Chapter 9 Practice Test Multiple Choice Identify the choice that best completes the statement or answers the question.
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1 Chapter 9 Practice Test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The authority to levy a federal tax comes from a. the Fifth Amendment. c. an act of Congress. b. the Sixteenth Amendment. d. the Bill of Rights. Tax Burden and Social Security Benefits for Selected Countries (% of GDP) 2. Which country shown on the graph provides the smallest amount of Social Security benefits as a percentage of GDP? a. Sweden c. United Kingdom b. Norway d. United States 3. Types of Taxes Type of tax Income of $10,000 Income of $100,000 Summary Proportional (City tax) $97.50 or 0.975% of $ or 0.975% of As goes up, the percentage of paid in taxes stays the Progressive (Federal tax) Regressive (State sales tax) $1,000 paid in taxes, or 10% of total $5,000 in food and clothing purchases, taxed at 4% for a total tax of $200 or 2% of $25,000 paid in taxes, or 25% of total $20,000 in food and clothing purchases, taxed at 4% for total tax of $800 or 0.8% of same. As goes up, the percentage of paid in taxes goes up. As goes up, the percentage of paid in taxes goes down. Medicare tax is 1.45 percent of, with no limit on the amount of taxed. This is an example of which type of tax? a. state sales tax c. progressive tax b. proportional tax d. regressive tax 4. The incidence of a tax a. is a benefit tax. b. refers to those who bear the final burden of taxation. c. is a special tax on individuals with high. d. is a tax paid by self-employed workers. 5. FICA includes taxes to pay for a. Social Security and Medicare. b. Social Security and unemployment. c. unemployment and Medicare. d. Medicare and worker's compensation.
2 6. The Taxpayer Relief Act of 1997 a. increased capital gains taxes. b. eliminated tax credits for families with children. c. changed marginal tax brackets to favor families. d. did little to benefit wage earners in the lowest 20 percent. 7. Based on the graph, the total government receipts per capita for 2001 were a. 30 times greater than in c. 30 times greater than in b. 3 times greater than in d. 3 times greater than in Based on the chart, what source of federal government revenue increased the most from 1956 to 2004? a. social insurance taxes c. corporate taxes b. excise taxes d. individual taxes
3 9. In panel B of the graph, how much of the cost of the tax did the producer pass on to the consumer? a. 90 cents c. $15.90 b. 10 cents d. $ If the amount on Form 1040, line 39, is over... Tax Table for Single Individuals 2002 but not over... enter on Form 1040, line 40 of the amount over... $0 $6, % $0 $6,000 $27,050 $ % $6,000 $27,050 $65,550 $3, % $27,050 $65,550 $136,750 $14, % $65,550 $136,750 $297,300 $35, % $136,750 $297, $92, % $297,300 Source: Schedule X, IRS Individual Tax Table. What type of tax does the tax table in the illustration represent? a. flat c. regressive b. progressive d. proportional Iowa residents can take solace in knowing that they ll likely help the state with its budget crunch if President Bush cuts federal taxes. Iowa s softening economy has left state government revenue stagnant, a problem caused by a lack of spending by Iowans. Sales-tax receipts have barely bumped up from last year, and it s coming back to hit the state budget. In Iowa, residents get to deduct their federal taxes from their state taxes. So if the federal government saves Iowans $1 billion in taxes, that s $1 billion that the state will get to tax. Source: Federal Tax Cut Could Bolster State Revenues, The Omaha World-Herald, February 9, According to the passage, how will a cut in federal taxes help the Iowa state budget crunch? a. The state can tax more of residents. b. The federal government will grant more money for state programs. c. Iowans will have more money to donate to state projects. d. Iowans will be able to deduct more from their state taxes.
4 12. Summarize what the cartoonist is saying in this cartoon. a. Taxes are so high that they are reducing people to poverty. b. The Internal Revenue Service is not treating people fairly. c. The Internal Revenue Service is insensitive to the needs of the poor. d. People should not have to pay taxes. Chapter 9 Practice Test Answer Section 1. ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: D PTS: 1 DIF: Easy REF: Learn more about this question in Economics Principles and Practices, pages ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, pages ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: A PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: D PTS: 1 DIF: Challenging REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: A PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, pages ANS: A PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, pages ANS: A PTS: 1 DIF: Easy REF: Learn more about this question in Economics Principles and Practices, pages ANS: A PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, pages
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1. A is a tax system which has higher tax rates on people with lower incomes.
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