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Ch 12 Paying For Gov

Review for Chapter 12 Test

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