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31) Which of the following is NOT a function of the federal government? A) collecting property taxes B) making social security and welfare payments C) making transfers to state and local governments D) providing public goods and services E) imposing a personal income tax. 32) Of the following, the largest single component of U.S. federal government expenditures is spent on A) interest paid on the national debt. B) Medicare and Medicaid. C) national defense. D) purchases of goods and services for purposes other than national defense. E) transfers to state and local governments. 33) The largest component of federal government spending is for A) national defense. B) Medicare and Medicaid. C) education. D) prisons. E) interest on the national debt. 34) Of the following, the federal government obtains most revenue from A) excise taxes. B) sales taxes. C) corporate income taxes. D) social security taxes. E) property taxes. 35) The two biggest items of the U.S. federal government revenue that together account for over approximately 80 percent of total federal government revenue are A) personal income taxes and Social Security taxes. B) personal income taxes and corporate income taxes. C) corporate income taxes and Social Security taxes. D) corporate income taxes and property taxes. E) personal income taxes and sales taxes. 36) Of the following, the federal government’s largest source of revenue is the A) sales tax. B) property tax. C) corporate income tax. D) social security tax. E) transfers from state and local governments. 37) Tax revenues are transferred from A) state governments to the federal government. B) local governments to state and federal governments. C) one state government to other state governments. D) the federal government to state and local governments. E) the state and local governments to the federal government. 38) Of the following, the largest source of revenue for the federal government is the A) personal income tax. B) transfers from state and local governments. C) corporation income tax. D) lottery. E) revenue from the sale of public lands. 39) Income taxes paid by corporations are A) the major source of revenue for the federal government. B) the major source of revenue for state governments. C) the major source of revenue for local governments. D) about 9 percent of the federal government’s revenue. E) the major source of expenditure by the federal government. 40) The national debt is the total amount the ________ government has borrowed to make expenditures that ________ tax revenue. A) state and local; are less than B) federal; are less than C) federal; exceed D) state and local; exceed E) federal; are equal to

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