Question
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
A tax levied on the profits earned from business activities.
A tax by state and local governments on the sale of goods and services at the point of sale.
A tax paid on the wages and salaries of employees.
A tax paid to local governments by landowners, homeowners, and businesses.
A tax paid on personal earnings from wages, interest, and investments.
A)
Match the definition with the tax.
Drag each item to the correct location.
(2 points)
A) Determine who pays individual income taxes, corporate income taxes, and payroll taxes. (1 point)
Companies pay corporate income and payroll taxes, and employees pay individual income and payroll taxes. Those who are self-employed may have to pay individual income, corporate income, and payroll taxes.
Companies pay individual income and payroll taxes, and employees pay payroll taxes. Those who are self-employed must pay payroll taxes.
Companies pay corporate income taxes and employees pay individual income taxes. Those who are self-employed must pay individual income and payroll taxes.
Companies pay individual income, corporate income and payroll taxes, and employees pay individual income and payroll taxes. Those who are self-employed only have to pay individual income taxes.
A)
Which items are part of mandatory spending in the federal government?
Select the three correct answers.
(2 points)
education and transportation
military and defense
state and local governments
Federal Bureau of Investigation
Social Security
Medicare and Medicaid
A) Suppose governmental expenses are rising rapidly. Which strategy could the federal government use to solve this situation? (1 point)
Delay payments for the interest on the national debt and increase tax rates for payroll and corporate income taxes to raise funds for Medicare and Medicaid.
Increase corporate and individual income tax rates to raise revenue, and then eliminate payments to state and local governments to cut other costs in the federal government.
Increase payouts for entitlements and decrease income and payroll taxes so that consumers are provided with more money to pay for increased medical costs.
Make cuts to defense and education spending, and then increase tax rates to reduce the effect of increasing expenses in the federal government.
A)
Arrange the following revenues in the federal government, from greatest to least.
Drag each item to put them in the correct order.
(2 points)
corporate income taxes
individual income taxes
Social Security and Medicare taxes
excise taxes
customs duties
miscellaneous revenue
A) How do the instances when expansionary fiscal policy should be used compare with those for contractionary fiscal policy? (1 point)
Expansionary fiscal policy should be used to increase government revenue and contractionary fiscal policy should be used to increase consumer spending.
Expansionary fiscal policy should be used to combat high inflation and contractionary fiscal policy should be used to increase government revenue.
Expansionary fiscal policy should be used during recessions to help build the economy and contractionary fiscal policy should be used when there is high inflation.
Expansionary fiscal policy should be used to increase the unemployment rate and contractionary fiscal policy should be used when economic growth is too fast.
A) Which statement best interprets the trend in the national debt since 2004? (1 point)
The national debt has increased from 2007 to 2009 and from 2015 to 2019.
The national debt has been steadily increasing each year since 2004.
The national debt has been steady or slowly decreasing each year since 2004.
The national debt increased from 2007 to 2009 and has been steady since 2009.
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
A tax levied on the profits earned from business activities.
A tax by state and local governments on the sale of goods and services at the point of sale.
A tax paid on the wages and salaries of employees.
A tax paid to local governments by landowners, homeowners, and businesses.
A tax paid on personal earnings from wages, interest, and investments.
A)
Match the definition with the tax.
Drag each item to the correct location.
(2 points)
A) Determine who pays individual income taxes, corporate income taxes, and payroll taxes. (1 point)
Companies pay corporate income and payroll taxes, and employees pay individual income and payroll taxes. Those who are self-employed may have to pay individual income, corporate income, and payroll taxes.
Companies pay individual income and payroll taxes, and employees pay payroll taxes. Those who are self-employed must pay payroll taxes.
Companies pay corporate income taxes and employees pay individual income taxes. Those who are self-employed must pay individual income and payroll taxes.
Companies pay individual income, corporate income and payroll taxes, and employees pay individual income and payroll taxes. Those who are self-employed only have to pay individual income taxes.
A)
Which items are part of mandatory spending in the federal government?
Select the three correct answers.
(2 points)
education and transportation
military and defense
state and local governments
Federal Bureau of Investigation
Social Security
Medicare and Medicaid
A) Suppose governmental expenses are rising rapidly. Which strategy could the federal government use to solve this situation? (1 point)
Delay payments for the interest on the national debt and increase tax rates for payroll and corporate income taxes to raise funds for Medicare and Medicaid.
Increase corporate and individual income tax rates to raise revenue, and then eliminate payments to state and local governments to cut other costs in the federal government.
Increase payouts for entitlements and decrease income and payroll taxes so that consumers are provided with more money to pay for increased medical costs.
Make cuts to defense and education spending, and then increase tax rates to reduce the effect of increasing expenses in the federal government.
