Quiz 17
If the state of Washington's government collects $75 billion in tax revenues in 2013 and total spending in the same as $74.8 billion, the result will be a
budget surplus
In 2010, Microsoft will pay corporate income tax to the federal government based on the company's ?
corporate profits
When the government passes a new law that explicitly changes overall tax or spending levels, it is enacting:
discretionary fiscal policy
Which of the following terms is used to describe the set of policies that relate to government spending, taxation, and borrowing?
fiscal policies
If a country's GDP increases, but its debt also increases during that year, then the country's debt to GDP ratio for the year will ? in proportion to the magnitude of the changes.
increase or decrease
A ? policy will cause a greater share of income to be collected from those with high incomes from those with lower incomes
progressive tax
If government tax policy requires Bill to pay $20,000 in taxes on annual income of $200,000 and Paul to pay $10,000 in tax on annual income of $100,000, then the tax policy is ?
proportional
If South Dakota's governor reports a budget surplus in 2011, that state government likely:
received more in taxes than it spent in that year.
When the share of individual income tax collected by the government from people with higher incomes is smaller than the share of tax collected from people with lower incomes, then the tax is ?
regressive
The federal government levies ? on people who pass assets ?, either after death or during life.
an estate and gift tax; to the next generation