CHAPTER 13 Finance and Fiscal Policy

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CHAPTER 13 - Finance and Fiscal Policy
Multiple Choice
1. Government decisions regarding revenues, expenditures, and borrowing are referred to as
a. monetary policy.
b. foreign policy.
c. banking policy.
d. fiscal policy.
ANSWER:
REFERENCES:
464
LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1
NOTES:
conceptual
2. Texas has generally resisted using all of the following to balance the budget, except
Cengage Learning Testing, Powered by Cognero
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a. enacting a state income tax.
b. increasing various state taxes.
c. reducing agency funding.
d. borrowing from the rainy day

fund.
ANSWER:
REFERENCES:
465
NOTES:
applied
3. The traditional Texas fiscal policy is the achievement of a balanced budget through
a. low taxes and low levels of public

spending.
b. high taxes and low public spending.
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c. high taxes and high public spending.
d. low taxes and high public spending.
ANSWER:
REFERENCES:
465
NOTES:
applied
4. Most Texans have indicated in numerous polls that they prefer __________ taxation.
a. regressive
b. progressive
c. flat
d. neutral
ANSWER:
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REFERENCES:
465
NOTES:
factual
5. Taxes that are a greater burden on lower incomes and less so on higher incomes are known as
a. flat taxes.
b. progressive taxes.
c. regressive taxes.
d. nominal taxes.
ANSWER:
REFERENCES:
465
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NOTES:
factual
6. Taxes that rely more heavily on revenues from higher incomes are known as
a. flat taxes.
b. progressive taxes.
c. regressive taxes.
d. nominal taxes.
ANSWER:
REFERENCES:
465
NOTES:
factual
7. Texas has one of the most __________ state tax systems in the United States.
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a. regressive
b. progressive
c. responsible
d. expensive
ANSWER:
REFERENCES:
465
NOTES:
applied
8. Which of the following is not a source of revenue for Texas state government?
a. State income tax
b. General sales tax
c. Franchise tax
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d. Severance tax
ANSWER:
REFERENCES:
465
NOTES:
applied
9. Which group of Texans pays the most in taxes proportional to their income?
a. Middle class
b. Wealthiest 20 percent
c. Purchasers of luxury cars
d. Poorest 20 percent
ANSWER:
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REFERENCES:
465
466
NOTES:
factual
10. Most non-farm jobs in Texas are in the general area of
a. manufacturing.
b. service providing.
c. food processing.
d. local government.
ANSWER:
REFERENCES:
466
NOTES:
applied
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11. The Texas state tax mandated on the revenue of many businesses is the
a. state income tax.
b. general sales tax.
c. franchise tax.
d. severance tax.
ANSWER:
REFERENCES:
466
NOTES:
applied
12. The pay-as-you-go system means that the Texas legislature must
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a. pay its bills on time.
b. pass a surplus budget.
c. borrow to pay its bills.
d. not pass a deficit budget.
ANSWER:
REFERENCES:
467
NOTES:
conceptual
13. The fund that measures the states fiscal health is the
a. selective sales tax fund.
b. rainy day contingency

fund.
c. general revenue fund.

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d. overall lottery fund.
ANSWER:
REFERENCES:
467
NOTES:
applied
14. The fund available to the Texas legislature for general appropriations purposes is called the
a. rainy day fund.
b. general obligation fund.
c. general revenue fund.
d. sales tax revenue fund.
ANSWER:
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REFERENCES:
467
NOTES:
applied
15. More than half of the expenditures in Texas are paid from
a. federal grants-in-aid.
b. the general revenue fund.
c. dedicated funds.
d. general obligation and revenue bonds.
ANSWER:
REFERENCES:
467
468
NOTES:
factual
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16. Regarding fiscal policy, the Texas Constitution requires that the
a. legislature draft and pass an annual budget.
b. states expenditures should be within 10 percent of projected state revenues.
c. states spending should be in balance with projected state revenues.
d. governor certify that state spending is in balance with state revenues.
ANSWER:
REFERENCES:
468
NOTES:
conceptual
17. In response to pressure from small businesses, the state legislature recently
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a. reduced the franchise tax for many

businesses.
b. increased the taxes on tobacco products.
c. instituted a state income tax.
d. abolished the general sales tax.
ANSWER:
REFERENCES:
470
NOTES:
factual
18. The tax that produces the most significant amount of revenue in Texas is the
a. general sales tax.
b. selective sales tax.
c. business franchise tax.

