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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. Regulation of the money supply by the Federal Reserve System
Fractional Reserve Banking
Progressive Tax
Monetary Policy
Indirect Tax
2. A tax that a person pays and has no choice but to pay directly
Deflation
Direct Tax
Inflation
Demand Deposit
3. A slowdown in economic activity and production
Fractional Reserve Banking
Fiscal Policy
Trust
Recession
4. The amount in a year by which government income is greater than government spending
Surplus
Monetary Policy
Trust
Indirect Tax
5. 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
Progressive Tax
Currency
Surplus
Deficit Budget
6. Principle that requires banks to keep a percentage of checking and savings deposits in reserve
Fractional Reserve Banking
Deficit Budget
Direct Tax
Trust
7. Means that every person who wants to work should have a job
National Debt
Fractional Reserve Banking
Deficit
Full Employment
8. Budget that requires governments to spend no more than the tax revenues they receive
Deficit Budget
Direct Tax
Balanced Budget
Inflation
9. The total dollar value of all final goods and services produced within the country in a year
Board of Governors
Balanced Budget
Gross Domestic Product
Deficit
10. Budget that allows governments to spend more than the tax revenue it receives
Regressive Tax
Deficit Budget
Gross Domestic Product
Economic Freedom
11. Programs that provide benefits to people who are entitled by law to receive them
Inflation
Bartering
Economic Growth
Entitlement Programs
12. Tax that generally ends up as part of a price a consumer pays for a product
Indirect Tax
Business Cycle
Direct Tax
Inflation
13. A government's decisions about the amount of money it spends and the amount it collects in taxes
National Income Accounting
Bartering
Fiscal Policy
National Debt
14. The amount in a year by which government spending is greater than government income
Indirect Tax
Deficit
Business Cycle
Federal Budget
15. System that provides important services to United States banks and regulates their activities
Entitlement Programs
Fractional Reserve Banking
Federal Reserve System
Business Cycle
16. Tax that requires each taxpayer to pay the same proportion - or percentage - of their income in taxes
National Debt
Surplus
Inflation
Proportional Tax
17. A single business with monopoly power
Monopoly
Fiscal Policy
Deflation
National Income Accounting
18. Group of people responsible for running the Federal Reserve System as a whole
Surplus
Direct Tax
Board of Governors
Business Cycle
19. An amount of money borrowed for a certain time period
Proportional Tax
Currency
Direct Tax
Loan
20. The money in a checking account
Surplus
Demand Deposit
Economic Growth
Monetary Policy
21. Occurs when government spends less than it receives in tax revenues
Full Employment
Recession
Surplus Budget
Fiscal Policy
22. The government's plan for how it will raise and spend money
Deflation
Demand Deposit
Progressive Tax
Federal Budget
23. When the overall price level decreases
National Debt
Money Supply
Deflation
Entitlement Programs
24. The coins and paper bills used as money in an economy
Currency
National Debt
Gross Domestic Product
Entitlement Programs
25. The total amount of money the government owes to lenders
Inflation
Regressive Tax
National Debt
Economic Growth
26. How our nation keeps track of our overall income and spending
Gross Domestic Product
Direct Tax
National Income Accounting
Inflation
27. 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
Monetary Policy
Proportional Tax
Regressive Tax
Progressive Tax
28. A group of several companies organized to benefit from the high prices they all agree to charge
Trust
Entitlement Programs
Proportional Tax
Direct Tax
29. The freedom to own property - to make a profit - and to make choices about what to produce - buy - and sell
Recession
Economic Freedom
Entitlement Programs
Indirect Tax
30. The total amount of money available for use as a medium of exchange
Fiscal Policy
National Debt
Deflation
Money Supply
31. A repeated series of 'ups' of growth and 'downs' of recession
Business Cycle
Money Supply
Progressive Tax
National Income Accounting
32. A general rise in the price level of goods and services
Monopoly
Inflation
Surplus
Economic Growth
33. Exchanging goods and services
Bartering
Trust
National Income Accounting
Surplus
34. An increase in the production of goods and services - which provides citizens with a higher standard of living
Economic Growth
Proportional Tax
Regressive Tax
Trust