Final Exam- Economics Ch. 14

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Final Exam- Economics Ch. 14 - Quiz


This is the second part of your final. Make sure your eyes are on your own screen.


Questions and Answers
  • 1. 

    A tax as a percentage of income increases as income increases

    • A.

      Regressive taxation

    • B.

      Progressive taxation

    • C.

      Proportional taxation

    • D.

      Increasing marginal tax rate

    Correct Answer
    B. Progressive taxation
    Explanation
    Progressive taxation is the correct answer because it refers to a tax system where the tax rate increases as income increases. This means that individuals with higher incomes pay a higher percentage of their income in taxes compared to those with lower incomes. This type of taxation is often used to promote income redistribution and reduce income inequality.

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  • 2. 

    If a tax structure is progressive and we know that Tom pays $1,000 on his $10,000 income, then Alicia, who earns $30,000 must pay

    • A.

      More than $3,000

    • B.

      Exactly $3,000

    • C.

      Less than $3,000

    • D.

      More than $3,500

    Correct Answer
    A. More than $3,000
    Explanation
    If a tax structure is progressive, it means that the tax rate increases as income increases. Since Tom pays $1,000 on his $10,000 income, it indicates that the tax rate is 10% ($1,000/$10,000). Therefore, if Alicia earns $30,000, her tax payment would be more than $3,000 because her income is higher than Tom's.

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  • 3. 

    Which of the following is not an entitlement program?

    • A.

      Homeland security

    • B.

      Unemployment insurance

    • C.

      Medicare

    • D.

      Social Security

    Correct Answer
    A. Homeland security
    Explanation
    Homeland security is not an entitlement program because it is not a government program that guarantees certain benefits or services to eligible individuals. Instead, homeland security refers to the collective efforts and measures taken by a country to protect its citizens, infrastructure, and borders from threats and potential dangers. It involves various security agencies and initiatives aimed at safeguarding national security, such as border control, emergency response, and counterterrorism efforts. Unlike entitlement programs like unemployment insurance, Medicare, and Social Security, homeland security does not provide specific benefits or financial assistance to individuals based on eligibility criteria.

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  • 4. 

    Which of the following best describes the state budgets that pays for major infrastructure investments such as new roads and bridges

    • A.

      National budget

    • B.

      Capital budget

    • C.

      Operating budget

    • D.

      Stock budget

    Correct Answer
    B. Capital budget
    Explanation
    A capital budget is the best description for the state budgets that pay for major infrastructure investments such as new roads and bridges. A capital budget is specifically allocated for long-term investments in physical assets, including infrastructure projects. It is separate from the operating budget, which covers day-to-day expenses, and the national budget, which encompasses the overall financial plan of a country. A stock budget is not a recognized term in budgeting.

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  • 5. 

    Which of the following is not a source of revenue for state or local governments?

    • A.

      Tarrifs on imported goods

    • B.

      Income taxes

    • C.

      Property taxes

    • D.

      Sales taxes

    Correct Answer
    A. Tarrifs on imported goods
    Explanation
    Tariffs on imported goods are not a source of revenue for state or local governments. Tariffs are taxes imposed on imported goods by the federal government, and the revenue generated from tariffs goes to the federal government, not the state or local governments. State and local governments primarily rely on income taxes, property taxes, and sales taxes to generate revenue for their operations and public services.

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  • 6. 

    An ability to pay tax also is likely to be

    • A.

      Regressive

    • B.

      Progressive

    • C.

      Proportional

    • D.

      Negatory

    Correct Answer
    B. Progressive
    Explanation
    The correct answer is "progressive" because it suggests that the ability to pay tax increases as income increases. In a progressive tax system, individuals with higher incomes pay a higher percentage of their income in taxes compared to those with lower incomes. This is often seen as a way to redistribute wealth and promote social equity.

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  • 7. 

    What is Fiscal policy?

    • A.

      The use of taxation to redistribute income accross the United States

    • B.

      Taxes deducted from paychecks to support Social Security and Medicare

    • C.

      A plan for government spending and revenue for a specified period, usually a year

    • D.

