question
which of the following is true regarding taxation?
answer
the central as well as the local governments collect taxes in the US
question
a ______ occurs when government spending exceed tax revenue
answer
budget deficit
question
the government of Lithuania ran a budget deficit of $60,000 in 2017. If the tax revenue of the Lithuanian government in 2017 was $320,000,000, how much did the government spend in that year?
answer
$320,060,000
question
what is the budget surplus if the total amount of taxes collected by a local government is $171,000 and the total amount spent is $90,000?
answer
$81,000
question
the largest source of the federal tax revenue is
answer
individual income taxes
question
taxes listed as FICA taxes on the employee paystub are
answer
payroll taxes
question
______ taxes are paid by a buyer as a percentage of the market price of an item
answer
sales
question
a restaurant charges its customers 12% of the total food price as a tax. this is an example of a _________ tax
answer
sales
question
local governments usually rely on the __________ tax to fund schools, libraries, and public services such as police and fire protection
answer
payroll
question
which of the following is an objective of government taxation
answer
redistribution of funds
question
if kate pays an average tax rate of 12.5% and her total income is $34,000, she pays ________________ as a tax
answer
$4250
question
a _______________ tax system is one in which tax rates increase with taxable base incomes
answer
progressive
question
in a progressive tax system
answer
the marginal tax rate exceeds the average tax rate
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