Reference no: EM131757784

• 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