Chapter 14 Vocab

Question 0

Income received by a government from taxes and no tax sources

Answer 0

Revenue

Question 1

A required payment to a local state or national government

Answer 1

Tax

Question 2

Income property good service that is subject to a tax

Answer 2

Tax base

Question 3

A tax on a persons earning

Answer 3

Individual income tax

Question 4

A tax on the dollar value of a good or service being sold

Answer 4

Sales tax

Question 5

A tax on the value or a property

Answer 5

Property tax

Question 6

A tax in the value of a company’s profits

Answer 6

Corporate income tax

Question 7

A tax for which the percentage of income paid in taxes remains the same for all income levels

Answer 7

Proportional tax

Question 8

A tax for which the percentage of income paid in taxes increase as income increases

Answer 8

Progressive tax

Question 9

A tax for which the percentage of income paid in taxes decreases as income increases

Answer 9

Regressive tax

Question 10

The final burden of a tax

Answer 10

Incidence of a tax

Question 11

Taking tax payments out of an employees pay before he or she receives it

Answer 11

Withholding

Question 12

For used to file income taxes

Answer 12

Tax return

Question 13

Income on which tax much be paid. Total income minus exemptions and deductions

Answer 13

Taxable income

Question 14

Set amount that you subtract from your gross income for yourself spouse and any defenders

Answer 14

Personal exemptions

Question 15

Variable amounts that you can subtract deduct from gross income

Answer 15

Deductions

Question 16

Taxes that find social security and Medicare

Answer 16

FICA

Question 17

Old age survivors and disability insurance oasdi

Answer 17

Social security

Question 18

A national health insurance program that helps pay for health care for people over 66 or with certain disabilities

Answer 18

Medicare

Question 19

A tax on the estate or total value of the money and property of a person who has died

Answer 19

Estate tax

Question 20

A tax on money or property that one loving person gives another

Answer 20

Gift tax

Question 21

Tax on imported goods

Answer 21

Tariff

Question 22

Use of taxation to encourage or discourage certain behavior

Answer 22

Tax incentive

Question 23

Spending on certain programs that is mandated or required by existing law

Answer 23

Mandatory spending

Question 24

Category about which gov planners can make choices

Answer 24

Discretionary spending

Question 25

Social welfare program tha people are entitled to if the meet certain eligibility requirement

Answer 25

Entitlement

Question 26

Entitlement programs that benefits low income families some people it’s disabilities elderly nursing homes

Answer 26

Medicaid

Question 27

Budget for day to day expenses

Answer 27

Operating budget

Question 28

For major capital or investment expenditures

Answer 28

Capital budget

Question 29

Which revenues are equal to spending

Answer 29

Balanced budget

Question 30

Not subject to tax

Answer 30

Tax exempt

Question 31

Physical property land building

Answer 31

Real property

Question 32

Possessions such as jewelry furniture boats

Answer 32

Personal property

Question 33

An official who determines the value of a propert

Answer 33

Tax assessor