Test your basic knowledge |

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






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






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






4. A slowdown in economic activity and production






5. Exchanging goods and services






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






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






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






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






10. 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






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






12. 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






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






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






15. When the overall price level decreases






16. A single business with monopoly power






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






34. The money in a checking account