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d. gross receipts tax.
ANSWER:
REFERENCES:
470
NOTES:
applied
19. The online retailer Amazon must collect sales taxes on items consumers purchase because
a. it has facilities in the state of Texas.
b. it uses the Internet for consumer purchases.
c. Texas is a member of the Streamlined Sales and Use Tax Governing Board.
d. the Texas Supreme Court has ordered it to do so.
ANSWER:
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REFERENCES:
471
NOTES:
applied
20. So-called sin taxes are levies placed on
a. alcohol, mixed drinks, and tobacco.
b. food, clothing, and drinks.
c. hotel and restaurant revenues.
d. hunting and fishing activities.
ANSWER:
REFERENCES:
472
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NOTES:
applied
21. The state of Texas provides workers compensation under monies collected from
a. payroll taxes.
b. severance taxes.
c. selective sales taxes.
d. general obligation bonds.
ANSWER:
REFERENCES:
473
NOTES:
factual
22. The unemployment compensation system is supported by
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a. a special sales tax.
b. an excise tax.
c. a payroll tax.
d. a severance tax.
ANSWER:
REFERENCES:
473
NOTES:
applied
23. Which of the following classes of corporations has the least business tax burden?
a. Oil companies
b. Banking companies
c. Insurance companies
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d. Public utility companies
ANSWER:
REFERENCES:
473
NOTES:
factual
24. Most taxes in Texas are administered by the
a. commissioner of insurance.
b. comptroller of public accounts.
c. secretary of the Treasury.
d. county tax assessor-collector.
ANSWER:
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REFERENCES:
474
NOTES:
applied
25. Where does Texas rank among the states in the tax burden on its citizens?
a. Near the top
b. About twentieth
c. About thirtyfifth
d. Near the bottom
ANSWER:
REFERENCES:
474
NOTES:
applied
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26. A state tax levied on a natural resource taken from the earth is the
a. franchise tax.
b. severance tax.
c. special sales tax.
d. corporate user tax.
ANSWER:
REFERENCES:
474
NOTES:
conceptual
27. If someone fails to claim their prize from the Texas Lottery within 180 days after a drawing the money is used to fund
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a. welfare programs.
b. public education.
c. gambling addiction treatment programs.
d. hospitals for indigent care.
ANSWER:
REFERENCES:
476
NOTES:
applied
28. Grants-in-aid are defined as
a. money from the federal government to the state.
b. state matching of federal funds.
c. money from private foundations to the state.

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d. federal money to states based on income tax

ratios.
ANSWER:
REFERENCES:
477
NOTES:
conceptual
29. Which state program in Texas does not receive substantial federal funding?
a. Public education
b. Highways
c. Teacher retirement
d. Public assistance
ANSWER:
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REFERENCES:
477
NOTES:
applied
30. As a result of a lawsuit filed by the State of Texas over tobacco related illnesses, the American tobacco industry must
pay
a. $25 million in damages.
b. $18 billion in damages.
c. $100 million in damages.
d. $233 million in damages.
ANSWER:
REFERENCES:
478

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NOTES:
factual
31. The largest share of public land revenue in Texas is derived from
a. the sale of land to private individuals.
b. the sale of timber.
c. oil lease fees and royalties.
d. recreational use fees.
ANSWER:
REFERENCES:
478
NOTES:
applied
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32. The investment of state funds is currently handled by the
a. comptroller of public accounts.
b. State Auditors Office.
c. state treasurer.
d. Legislative Budget Board.
ANSWER:
REFERENCES:
479
NOTES:
applied
33. In order for Texas to increase its bond debt, approval must be given by the
a. Texas legislature.
b. Texas governor.
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c. voters of Texas.
d. comptroller of public accounts.
ANSWER:
REFERENCES:
479
NOTES:
factual
34. A bond whose repayment is guaranteed by the full faith and credit of the state is a
a. revenue bond.
b. general obligation bond.
c. special assessment bond.
d. limited obligation bond.
ANSWER:
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REFERENCES:
479
NOTES:
conceptual
35. Texas may accrue state debt when it
a. relies on federal funding.
b. instituted a state-wide lottery system.
c. passes a supplemental budget.
d. issues general obligation or revenue bonds.
ANSWER:
REFERENCES:
479
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NOTES:
conceptual
36. Another name for the states Economic Stabilization Fund is the
a. general obligation fund.
b. pork barrel fund.
c. rainy day fund.
d. general revenue fund.
ANSWER:
REFERENCES:
480
NOTES:
factual
37. The states Economic Stabilization Fund is
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a. funded by proceeds from the state lottery.
b. used to fund local government operations.
c. used to supplement federal grants when those