A)
Arrange the following revenues in the federal government, from greatest to least.
Drag each item to put them in the correct order.
(2 points)
corporate income taxes
individual income taxes
Social Security and Medicare taxes
excise taxes
customs duties
miscellaneous revenue
A) How do the instances when expansionary fiscal policy should be used compare with those for contractionary fiscal policy? (1 point)
Expansionary fiscal policy should be used to increase government revenue and contractionary fiscal policy should be used to increase consumer spending.
Expansionary fiscal policy should be used to combat high inflation and contractionary fiscal policy should be used to increase government revenue.
Expansionary fiscal policy should be used during recessions to help build the economy and contractionary fiscal policy should be used when there is high inflation.
Expansionary fiscal policy should be used to increase the unemployment rate and contractionary fiscal policy should be used when economic growth is too fast.
A) Which statement best interprets the trend in the national debt since 2004? (1 point)
The national debt has increased from 2007 to 2009 and from 2015 to 2019.
The national debt has been steadily increasing each year since 2004.
The national debt has been steady or slowly decreasing each year since 2004.
The national debt increased from 2007 to 2009 and has been steady since 2009.
Answers
GPT-4o mini
Here are the answers to each question based on your provided statements:
**Match the definitions with the tax:**
1. A tax levied on the profits earned from business activities. **(Corporate income tax)**
2. A tax by state and local governments on the sale of goods and services at the point of sale. **(Sales tax)**
3. A tax paid on the wages and salaries of employees. **(Payroll tax)**
4. A tax paid to local governments by landowners, homeowners, and businesses. **(Property tax)**
5. A tax paid on personal earnings from wages, interest, and investments. **(Individual income tax)**
**Determine who pays individual income taxes, corporate income taxes, and payroll taxes:**
- The correct statement is: **Companies pay corporate income taxes and employees pay individual income taxes. Those who are self-employed must pay individual income and payroll taxes.**
**Which items are part of mandatory spending in the federal government?**
- The three correct answers are: **Social Security, Medicare and Medicaid, military and defense.** (These typically qualify as mandatory spending; education and transportation can have varying funding statuses.)
**Suppose governmental expenses are rising rapidly. Which strategy could the federal government use to solve this situation?**
- A possible strategy is: **Make cuts to defense and education spending, and then increase tax rates to reduce the effect of increasing expenses in the federal government.**
**Arrange the following revenues in the federal government, from greatest to least:**
1. Individual income taxes
2. Social Security and Medicare taxes
3. Corporate income taxes
4. Excise taxes
5. Customs duties
6. Miscellaneous revenue
**How do the instances when expansionary fiscal policy should be used compare with those for contractionary fiscal policy?**
- The correct statement is: **Expansionary fiscal policy should be used during recessions to help build the economy and contractionary fiscal policy should be used when there is high inflation.**
**Which statement best interprets the trend in the national debt since 2004?**
- The correct interpretation is: **The national debt has been steadily increasing each year since 2004.**
Please note if you require further specific explanations or clarifications!
**Match the definitions with the tax:**
1. A tax levied on the profits earned from business activities. **(Corporate income tax)**
2. A tax by state and local governments on the sale of goods and services at the point of sale. **(Sales tax)**
3. A tax paid on the wages and salaries of employees. **(Payroll tax)**
4. A tax paid to local governments by landowners, homeowners, and businesses. **(Property tax)**
5. A tax paid on personal earnings from wages, interest, and investments. **(Individual income tax)**
**Determine who pays individual income taxes, corporate income taxes, and payroll taxes:**
- The correct statement is: **Companies pay corporate income taxes and employees pay individual income taxes. Those who are self-employed must pay individual income and payroll taxes.**
**Which items are part of mandatory spending in the federal government?**
- The three correct answers are: **Social Security, Medicare and Medicaid, military and defense.** (These typically qualify as mandatory spending; education and transportation can have varying funding statuses.)
**Suppose governmental expenses are rising rapidly. Which strategy could the federal government use to solve this situation?**
- A possible strategy is: **Make cuts to defense and education spending, and then increase tax rates to reduce the effect of increasing expenses in the federal government.**
**Arrange the following revenues in the federal government, from greatest to least:**
1. Individual income taxes
2. Social Security and Medicare taxes
3. Corporate income taxes
4. Excise taxes
5. Customs duties
6. Miscellaneous revenue
**How do the instances when expansionary fiscal policy should be used compare with those for contractionary fiscal policy?**
- The correct statement is: **Expansionary fiscal policy should be used during recessions to help build the economy and contractionary fiscal policy should be used when there is high inflation.**
**Which statement best interprets the trend in the national debt since 2004?**
- The correct interpretation is: **The national debt has been steadily increasing each year since 2004.**
Please note if you require further specific explanations or clarifications!