You should know the following for Tuesday's quiz:
- What are two major sources of funding for the US government? What is the biggest source of revenue for the government?
- Name and define the different types of taxes
- What is a progressive tax system?
- What is the name of the government agency that collects taxes? When are taxes due? What is an audit?
- What are the two purposes of custom duties?
- What is a deficit? What is the debt?
- What is the responsibility of the OMB? CBO?
- What are entitlements?
- What is the Federal Reserve?
- What is monetary policy? What is fiscal policy? What methods does each suggest for slowing economic growth? What methods does each suggest for encouraging economic growth?