      The use of government spending and taxation to influence the economy

    Correct Answer
    D. The use of government spending and taxation to influence the economy
    Explanation
    Fiscal policy refers to the use of government spending and taxation to influence the economy. It involves the government's plan for spending and revenue over a specific period, typically a year. By adjusting levels of government spending and taxation, fiscal policy aims to stimulate or slow down economic growth, control inflation, and promote stability. This policy allows the government to influence the overall economic activity and achieve desired economic outcomes.

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  • 8. 

    The State of Iowa constitution forbids the operating budget from going into a budget deficit

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The State of Iowa constitution prohibits the operating budget from going into a budget deficit. This means that the government of Iowa is legally required to ensure that their expenditures do not exceed their revenues. This is likely done to maintain fiscal responsibility and prevent the accumulation of debt. By enforcing this rule, the state aims to maintain financial stability and avoid the potential negative consequences of a budget deficit.

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  • 9. 

    Which of the following is the best example of the benefits received tax principle

    • A.

      The toll that is paid to cross a bridge

    • B.

      Property taxes paid on homes and land

    • C.

      The excise tax on cigarettes

    • D.

      A tariff on imported automobiles

    Correct Answer
    A. The toll that is paid to cross a bridge
    Explanation
    The toll that is paid to cross a bridge is the best example of the benefits received tax principle because it directly relates to the specific benefit received by the taxpayer. The individuals who use the bridge are the ones who pay the toll, and the revenue generated from these tolls is used to maintain and improve the bridge infrastructure. This tax is levied on the users of the bridge, ensuring that those who benefit from it directly contribute to its upkeep, rather than burdening the general taxpayer.

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  • 10. 

    Which President served when the U.S had the smallest budget deficit in the last 30 years?

    • A.

      George W. Bush II

    • B.

      Ronald Reagan

    • C.

      Jimmy Carter

    • D.

      Bill Clinton

    Correct Answer
    D. Bill Clinton
    Explanation
    Bill Clinton served as the President when the U.S had the smallest budget deficit in the last 30 years. During his presidency, Clinton implemented fiscal policies that led to a significant reduction in the deficit. He worked towards balancing the budget and achieved a surplus in the late 1990s. This was a result of increased tax revenue and spending control measures. Clinton's focus on fiscal responsibility and economic growth played a crucial role in reducing the budget deficit during his tenure.

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  • 11. 

    Which of the following is a tax deduction that individuals can claim on their tax returns?

    • A.

      Interest on mortgages

    • B.

      Donations to charity

    • C.

      Interest on student loans

    • D.

      All options

    Correct Answer
    D. All options
    Explanation
    All options are tax deductions that individuals can claim on their tax returns. Interest on mortgages, donations to charity, and interest on student loans are all expenses that can be deducted from taxable income, reducing the overall tax liability for individuals. Claiming these deductions can result in significant savings on taxes for individuals.

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  • 12. 

    Taxes that fall more heavily on people who earn larger incomes represent the ability to pay principle of taxation

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    This statement is true because the ability to pay principle of taxation suggests that individuals with higher incomes should pay a larger proportion of their income in taxes compared to those with lower incomes. This is based on the idea that individuals with higher incomes have a greater ability to bear the burden of taxation without experiencing significant financial hardship. Therefore, taxes that are designed to fall more heavily on people with larger incomes align with the ability to pay principle of taxation.

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  • 13. 

    Taxes that fall more heavily on people who earn smaller incomes are called?

    • A.

      Excise Taxes

    • B.

      Regressive Taxes

    • C.

      Proportional Taxes

    • D.

      Progressive Taxes

    Correct Answer
    B. Regressive Taxes
    Explanation
    Regressive taxes refer to taxes that impose a higher burden on individuals with lower incomes. These taxes take a larger percentage of income from those who earn smaller incomes, making them more regressive in nature. This means that as income decreases, the tax burden increases disproportionately. In contrast, progressive taxes impose a higher burden on individuals with higher incomes, while proportional taxes impose the same tax rate on all income levels. Therefore, the correct answer is regressive taxes.

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  • 14. 

