10.29.W - Lesson: Taxes Review 10.29.R - Lesson: Government Spending Review 10.29.F - Lesson: Currency & Money Review 10.30.M - Lesson: The Federal Reserve System Review 10.30.T - Lesson: Government Protection Review

10.29.F - Lesson: Currency & Money Review

10.29.F - Lesson: Currency & Money Review

10.29.R - Lesson: Government Spending Review

10.29.R - Lesson: Government Spending Review

10.30.M - Lesson: The Federal Reserve System Review

10.30.M - Lesson: The Federal Reserve System Review

10.30.T - Lesson: Government Protection Review

10.30.T - Lesson: Government Protection Review

Short Answer: In one or two sentences, explain why a high national debt results in less financial flexibility for the government.

Because it takes away the money that could help build America or if something happened that was really important and needed money Also it isn't good to be in dept with people we have previously gone to war with. Kennedy (Please don't put Kennedy At the end unless your name is Kennedy Thank You)

What body serves as the leadership of the Federal Reserve System?

Board of Governors

Which of the following are the three types of money generally used in the United States? (choose three)

Coins Deposites in bank accounts Currency (Paper Money)

What happens when the government lowers taxes?

Consumers have more money to spend

What organization works to ensure that no workers are discriminated against due to race, color, age, sex, religion, disability, national origin, or genetic information?

EEOC

Short Answer: In one sentence, define the term property right.

It is when someone with the right contracts that owns land can do whatever they please as long as if they have a loan they pay it properly.

How do federal agencies protect consumers?

They establish guidelines for public health and safety.

Match each agency with the area(s) it regulates.

USFWS fish and wildlife EPA pollution FDA food, drugs, and cosmetics

How is the chairperson of the Federal Reserve chosen?

appointed by the president and approved by the Senate

If the government receives $2 trillion in tax dollars and spends exactly $2 trillion, that means it has a _____________ budget.

balanced

What is the exchange of resources or services for mutual advantage?

barter

Which of the following are consequences of a large national debt? (choose all that apply)

high interest payments less investment

Which of the following is a major expenditure of the federal government?

interest payments on the national debt

One characteristic of money is that it must have a(n) _____________ supply.

limited

What can the Federal Reserve do to help stimulate the economy and bring it out of a recession?

lower interest rates

Money makes it a lot easier to compare how much different goods and services are worth because it acts as a(n) __________________.

measure of Value

Money makes trading easier because it acts as a __________________.

medium of exchange

Social Security, Medicare, and Medicaid are funded by the FICA tax. What type of tax is the FICA tax?

payroll tax

Every year, most American citizens pay a tax on their houses and cars. Which type of tax is this?

property tax

What is the main source of revenue for local governments?

property taxes

What can the Federal Reserve do to slow down the rate of inflation?

raise interest rates

Which of the following are the three main functions of the Federal Reserve? (choose three)

regulation financial services tax collection

What is a tax that consumers pay based on how much they buy?

sales tax

If the federal government receives $3 trillion in tax revenue over the course of one year but spends only $2 trillion, it means the government has a ______________ for the year.

surplus