The Members of the Board of Governors of the Fed

question 112

Multiple Choice

The members of the Board of Governors of the Fed are

• A)elected by the member banks
• B)chosen by the state governors
• C)elected for seven year terms
• D)all replaced after each Presidential election
• E)selected by the President with the approval of the Senate

Understand the ability-to-pay principle of taxation and distinguish it from other taxation principles.

Explain the concept of economic income and how it is calculated.

Identify and understand the concepts of horizontal and vertical equity in taxation.

Describe how the benefits-received principle of taxation works and compare it to the ability-to-pay principle.

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Definitions:

Patterns Of Behavior

Recurring actions or reactions that are characteristic of an individual, group, or system, often forming a predictable mode of functioning.

No Child Left Behind

A U.S. Act passed in 2001 aimed at improving educational outcomes by increasing standards and accountability for schools.

Academic Accountability

The responsibility of educators and institutions to ensure that students meet certain educational standards.

Constructivist Classroom

An educational approach that emphasizes active learning, where students build new understandings based on their experiences and prior knowledge.