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