    Which of the following programs falls under the mandatory spending of the federal government

    • A.

      Social Security

    • B.

      Medicare

    • C.

      Medicaid

    • D.

      Veterans benefits

    • E.

      All options

    Correct Answer
    E. All options
    Explanation
    All of the options listed (Social Security, Medicare, Medicaid, and Veterans benefits) fall under the mandatory spending of the federal government. Mandatory spending refers to government expenditures that are required by law and are not subject to annual appropriations. These programs are considered mandatory because they provide essential benefits and services to specific populations, such as retirees, individuals with disabilities, low-income individuals, and veterans. The federal government is obligated to fund these programs based on eligibility criteria and legal requirements, regardless of the annual budgeting process.

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  • 15. 

    Why is Social Security spending not shown in this graph?

    • A.

      Because their is no government spending on social security

    • B.

      Because social security is a mandatory spending program, not discretionary.

    • C.

      Because the graph shows spending at state level and not the federal level

    • D.

      Because discretionary spending is a a state level budget not a federal level budget item.

    Correct Answer
    B. Because social security is a mandatory spending program, not discretionary.
    Explanation
    The correct answer is that social security spending is not shown in the graph because it is a mandatory spending program, not discretionary. Mandatory spending refers to government spending that is required by law and cannot be easily changed or eliminated. Social security falls under this category as it is a program that provides financial support to retired and disabled individuals. Discretionary spending, on the other hand, refers to government spending that is optional and can be adjusted each year. Since social security is not discretionary, it is not included in the graph that shows discretionary spending at the state level.

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  • 16. 

    What is the largest discretionary spending program?

    • A.

      Social security

    • B.

      Defense

    • C.

      Education

    • D.

      Environment

    Correct Answer
    B. Defense
    Explanation
    Defense is the largest discretionary spending program because it encompasses the budget allocated for military activities, including personnel, equipment, and operations. This category includes funding for the Army, Navy, Air Force, and Marine Corps, as well as defense agencies and programs. Social security, education, and environment, on the other hand, are not discretionary spending programs as they are considered mandatory or non-discretionary spending.

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  • 17. 

    Read the hand out and answer the following question: What form of revenue did the U.S. government rely on in the early stages of United States history?

    • A.

      Income tax

    • B.

      Taxes on imports

    • C.

      Corporate taxes

    • D.

      Gift taxes

    Correct Answer
    B. Taxes on imports
    Explanation
    In the early stages of United States history, the U.S. government relied on taxes on imports as a form of revenue. This means that the government imposed taxes on goods and products that were brought into the country from other nations. This revenue source was significant because it allowed the government to generate funds for various expenses and investments without burdening its citizens directly through income tax or corporate taxes. Additionally, taxes on imports also served as a way to protect domestic industries and promote economic growth by making foreign goods more expensive in comparison.

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  • 18. 

    Read the hand out and answer the following question: When did the United States begin to impose the income tax for the FIRST time?

    • A.

      1890

    • B.

      1872

    • C.

      1913

    • D.

      During the Civil War

    Correct Answer
    D. During the Civil War
    Explanation
    During the Civil War, the United States began to impose the income tax for the first time. This was a response to the financial strain caused by the war, as the government needed additional revenue to fund its military efforts. The income tax was seen as a way to generate funds from those who could afford it the most, and it was initially implemented as a temporary measure. However, it laid the foundation for the modern income tax system that we have today.

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  • 19. 

    According to the fiscal cliff compromise, who does the government consider to be wealthy?

    • A.

      Individuals who own mansions and luxury vehicles.

    • B.

      Individuals who earn more than $1,000,000

    • C.

      Individuals who earn more than $250,000

    • D.

      Individuals who earn more than $400,000

    Correct Answer
    D. Individuals who earn more than $400,000
    Explanation
    According to the fiscal cliff compromise, the government considers individuals who earn more than $400,000 to be wealthy.

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  • 20. 

    What would have happened on January 2nd if the fiscal cliff compromise was not reached?

    • A.

      Taxes would have gone up on the wealthy only.

    • B.

      Spending cuts would have been made to major government programs.

    • C.

