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