Question

HELP ME OUT GUYS PLEASE, THIS IS DUE IN AN HOUR!!!

1.) The majority of the U.S. government's income comes from:

A.) interest on loans.

B.) the sale of government bonds.

C.) estate taxes.

D.) None of these choices are correct.

2.) The term customs duties refers to taxes paid on:

A.) personal income.

B.) products imported from other countries.

C.) gifts.

D.) home loans.

3.) Which of the following statements about grants is true?

A.)Grants have to be paid back within 12 months.

B.) Grants are given to help state and local governments pay for roads and education.

C.) Grants are used to fund Social Security programs.

D.) All of these choices are correct.

4.) The four main areas on which the U.S. government spends money are:

A.) payments to individuals, national defense, net interest, and grants.

B.) minimum wage payments, bond interest, national defense, and housing.

C.) net interest, military housing, entertainment, and food.

D.) minimum wage payments, entertainment, national defense, and grants.

5.) The ability-to-pay principle argues that:

A.) all individuals should pay the same amount of taxes.

B.) lower income individuals should pay less taxes than higher income individuals.

C.) people should be charged loan interest based on their incomes.

D.) None of these choices are correct.

6.) The U.S. government spends the least amount of money on:

A.) disability payments.

B.) retirement payments.

C.) health care payments.

D.) public transportation.

Answer 1

1. D

The US government's income primarily comes from individual income tax.

2. B

Customs Duty is a tariff on imports.

3. B

Grants do not have to be paid back, and Social Security programs have trust funds.

4. A

5. B

Each tax bracket pays x amount of taxes depending on their income.

6. D