      Spending increases would have been made to government programs and taxes would have gone up on all taxpayers.

    • D.

      Taxes would have gone up on everybody and spending cuts would have been made to major government programs.

    Correct Answer
    D. Taxes would have gone up on everybody and spending cuts would have been made to major government programs.
    Explanation
    If the fiscal cliff compromise was not reached on January 2nd, taxes would have increased for everyone and there would have been spending cuts to major government programs. This means that not only the wealthy, but all taxpayers would have experienced higher taxes. Additionally, major government programs would have faced cuts in their funding.

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  • 21. 

    When economists analyze taxation, which of the followin is not a key characteristic of what they would consider a "good" tax?

    • A.

      Equity

    • B.

      Efficiency

    • C.

      Progressiveness

    • D.

      Simplicity

    Correct Answer
    C. Progressiveness
    Explanation
    Progressiveness is not considered a key characteristic of a "good" tax by economists. Progressiveness refers to the concept of taxing individuals with higher incomes at a higher rate, while taxing individuals with lower incomes at a lower rate. While progressiveness can be seen as a way to promote income redistribution and reduce income inequality, economists may argue that it can also create disincentives for individuals to earn higher incomes and can be administratively complex. Therefore, economists may prioritize equity, efficiency, and simplicity as key characteristics of a "good" tax system.

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  • 22. 

    What is the main tax base for the City of Perry and Dallas County?

    • A.

      Income taxes

    • B.

      Sales taxes

    • C.

      Property taxes

    • D.

      Estate taxes

    Correct Answer
    C. Property taxes
    Explanation
    The main tax base for the City of Perry and Dallas County is property taxes. Property taxes are levied on real estate and other properties owned by individuals and businesses within the jurisdiction. These taxes are a significant source of revenue for local governments and are used to fund various public services and infrastructure projects. Unlike income taxes, sales taxes, and estate taxes, property taxes are directly tied to the value of the property and are assessed annually.

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  • 23. 

    The Internal Revenue Service (IRS) is the government's agency in charge of tax collection.  What tax is the cartoonist referring to in this cartoon?

    • A.

      Gift tax

    • B.

      Income tax

    • C.

      Social Security

    • D.

      Medicare

    • E.

      Medicaid

    • F.

      Estate tax

    • G.

      Sales tax

    • H.

      Hospital tax

    • I.

      Mortgage tax

    Correct Answer
    F. Estate tax
    Explanation
    The cartoon is referring to the estate tax. The estate tax is a tax imposed on the transfer of the estate of a deceased person. It is based on the value of the estate and is paid by the estate before any distribution is made to the beneficiaries. The cartoonist is likely highlighting the perceived burden or impact of the estate tax in a humorous or critical way.

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  • 24. 

    Which of the following is NOT an entitlement program?

    • A.

      Social Security

    • B.

      Medicaid

    • C.

      Unemployment benefits

    • D.

      Military defense

    Correct Answer
    D. Military defense
    Explanation
    Military defense is not considered an entitlement program because it is not a benefit or service provided to individuals based on eligibility criteria. Entitlement programs, such as Social Security, Medicaid, and unemployment benefits, are government programs that provide specific benefits or services to individuals who meet certain criteria, such as age, income level, or employment status. Military defense, on the other hand, refers to the protection and security of a country and its citizens, which is funded through the defense budget and is not provided as a direct benefit to individuals.

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  • 25. 

    Under the current social security system, both the employer and the employee contribute and the worker's social security account.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Under the current social security system, both the employer and the employee contribute to the worker's social security account. This means that both parties are responsible for making contributions towards the worker's social security benefits, such as retirement, disability, and healthcare. This system is designed to provide financial support and security for workers throughout their lives, ensuring that they have access to essential benefits when they need them.

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  • 26. 

    Which of the following programs benefits low income families, the elderly in nursing homes, and people with disabilities?

    • A.

      Social Security

    • B.

      Medicare

    • C.

      Medicaid

    • D.

