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T-EPF M2L3 Key Terms
Traditional EPF Module 2 Lesson 3 Key Terms
Term | Definition |
---|---|
Income Tax | Tax on an individual’s wages or salary. |
Capital Gains Tax | Tax on the profits made by selling stock. |
Estate Tax | Tax on the estate of a deceased person. |
Property Tax | Tax on the value of property owned by a person. |
Excise Tax | Tax on the production, consumption, or distribution of goods like alcohol, tobacco, or gasoline. |
Budget | A plan for spending money. |
Expenditures | The spending of money by governments on specific items or programs. |
Revenue | Money that is collected by the government. |
Discriminatory Spending | Optional spending of government money. |
Mandatory Spending | Government spending on programs that are required by law. |
Social Security | Government programs to benefit elderly, disabled, or those living in poverty. |
Medicare | Federal health insurance program covering individuals over 65 and certain younger people with disabilities. |
Progressive Tax | The higher a person’s income, the higher the percentage of tax that must be paid. |
Surplus | When revenue is greater than the amount of expenditures. |
Deficit | When expenditures are greater than revenue. |
Balanced Budget | When revenue and expenditures are equal. |