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