Chapter 16 Government Test 1

What is IMB?

international business machines

What does it mean to think?

to connect things accurately

What is the lowest form of learning?

memorization

1st populated city

Newark

2nd populated city

Jersey City

3rd populated city

paterson

What is the population of the US?

335 million

What is the population of the world?

8 billion

What is the average wage per year?

$18,000

What is the average wage per day?

$75

What is maximizing the use of scarce/limited resources?

economics

What is using something not for itself but to make more?

capital

What is the action of putting capital into more capital?

investment

What is it when you use something for its own sake?

consumption

What is the median household income in the US?

$60,000

What is the median household income in the world?

$10,000

What is the average/mean income?

$65,000

What was the first focus?

THINK

What was the second focus?

POLITICS

What was the third focus?

6 steps to interpreting a political cartoon

What is the first step to interpreting?

don’t interpret it

What is the second step to interpreting?

what do you see?

What is the third step to interpreting?

What is happening?

What is the fourth step to interpreting?

What are the words and define them?

What is the fifth step to interpreting?

What do the words and what you see have to do with what is going on?

What is the sixth step to interpreting?

Interpret it

What is interest?

the price of money

What are the five options Able has?

1. save: -5%
2. consume: 70%
3. lend
4. invest
5. combine

What is the poverty level in the US for a single person and 3 people for a year?

$12,000 and $24,000

What is the **World Poverty Level per day OR per year for a single person?**

$2 a day and $1,000 a year

What is it called when the value of money goes down and the prices of money goes up?

inflation

What is it called when the value of money goes up and the prices of money goes down?

deflation

How much does the US spend on K-12 per student?

$15,000

Which country spends the least per student?

Mexico

Where does the US rank in Math compared to the rest of the world? 

39

Where does the US rank in Science compared to the rest of the world?

18

Where does the US rank in total?

25

What is rule #1 of politics?

make as many people happy as possible; displease no one

Which country spends the most for education and poverty?

US

Which country in total spent the least for education and poverty?

Finland

Which country is the most populated?

China

What is the most populated state?

New Jersey

What is the 3rd most populated country?

USA

Which country is #1 in average of Math and Science?

China

How much is half a trillion?

500 billion

What is SQ3R?

Skim, Questions, Read, Recite, Review

What is it called when the federal government spends?

expenditures

What does expenditures equal?

outlays

What is the title of 16.1?

Taxes and Other Revenue

What is the title of 16.2?

Borrowing and the Public Debt

What is the title of 16.3

Spending and the Budget

What is the title of 16.4?

Fiscal and Monetary Policy

What is the title of chapter 16?

financing government

What comes after trillion?

quadrillion

“Neither a ___ nor a lender be.”

borrower

Who has the power to tax?

congress

What is it when you spend more than you take in?

deficit

What is it when you take in more than you spend?

surplus

What is the national debt of the US?

$31 trillion

What is it when the government borrows to support increased spending and raising unemployment rate?

demand-side economics

What is it when tax cuts increase the supply of money in private hands and so stimulate the economy; also called lower taxes?

supply-side economics

Besides the US, what are the top countries countries to whom the US owes the most DEBT? 

China, Japan, and Brazil

What is the name for the total outstanding indebtedness?

public debt

What is our deficit for one year?

$1.4 trillion

What is the largest spender/entitlement?

OASDI

What is the largest federal revenue tax?

Federal Individual Income Tax

What is the tax that charges for death? It basically calculates the worth of that person.

Estate tax

What tax is the money given from someone’s will to someone?

Inheritance tax

What is the tax where someone gets charged 50% after receiving a gift from a living person?

Gift tax

What is the tax for not the cost of selling something but the cost for making it?

Excise tax

What are the four expressed limits for taxes?

1. Taxes can only be implied on public policies
2. No taxes on export
3. Indirect taxes must be distributed
4. Direct taxes must be distributed

What does it mean to levy?

to charge

What is the policy used to raise and spend money and is an influence on the nation’s economy?

fiscal policy

What is the amendment for income taxes?

16th Amendment

What is the name for the fish thieves?

Bongobians

What did the islanders do to protect the island?

they created a navy

What is the title of fish economics chapter 1?

an idea is born

What is the title of fish economics chapter 2?

sharing the wealth

What is the chapter for fish economics chapter 3?

the many uses of credit

What is the chapter for fish economics chapter 4?

economic expansion

What is the chapter for fish economics chapter 5?

prosperity loves company

What is the chapter for fish economics chapter 6?

put it in the vault

What is the chapter for fish economics chapter 8?

a republic is born

What is the chapter for fish economics chapter 9?

government gets creative

What are the notes called that were created in the fish economics?

fish reserve notes

“Never let a ___ go to waste”

crisis

What fake item was made in the fish economics book?

fake fish

How much gold today can we get for a dollar?

no gold

How much is the dollar actually worth today?

5 cents

What is the percent/cents for OASDI?

25

What is the percent/cents for medicare?

15

What is the percent/cents for medicaid?

14

What is the percent/cents for the federal welfare and unemployment?

16

What is the percent/cents for defense?

15

What is the percent/cents for interest in debt?

9

What is the percent/cents for education?

1

What is the percent/cents for veterans?

2

What is the percent/cents for national parks and transportation?

1

What is the percent/cents for foreign aid?

1

What is the percent/cents for other?

1