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GOV 10
41
Question | Answer |
---|---|
appropriations | |
balanced budget | |
balance of payments deficit | the amount by which imports exceed exports |
bondoogle | |
budget | an outline of the government's spending program for the coming year |
corporate income tax | industries and businesses pay these on their profits |
debt ceiling | |
deduction | Allows people to pay lower taxes. Encourages people to give to charities or invest. |
deficit spending | when the federal government spends more money than it collects |
excise tax | taxes levied on the sale of specific goods and services |
exemption | allows people to pay lower taxes |
export tax | tax on goods shipped to other countries. The Constitution forbids this. |
fiscal year | |
gross domestic product | |
indirect tax | the cost of which is passed on to the consumer. The Constitution provides that these must be uniform throughout the country. |
inflation | result of higher interest rates. Pushes prices higher and higher. |
logrolling | |
loophole | special tax breaks that allow individuals and corporations to reduce or eliminate their taxes |
national debt | total amount owed by a country to its creditors |
personal income tax | federal government uses this to collect a percentage of each American's earnings |
porkbarrel | appropriations for questionable projects to benefit a legislator's home district |
progressive tax rate | system where the well-to-do pay a higher percentage of their earnings than do the poor |
recession | |
regressive tax | tax that forces rich and poor alike to pay the same amount |
tariff | tax on imports |