Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Ch 12 Paying For Gov

Review for Chapter 12 Test

QuestionAnswer
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