      Unemployment insurance

    Correct Answer
    C. Medicaid
    Explanation
    Medicaid is a government program that provides healthcare coverage to low-income families, the elderly in nursing homes, and people with disabilities. It helps these vulnerable populations access necessary medical services and treatments that they may not be able to afford otherwise. Medicaid aims to ensure that everyone has access to essential healthcare services, regardless of their income or health condition. This program plays a crucial role in improving the health outcomes and quality of life for these individuals.

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  • 27. 

    On which of the following does the federal government spend the most amount of money each year?

    • A.

      Social Security

    • B.

      Mandatory Spending

    • C.

      Discretionary Spending

    • D.

      Defense spending

    Correct Answer
    B. Mandatory Spending
    Explanation
    Mandatory spending refers to government expenditures that are required by law and cannot be changed without changing the legislation. This includes programs such as Social Security, Medicare, and Medicaid. These programs are entitlement programs that provide benefits to eligible individuals, and they make up a significant portion of the federal budget. Therefore, the federal government spends the most amount of money each year on mandatory spending, including Social Security.

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  • 28. 

    What challenges do entitlement programs present?

    • A.

      They are growing more and more expensive each year as the baby boomers age.

    • B.

      They are very difficult to adjust because the benefits are mandatory to those who qualify.

    • C.

      There is no consensus (agreeement) on which solution to use to face the challenges that entitlement programs are facing.

    • D.

      All options

    Correct Answer
    D. All options
    Explanation
    Entitlement programs present challenges due to their increasing costs as the baby boomers age. These programs are difficult to adjust because the benefits are mandatory for those who qualify. Additionally, there is no consensus on the best solution to address the challenges faced by entitlement programs. Therefore, all the given options accurately describe the challenges posed by entitlement programs.

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  • 29. 

    Income taxes on empolyees are paid to both the federal and state governments. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Income taxes on employees are indeed paid to both the federal and state governments. This is because the federal government and state governments have the authority to impose income taxes on individuals. The federal income tax is a tax levied by the federal government on the income of individuals, while state income taxes are imposed by individual states on the income earned within their jurisdiction. Therefore, it is true that income taxes on employees are paid to both the federal and state governments.

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  • 30. 

    The fiscal cliff compromise ended the debate on which government programs will be seeing budget cuts this year.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The fiscal cliff compromise did not end the debate on which government programs will be seeing budget cuts this year. The compromise only delayed the decision on spending cuts and tax increases, leaving the debate ongoing. Therefore, the statement is false.

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  • 31. 

    The national deficit is the total amount of money that the U.S. government owes to investors from around the world.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The explanation for the answer "False" is that the national deficit is not the total amount of money that the U.S. government owes to investors from around the world. The national deficit refers to the difference between the government's expenditures and its revenue in a given fiscal year. It represents the amount of money that the government has borrowed to cover its expenses, whether from investors, domestic sources, or other means. The national debt, on the other hand, is the total amount of money that the government owes to all its creditors, including investors from around the world.

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  • 32. 

    Who is more likely to qualify as a head of household on an income tax?

    • A.

      A single man with two kids who live with their mom.

    • B.

      A single dad with two kids who live with him.

    • C.

      A married father of two who works but has wife that stays at home.

    • D.

      A single mom that has two kids that live with her but does not pay for their expenses.

    Correct Answer
    B. A single dad with two kids who live with him.
    Explanation
    The correct answer is a single dad with two kids who live with him. In order to qualify as a head of household on an income tax, an individual must meet certain criteria. They must be unmarried or considered unmarried for the tax year, they must have paid more than half the cost of keeping up a home for themselves and a qualifying person (such as a child), and the qualifying person must have lived with them for more than half the year. In this scenario, the single dad meets all of these criteria as he is unmarried, pays for the home, and the children live with him.

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  • 33. 

    On a W-4 form, the higher the number of excemptions the more taxes are taken out of withholding from each paycheck.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because the higher the number of exemptions on a W-4 form, the less taxes are taken out of withholding from each paycheck. This is because claiming more exemptions reduces the amount of income that is subject to withholding, resulting in a lower tax withholding amount.

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  • 34. 

    The W-4 is___________?

    • A.

      Lubricant that mechanics use on engines.

    • B.

