Question: What is the purpose of taxation?

Answer: To provide government revenues

Question: Which is an example of a tax on wealth?

Answer: Real Estate Tax

Question: Which kind of tax is a sales tax?

Answer: Consumption tax

Question: What is the purpose of payroll taxes?

Answer: To pay for specific social programs

Question: Which is an example of a property tax?

Answer: 0.5 percent charged on the value of a home

Question: What is a progressive tax?

Answer: A tax that charges more for higher incomes

Question: Which is the effect of an import tariff charged on a particular good?

Answer: The price paid by consumers is increased.

Question: Which is the purpose of a revenue tariff?

Answer: To earn money for the government.

Question: Which organization attempts to promote free trade around the world?

Answer: World Trade Organization (WTO)

Question: What is the difference between a tax and a tariff?

Answer: Taxes are paid on domestic economic activity while tariffs are paid on international trade