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Ch 12 Paying For Gov
Review for Chapter 12 Test
| Question | Answer |
|---|---|
| A term for government income | revenue |
| income left after paying expenses | profit |
| total amount of money owed by the U.S. government plus the interest that must be paid on this borrowed money | national debt |
| amount by which expenditures exceed income | deficit |
| a tax on the money that individuals and companies earn | income tax |
| money paid as a penatly for breaking certain laws | fine |
| a tax that takes a larger percentage of income from higher-income groups than from lower-income groups | progressive tax |
| tax on products imported from other countries | tariff |
| A tax that takes a larger percentage of income from lower-income groups than from higher-income groups | regressive tax |
| careful examination by an accountant of every item of a government's or business's income and expenditures | audit |
| amount by which income exceeds expenditures | surplus |
| payment made for the use of loaned money | interest |
| A gift tax must be paid by any person who gives a gift worth more than________. | $12,000 |
| This federal agency handles the collection of taxes. | Internal Revenue Service (IRS) |
| Most local governments main source of income is this kind of tax. | property tax |
| This federal agency collects tariffs on imported goods. | U.S. Customs Service |
| individual income tax is based on a person's | taxable income |
| Is a sales tax an regressive or progressive tax? | regressive tax |
| Which one of these is NOT a principle of taxation? Ability to pay, equal application, exemption status, or scheduled payment. | exemption status |
| The current national debt is just over | $16 trillion |
| The largest cost to the federal government is benefits payments to | the elderly, disabled, or poor |
| Taxes on ______are often so high to make goods from other countries either as expensive or more expensive than American-made products. | imports |
| Why has the cost of government gone up? | population growth, inflation, expensive services and programs |
| A certificate of debt issued by governments and corporations to persons from whom they have borrowed money | bond |
| How does government raise money besides taxes? | selling licenses, fines, selling timber from national forest reserves |
| When revenue equals expenditures | balanced budget |
Created by:
vderoner
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