| A | B |
|---|
| What is the single largest source of revenue for the federal government? | individual income tax |
| Ann earns $10,000 annually and pays a tax of $1,000. Jerome earns $60,000 during the same period and pays taxes of $20,000. What type of tax did they pay? | progressive tax |
| What is an exception or oversight in the tax law that allows some people and businesses to avoid paying taxes? | tax loop hole |
| What are the three largest sources of revenue for local governments? | intergovernmental revenue, property tax, sales tax |
| Why are economic goals important? | help people determine uf an economic system meets their needs |
| Which economic goal does Social Security represent? | economic security |
| What name is given to a payroll tax that includes Social Security and Medicare? | FICA |
| What is a tax on real estate and buildings? | property |
| What is a general tax on nearly all consumer purchases? | sale |
| What type of tax is a sales tax? | regressive |
| What type of tax is designed to raise revenue and reduce consumption of a socially undesirable product? | sin tax |
| What is the branch of the Treasury Department in charge of collecting taxes? | internal revenue service |
| What major event led to the abandonment of the gold standard by the United States? | Great Depression |
| What is a rush by depositors to withdraw their funds from a bank before it fails? | run on the bank |
| What is a person or institution to whom money is owed? | creditor |
