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EPF M6L3 Key Terms

Economics & Personal Finance Module 6 Lesson 3 Key Terms

TermDefinition
Income Tax Tax on an individual’s wages or salary.
Capital Gains Tax Tax on the profits made by selling stock.
Estate Tax A 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.
Discretionary 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.
Balance Budget When revenue and expenditures are equal.
Created by: dmcsorley13
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