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Test your basic knowledge |
Civics: Government And The Economy
Start Test
Study First
Subject
:
civics
Instructions:
Answer 34 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Tax that generally ends up as part of a price a consumer pays for a product
Direct Tax
Monopoly
Indirect Tax
Trust
2. The amount in a year by which government income is greater than government spending
Economic Freedom
Deflation
Proportional Tax
Surplus
3. A single business with monopoly power
National Income Accounting
Full Employment
Fractional Reserve Banking
Monopoly
4. Group of people responsible for running the Federal Reserve System as a whole
Gross Domestic Product
Board of Governors
National Debt
Loan
5. Regulation of the money supply by the Federal Reserve System
Monetary Policy
Federal Budget
Demand Deposit
Economic Freedom
6. A general rise in the price level of goods and services
Entitlement Programs
Fiscal Policy
Inflation
Business Cycle
7. A tax that a person pays and has no choice but to pay directly
Deficit Budget
Gross Domestic Product
Direct Tax
Recession
8. Budget that requires governments to spend no more than the tax revenues they receive
Surplus
Deflation
Balanced Budget
Deficit Budget
9. System that provides important services to United States banks and regulates their activities
Board of Governors
Regressive Tax
Full Employment
Federal Reserve System
10. How our nation keeps track of our overall income and spending
Deficit
National Income Accounting
Balanced Budget
Board of Governors
11. The coins and paper bills used as money in an economy
Monetary Policy
Entitlement Programs
Currency
Gross Domestic Product
12. When the overall price level decreases
Deflation
Deficit
Regressive Tax
Balanced Budget
13. Tax that takes a higher percentage of taxes from a person with a higher income than it does from a person with a lower income
Monetary Policy
Proportional Tax
Full Employment
Progressive Tax
14. The total amount of money available for use as a medium of exchange
Full Employment
Deflation
Money Supply
Fractional Reserve Banking
15. Budget that allows governments to spend more than the tax revenue it receives
Deficit Budget
Bartering
National Debt
Regressive Tax
16. Tax that requires each taxpayer to pay the same proportion - or percentage - of their income in taxes
Money Supply
Monopoly
Fiscal Policy
Proportional Tax
17. The freedom to own property - to make a profit - and to make choices about what to produce - buy - and sell
Fractional Reserve Banking
Board of Governors
Surplus Budget
Economic Freedom
18. A slowdown in economic activity and production
National Income Accounting
Recession
Progressive Tax
Deficit Budget
19. Means that every person who wants to work should have a job
Deficit
Full Employment
Surplus
Deficit Budget
20. An amount of money borrowed for a certain time period
Regressive Tax
Loan
Board of Governors
Business Cycle
21. Programs that provide benefits to people who are entitled by law to receive them
Deficit
Recession
Entitlement Programs
Demand Deposit
22. The total dollar value of all final goods and services produced within the country in a year
National Income Accounting
Gross Domestic Product
Fractional Reserve Banking
Fiscal Policy
23. A repeated series of 'ups' of growth and 'downs' of recession
Business Cycle
Trust
Progressive Tax
National Income Accounting
24. A government's decisions about the amount of money it spends and the amount it collects in taxes
Balanced Budget
Economic Freedom
Fiscal Policy
Board of Governors
25. Taxes that take a larger percentage of tax from the income of a person with a lower income than from a person with a higher income
Direct Tax
Regressive Tax
Money Supply
Fiscal Policy
26. Exchanging goods and services
Deficit
Bartering
Monopoly
Recession
27. The total amount of money the government owes to lenders
Entitlement Programs
Fiscal Policy
Recession
National Debt
28. The amount in a year by which government spending is greater than government income
Monopoly
National Income Accounting
Deficit
Indirect Tax
29. Occurs when government spends less than it receives in tax revenues
Loan
Regressive Tax
Surplus Budget
Money Supply
30. Principle that requires banks to keep a percentage of checking and savings deposits in reserve
Fractional Reserve Banking
Board of Governors
Currency
Trust
31. An increase in the production of goods and services - which provides citizens with a higher standard of living
Direct Tax
Bartering
Economic Growth
Fiscal Policy
32. The money in a checking account
Demand Deposit
Indirect Tax
Money Supply
Federal Reserve System
33. A group of several companies organized to benefit from the high prices they all agree to charge
National Income Accounting
Economic Freedom
Proportional Tax
Trust
34. The government's plan for how it will raise and spend money
Federal Budget
Economic Freedom
Regressive Tax
Proportional Tax