decline.
d. sometimes called the rainy day fund.
ANSWER:
REFERENCES:
480
NOTES:
applied
38. The fiscal biennium in Texas begins on
a. July 1 of odd-numbered years.
b. January 1 of even-numbered years.
c. September 1 of odd-numbered years.

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d. October 1 of even-numbered years.
ANSWER:
REFERENCES:
481
NOTES:
factual
39. Unlike the federal budget, a budget passed by the Texas legislature
a. must pass both the house and Senate.
b. requires a four-fifths vote to override a veto.
c. authorizes spending for a two-year period.
d. must go to the chief executive for approval.
ANSWER:
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REFERENCES:
481
NOTES:
applied
40. Arguably the most influential budgeting organization in Texas is the
a. Treasurers Office.
b. Legislative Budget Board.
c. State Auditors Office.
d. Governors Office of Budget and Planning.
ANSWER:
REFERENCES:
481
482
NOTES:
conceptual
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41. The dual budgeting system in Texas means that both
a. revenues and expenditures are equal.
b. the house and Senate must pass the budget.
c. the comptroller and treasurer authorize spending.
d. the governor and the legislature draw up budget

proposals.
ANSWER:
REFERENCES:
482
NOTES:
applied
42. In Texas, projected revenue levels are provided to the governor and legislature by the
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a. State Auditors Office.
b. state comptroller of public accounts.
c. General Accounting Office.
d. Governors Office of Budget and Planning.
ANSWER:
REFERENCES:
467
484

PTXP.BROW.16.13.3 - LO13.3
NOTES:
factual
43. After the legislature approves a biennial budget, the governor cannot sign it until
a. the attorney general issues an opinion that all expenditures are permitted by the Texas
Constitution.
b. the lieutenant governor and the Speaker of the House vote to approve it.
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c. the Legislative Budget Board certifies that proper procedures were followed in
approving the budget.
d. the comptroller certifies the state will collect sufficient revenue to cover the
expenditures.
ANSWER:
REFERENCES:
484
NOTES:
factual
44. Approximately what percentage of state expenditures goes to all education funding in Texas?
a. 1520
percent
b. 2530
percent
c. 3540
percent
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d. 4550
percent
ANSWER:
REFERENCES:
485
NOTES:
factual
45. Approximately what percentage of state expenditures goes to Health and Human Services funding?
a. 1520
percent
b. 2530
percent
c. 3540
percent
d. 4550
percent
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ANSWER:
REFERENCES:
485
NOTES:
factual
46. The second largest single expenditure item by functional class of the Texas government is
a. debt service.
b. public elementary and secondary education.
c. public higher education.
d. public assistance.
ANSWER:
REFERENCES:
485
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NOTES:
factual
47. Most major agency purchases are made through or are supervised by the
a. Council on Competitive Government.
b. comptroller of public accounts.
c. Texas Procurement and Support Services.
d. State Auditors Office.
ANSWER:
REFERENCES:
485
NOTES:
applied
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48. Which of the following task(s) does the comptrollers office oversee?
a. Preparing the states budget
b. Issuing checks to pay state obligations
c. Appropriating lottery funds
d. Selling general obligation bonds
ANSWER:
REFERENCES:
486
NOTES:
conceptual
49. Which agency takes reservations for football tailgating on state property in Austin?
a. The Governors Office of Budget, Planning and Policy
b. The Texas Facilities Commission
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c. The office of the comptroller of public accounts
d. The Texas Higher Education Coordinating Board
ANSWER:
REFERENCES:
486
NOTES:
factual
50. State accounts are audited under the direct supervision of the
a. state comptroller.
b. state treasurer.
c. lieutenant governor.
d. state auditor.
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ANSWER:
REFERENCES:
487
NOTES:
applied
51. The state auditor is appointed by and serves at the will of the
a. Texas governor.
b. secretary of state.
c. Legislative Budget Board.
d. Legislative Audit Committee.
ANSWER:
REFERENCES:
487
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NOTES:
applied
52. Which of the following determines if state agencies have spent public funds in accordance with law?
a. The comptroller of public accounts
b. The State Auditors Office
c. The Legislative Budget Board
d. The secretary of state
ANSWER:
REFERENCES:
487
NOTES:
applied
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53. What amount of state funding for public schools is provided by the Foundation School Fund?
a. Less than 50 percent
b. Approximately 60 percent
c. Approximately 70 percent
d. More than 70 percent
ANSWER:
REFERENCES:
490
NOTES:
applied
54. The Robin Hood Plan is an attempt to equalize funding among
a. charter schools.
b. public schools.
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c. private universities.
d. public universities.
ANSWER:
REFERENCES:
490
NOTES:
conceptual
55. Which factor will increase the states outcomes-based funding to a community college?
a. An increase in enrollment
b. A decrease in tuition rates
c. An increase in the number of low-income students enrolled
d. An increase in the number of students successfully completing

