has to be authorized every year

Answer 19

discretionary spending

Question 20

makes up well over half of all federal spending

Answer 20

madatory spending

Question 21

most of the federal governments spending is in the form of _______, which are social welfare programs with specific requirements

Answer 21

entitlements

Question 22

takes the largest amount of federal spending

Answer 22

social security

Question 23

workers must have worked for a certain amount of time to receive full benefits from social security which is ____ years in the US

Answer 23

10

Question 24

was introduced in 1966 as an additional old-age benefit under social security

Answer 24

medicare

Question 25

a joint federal state medical insurance program for low income people

Answer 25

medicaid

Question 26

for medicaid the government gives _____% and the state gives ____%

Answer 26

63 | 37

Question 27

funds for about 26 million low income people to purchase food

Answer 27

food stamps

Question 28

include healthcare coverage and disability payments for service related illness or injury

Answer 28

veterans benefits

Question 29

the largest discretionary expenditure category that takes up about 50% of the total discretionary budget

Answer 29

national defense

Question 30

border protection and the enforcement of some immigration laws fall into the mandatory expenditures category

Answer 30

homeland security

Question 31

plan for spending federal tax money

Answer 31

federal budget

Question 32

12 year period for which an organization plans its expenditures

Answer 32

fiscal year

Question 33

the federal government's fiscal year runs from what to what

Answer 33

oct 1 to sept 30

Question 34

prepared by the office of management and budget

Answer 34

presidents budget

Question 35

specific amounts of money set aside for specific purposes

Answer 35

appropriations

Question 36

when the government buys goods and services that it needs to operate such as military equipment and office supplies

Answer 36

direct spending

Question 37

money distributed to individuals who do not provide anything in return

Answer 37

transfer payments

Question 38

transfer payment from the federal government to state or local governments

Answer 38

grant-in-aid

Question 39

3 ways the government influences the economy

Answer 39

1. resource allocation 2. income redistribution 3. competition with the private sector

Question 40

the part of the economy owned by individuals or buisnesses

Answer 40

the private sector