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Economics > 1144 THE FINAL SOCIAL STUDIES PACE Q&B > Flashcards

1144 THE FINAL SOCIAL STUDIES PACE Q&B Flashcards

1
Q

The FED is a ______________, ___________ organization

A

semiautonomous, privately owned

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2
Q

The FED is not an ________ of the government.

A

integral part

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3
Q

The FED is, in practice an ________ of the government

A

agency

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4
Q

The FED is the primary controller of the __________ of the U.S.

A

financial affairs

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5
Q

The FED is supervised by a ____________ appointed by the President

A

Board of Governors

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6
Q

The FED is ______ than most government agencies

A

more independent

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7
Q

The FED includes a 7 member Board of Governors who cannot be removed from office or ____________

A

reappointed for additional terms

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8
Q

FED

A

Federal Reserve System

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9
Q

The FED conducts ____________

A

conducts monetary policy

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10
Q

The FED supervises and regulates __________

A

financial institutions

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11
Q

The FED serves as a _______ of last resort to financial institutions

A

lender

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12
Q

The FED issues ________

A

coins and currency

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13
Q

The FED provides ___________ to the U.S. government

A

banking services

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14
Q

The FED is operationally _________

A

independent

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15
Q

The FED ________ on Congress for its funds

A

does not depend

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16
Q

The FOMC is the chief policy-making body of the ____

A

FED

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17
Q

The FOMC is composed of the 7 members of the Board of Governors and 5 __________________

A

Federal Reserve bank presidents

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18
Q

The federal budget is an integral part of government ____________

A

fiscal policy

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19
Q

The federal budget is a plan for government __________

A

borrowing

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20
Q

The federal budget is a plan for paying for ________

A

government activities

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21
Q

The federal budget is a plan for spending _________

A

federal revenues

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22
Q

The federal budget is a _____________ of government spending

A

historical record

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23
Q

The most important function performed by the Fed

A

conducting monetary policy

24
Q

__________ the reserve requirement slows the economy

A

Increasing

25
Q

to decrease the money supply, the Fed sells ____________ on the open market

A

government securities

26
Q

One of the primary services the Fed performs for commercial banks is

A

check clearing

27
Q

During the Great Depression, Keynesian economists advocated decreasing _______ and increasing ________________ to motivate people to spend more

A

taxes

government spending

28
Q

The ___________ permits the government to collect income taxes

A

16th amendment

29
Q

____________ taxes are the fastest-growing source of federal revenue

A

social insurance payroll taxes

30
Q

progressive

A

higher for higher income

31
Q

proportional

A

equal

32
Q

regressive

A

smaller % of higher income

33
Q

The government may or may not receive revenues for _________, which are payments made to individuals through various services such as SS, unemployment benefits, welfare programs, and farm subsidiaries

A

transfer payments

34
Q

Until after WW2, government deficits resulted only from _____________

A

recessions or wars

35
Q

Both Keynesian and classical suppy-side economic policies ___________

A

increased the deficit

36
Q

When government borrows money in the private markets, interest rates tend to _______

A

rise

37
Q

Deficits increase the federal debt and the government’s obligation to pay _________

A

interest

38
Q

Interest payments increase the amount the government must collect in ______ or decrease the amount it has available for other purposes

A

taxes

39
Q

When the federal debt reaches its legal limit,

A

the government can no longer borrow money

the President and Congress can enact legislation to increase the limit

40
Q

The fact that _________________ is one of the ways in which government debt differs from individual debt.

A

government debt is continuous

41
Q

The SS system was introduced as part of Franklin D. Roosevelt’s _______ program

A

New Deal

42
Q

SS benefits are based on ___________ over a maximum of ____ years

A

average earnings

35

43
Q

If a pension is __________, benefits are paid with receipts from current workers

A

unfunded

44
Q

It has been suggested that the ___________ be increased and the system be made partially funded to prevent collapse of the SS system

A

retirement age

45
Q

Government programs _________

A

assume the responsibilities of individuals
place an unfair burden on those who work
tend to weaken the family structure

46
Q

A financial plan encourages _____ and helps avoid the pitfall of spending all your time and effort in a quest for __________

A

wise spending

financial security

47
Q

A budget establishes ___________, develops a long-run __________, and prevents __________

A

economic priorities
financial plan
interpersonal conflicts

48
Q

Rent or mortgage payments and basic transportation, food and utility expenses

A

fixed

49
Q

entertainment and recreation, gifts, and clothing are

A

variable

50
Q

In the U.S, credit has increased rapidly

A

.

51
Q

Most Bible scholars believe that God’s Word requires ____________ for any loan and demands that borrowers always __________ the debt

A

collateral

repay

52
Q

Many homeowners choose to pay more than their minimum mortgage payment each month because the extra money is applied to the principal balance and ___________

A

reduces the amount of interest they must pay

53
Q

Steps to saving money include reducing expenditures and setting aside _________

A

a specific amount of money each month or each payday

54
Q

An ____________ is an individual’s pension plan at a bank or other financial institution

A

individual retirement account

55
Q

Investors in a Roth IRA pay _______ on their IRA deposits but pay no tax on the accumulated interest after they retire

A

income tax

56
Q

Our ____________ has no bearing on our status with God

A

economic status

Economics (12 decks)

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