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courses
ANSWER:
REFERENCES:
491
492
NOTES:
applied
56. Which area of the state is home to the newest regional comprehensive university?
a. The Rio Grande Valley
b. The Houston metropolitan area
c. The Texas Panhandle
d. The El Paso metropolitan area
ANSWER:
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REFERENCES:
494
NOTES:
factual
57. The states largest financial aid program is the
a. Teach for Texas Fund.
b. Texas Tomorrow Fund.
c. Texas Tuition Equalization Grant Program.
d. Texas Grant Program (Toward Excellence, Access, and Success).
ANSWER:
REFERENCES:
495
NOTES:
factual
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58. Parents may lock in the cost of future tuition and fees at a state university or college through
a. Teach for Texas Fund.
b. Texas Tomorrow Fund.
c. Available University Fund.
d. Texas Grant towards Excellence Fund.
ANSWER:
REFERENCES:
496
NOTES:
conceptual
59. Compared to the rest of the nation, the number of children without health insurance coverage in Texas is
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a. among the lowest.
b. about average.
c. the highest.
d. decreasing rapidly.
ANSWER:
REFERENCES:
496
NOTES:
applied
60. The program acronym CHIP stands for
a. Christian Hospital Insurance Plan.
b. Childrens Health Insurance Program.
c. Cooperative Hospital Inclusive Project.
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d. Childrens Home Improvement Protection.
ANSWER:
REFERENCES:
496
NOTES:
factual
61. The problem with denying CHIP benefits to children is that it involves
a. a reduction of federal money to the state.
b. an increase in taxes for the wealthy.
c. an increase in the states debt.
d. a reduction in hospital taxes for the needy.
ANSWER:
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REFERENCES:
497
NOTES:
conceptual
62. Which statement best characterizes the status of Texas highways?
a. Many highways are in disrepair, but there are adequate funds for their repair.
b. Large sums of money are currently needed for highway repair and maintenance.
c. It probably makes more sense to build new highways than to repair old ones.
d. The state has more than adequately maintained its highways since 1984.
ANSWER:
REFERENCES:
497
NOTES:
applied
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63. The toilet-to-tap program describes
a. the recycling of toilet water for human consumption.
b. a water conservation program for low-flow toilets.
c. a technology program that monitors home water consumption.
d. a state grant program to fund water conservation efforts.
ANSWER:
REFERENCES:
498
NOTES:
conceptual
64. According to the Texas Transportation Commission, the newest means of financing Texas highways is the use of
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a. money from the sale of bonds.
b. money collected from tolls.
c. increased gas taxes.
d. a state income tax.
ANSWER:
REFERENCES:
498
NOTES:
applied
Subjective Short Answer
65. Describe the legal mechanisms in place to keep the Texas budget balanced.
ANSWER:
Students answers may vary.
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REFERENCES:
467-468
66. Describe the states efforts to collect sales tax from online businesses.
ANSWER:
REFERENCES:
471-472
67. Explain the role of the comptroller of public accounts.
ANSWER:
REFERENCES:
474
481
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68. Explain the role of the Legislative Budget Board.
ANSWER:
REFERENCES:
481
69. Explain the states role in helping students afford a higher education.
ANSWER:
REFERENCES:
491-496
Essay
70. Texas has a regressive system of taxation. Describe the difference between progressive and regressive revenues, and
which groups in society benefit from each. Explain why you think Texas should or should not adopt a more progressive
system of taxation.
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ANSWER:
REFERENCES:
465-467
71. Identify and describe the various taxes imposed by the state of Texas to raise revenues. Identify the population that
each tax targets and an approximation of which taxes raise the most revenues.
ANSWER:
REFERENCES:
469-475
72. Identify and describe the non-tax sources of revenue on which Texas relies. What are the positive and negative aspects
of relying on these revenue sources? Which of these non-tax revenues could Texas least afford to lose, and why?
ANSWER:
REFERENCES:
475-479

