• A government's budget deficit or surplus is the difference between what it spends and what it collects in taxes in a year.
A) True
B) False
• When the federal government runs a budget deficit, it is possible for current taxpayers to pass the tax burden to future generations.
A) True
B) False
• In the United States, corporate profits are taxed twice.
A) True
B) False
• In the United States, corporate profits are taxed twice.
A) True
B) False
• In the United States, IRA, 401(k), 403(b), and Keogh plans are taxed twice.
A) True
B) False