Ch. 12 Social Studies vocab
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Created by:
LindseyDawson on April 27, 2011
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28 terms
Terms | Definitions |
|---|---|
 fees | payments charged by governments for various licenses, such as hunting and marriage licenses |
| revenue | income/money |
| fine | money charged as a penalty for breaking certain laws |
| bond | a certificate stating that the government has borrowed a certain sum of money from the owner of the bond |
| income tax | largest source of revenue collected by the federal government is the tax on the earnings of individual citizens and businesses |
| profit | the income a business has left after paying its expenses |
| progressive tax | a graduated tax or a tax that takes a larger percentage of income from higher-income groups than from lower-income groups |
| regressive tax | a flat tax, sales tax or a tax that takes a larger percentage of income from lower-income groups than from higher-income groups |
| property tax | a tax on the value of the property owned by a person or by a business |
| tariff | a tax on products imported form other countries |
| balanced budget | the amount of money the government collects equals the amount of money its spends |
| surplus | an excess of money |
| deficit | a shortage of money |
| audit | a careful examination by trained accountants of every item of income and every expenditure |
| national debt | interest plus the total amount of money that the U.S. government has borrowed |
| interest | payment made for the use of borrowed money |
| dependent | relying on someone or something else for aid or support |
| exemptions | circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable incomes |
| real property | an estate or property consisting of lands and of all appurtenances to lands, as buildings, crops, or mineral rights |
| personal property | an estate or property consisting of moveable articles both corporal, such as furniture, jewelry, stocks, and bonds |
| estate taxes | a tax imposed on a decendent's property, assessed on the gross estate prior to distribution to the heirs |
| inheritance tax | a tax levied on the right of an heir to receive a decendent's property, the rate being a percentage of the value of the property |
| gift tax | a tax imposed on the transfer of money or property from one living person to another by gift, payable by the donor (over $13,000) |
| IRS | the division of the U.S. Department of the Treasury that collects internal revenue inculding income taxes and enforces excise taxes and that enforces revenue laws |
| U.S. Customs Service | an agency of the U.S. Federal Government that collected import tariffs and performed other duties |
| Budget | a plan of income and spendings |
| Office of Management and Budget | the executive agency that advises the President on the federal budget |
| Appropriation Bill | a legislative act proposing to authorize the expenditure of public funds for a specified purpose |
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