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73. Describe the rules regarding government debt in Texas. Why does the government borrow when it does? Describe
both positive and negative aspects of the way that Texas handles government borrowing.
ANSWER:
REFERENCES:
479-480
74. Describe the procedure for developing and approving a state budget in Texas. Include the roles played by those
involved from both the executive and legislative branches. What are the positive and negative aspects of using a two-year
budget cycle?
ANSWER:
REFERENCES:
480-487

PTXP.BROW.16.13.3 - LO13.3
75. What is the purpose of the Economic Stabilization Fund in Texas? Describe how it was created and is utilized.
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ANSWER:
REFERENCES:
480
76. Describe the system of public school (K-12) funding in Texas. Why is unequal funding such a problem for public
schools? Evaluate the Robin Hood plan for funding equalization.
ANSWER:
REFERENCES:
487-491
77. Describe the system of higher education funding at Texas colleges and universities. Explain how funding for
community colleges differs from that of four-year institutions. Identify some of the controversies surrounding higher
education funding.
ANSWER:
REFERENCES:
491-496
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78. Describe the system of public assistance in Texas, particularly as it applies to health care. Should the state of Texas
make Health and Human Services for children more of a priority? Why or why not?
ANSWER:
REFERENCES:
496-497
79. Describe the history of highway funding in Texas. Identify problems associated with the current system and possible
solutions. Should more funding in Texas go to public transportation? Why or why not?
ANSWER:
REFERENCES:
497-498
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CHAPTER 13 Finance and Fiscal Policy

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CHAPTER 13 - Finance and Fiscal Policy

1. Government decisions regarding revenues, expenditures, and borrowing are referred to as

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

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CHAPTER 13 - Finance and Fiscal Policy

a. enacting a state income tax.

b. increasing various state taxes.

c. reducing agency funding.

d. borrowing from the rainy day

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

a. low taxes and low levels of public

b. high taxes and low public spending.

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CHAPTER 13 - Finance and Fiscal Policy

c. high taxes and high public spending.

d. low taxes and high public spending.

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

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CHAPTER 13 - Finance and Fiscal Policy

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

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CHAPTER 13 - Finance and Fiscal Policy

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

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CHAPTER 13 - Finance and Fiscal Policy

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

a. State income tax

b. General sales tax

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CHAPTER 13 - Finance and Fiscal Policy

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

c. Purchasers of luxury cars

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CHAPTER 13 - Finance and Fiscal Policy

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

10. Most non-farm jobs in Texas are in the general area of

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

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CHAPTER 13 - Finance and Fiscal Policy

a. state income tax.

b. general sales tax.

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

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CHAPTER 13 - Finance and Fiscal Policy

a. pay its bills on time.

b. pass a surplus budget.

c. borrow to pay its bills.

d. not pass a deficit budget.

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

a. selective sales tax fund.

b. rainy day contingency

c. general revenue fund.

CHAPTER 13 - Finance and Fiscal Policy

d. overall lottery fund.

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1

a. rainy day fund.

b. general obligation fund.

c. general revenue fund.

d. sales tax revenue fund.

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CHAPTER 13 - Finance and Fiscal Policy

LEARNING OBJECTIVES: PTXP.BROW.16.13.1 - LO13.1