      A tax form used to protest the valuation of your home to the county tax assessor.

    • C.

      A tax form that shows the number of excemptions that you are taking.

    • D.

      None of the options

    Correct Answer
    C. A tax form that shows the number of excemptions that you are taking.
    Explanation
    The correct answer is a tax form that shows the number of exemptions that you are taking. The W-4 form is used by employees to indicate how much federal income tax should be withheld from their paychecks. It allows individuals to claim allowances or exemptions based on their personal and financial situation, which affects the amount of tax withheld. By accurately completing the W-4 form, individuals can ensure that the correct amount of tax is withheld throughout the year, avoiding any underpayment or overpayment of taxes.

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  • 35. 

    Which person is more likely to pay the highest income tax in 2014?

    • A.

      A person who files their taxes as a head of household, is claiming 1 child on their taxes and makes $33,000 a year.

    • B.

      A married couple that has 3 children are filling together, and make a combined income of $500,000

    • C.

      A person who dies and leaves $500,000 to their children.

    • D.

      A single father of 5 who files as head of household and earns $350,000 a year.

    Correct Answer
    B. A married couple that has 3 children are filling together, and make a combined income of $500,000
    Explanation
    The married couple with 3 children and a combined income of $500,000 is more likely to pay the highest income tax in 2014. This is because higher incomes are typically subject to higher tax rates, and the combined income of $500,000 is significantly higher than the other options provided. Additionally, having 3 children may provide some tax deductions or credits, but it is unlikely to offset the higher tax liability resulting from the higher income.

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  • 36. 

    Property taxes are which of the following?

    • A.

      Federal Taxes

    • B.

      Local taxes

    • C.

      Both

    • D.

      Neither

    Correct Answer
    B. Local taxes
    Explanation
    Property taxes are considered local taxes. These taxes are imposed by local governments, such as municipalities or counties, on the value of real estate properties owned by individuals or businesses within their jurisdiction. The revenue generated from property taxes is used to fund local services and infrastructure, such as schools, roads, and public safety. Unlike federal taxes, property taxes are specific to a particular locality and vary based on the assessed value of the property. Therefore, the correct answer is local taxes.

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  • 37. 

    Property taxes are charged based on what?

    • A.

      What it cost you to buy the home

    • B.

      What the government says your home is valued at

    • C.

      What you think your home is valued at

    • D.

      What you can sell the home for.

    Correct Answer
    B. What the government says your home is valued at
    Explanation
    Property taxes are charged based on what the government says your home is valued at. This means that the government determines the assessed value of your property, which is often based on factors such as the size, location, and condition of the home. The property tax amount is then calculated based on this assessed value, and homeowners are required to pay taxes accordingly. This system ensures that property taxes are fair and consistent across different properties within a jurisdiction.

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  • 38. 

    The sales tax is_____

    • A.

      Federal

    • B.

      State

    • C.

      Both

    • D.

      Neither

    Correct Answer
    B. State
    Explanation
    The correct answer is "State" because sales tax is a tax imposed by the state government on the sale of goods and services within a particular state. It is not imposed by the federal government, making the options "Federal" and "Both" incorrect. The option "Neither" is also incorrect as sales tax is imposed by at least one level of government, which is the state in this case.

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  • 39. 

    The estate tax is

    • A.

      Federal

    • B.

      Local

    • C.

      Both

    • D.

      Neither

    Correct Answer
    A. Federal
    Explanation
    The correct answer is Federal because the estate tax is a tax imposed by the federal government on the transfer of property upon a person's death. It is not imposed by local governments, both federal and local governments, or neither federal nor local governments.

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  • 40. 

    Social security is a government program for which group of people?

    • A.

      Elderly retired

    • B.

      Disabled

    • C.

      Survivors of dead parents

    • D.

      All of the options

    Correct Answer
    D. All of the options
    Explanation
    Social security is a government program that provides financial support to various groups of people. It includes benefits for the elderly retired, disabled individuals, and survivors of deceased parents. Therefore, the correct answer is "All of the options" as social security encompasses all these groups.

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  • Feb 04, 2024
    Quiz Edited by
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