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