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Civics: Government And The Economy

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. A tax that a person pays and has no choice but to pay directly






2. A group of several companies organized to benefit from the high prices they all agree to charge






3. Group of people responsible for running the Federal Reserve System as a whole






4. The freedom to own property - to make a profit - and to make choices about what to produce - buy - and sell






5. When the overall price level decreases






6. How our nation keeps track of our overall income and spending






7. Occurs when government spends less than it receives in tax revenues






8. The amount in a year by which government spending is greater than government income






9. The government's plan for how it will raise and spend money






10. Tax that generally ends up as part of a price a consumer pays for a product






11. Regulation of the money supply by the Federal Reserve System






12. A repeated series of 'ups' of growth and 'downs' of recession






13. Tax that requires each taxpayer to pay the same proportion - or percentage - of their income in taxes






14. Principle that requires banks to keep a percentage of checking and savings deposits in reserve






15. The amount in a year by which government income is greater than government spending






16. Programs that provide benefits to people who are entitled by law to receive them






17. A slowdown in economic activity and production






18. The total dollar value of all final goods and services produced within the country in a year






19. 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






20. Exchanging goods and services






21. Means that every person who wants to work should have a job






22. 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






23. An increase in the production of goods and services - which provides citizens with a higher standard of living






24. The total amount of money the government owes to lenders






25. Budget that allows governments to spend more than the tax revenue it receives






26. A general rise in the price level of goods and services






27. A government's decisions about the amount of money it spends and the amount it collects in taxes






28. An amount of money borrowed for a certain time period






29. A single business with monopoly power






30. System that provides important services to United States banks and regulates their activities






31. The coins and paper bills used as money in an economy






32. The total amount of money available for use as a medium of exchange






33. The money in a checking account






34. Budget that requires governments to spend no more than the tax revenues they receive