taxes part 4 Flashcards
what is the third largest source of tax revenue for the federal govt
corporate income taxes
tax breaks for corporations include what ?
deductions for investment in business equipment and research
tax on property that is transferred to others on the death of the owner
estate tax
tax on money or property given by one living person to another
gift tax
what is the maximum amount of a gift you can receive in alabama
no more than 14000 per year
a tax on the production or sale of a specific product, such as gasoline or telephone service
excise tax
the govt places excise taxes on goods or services for which there is relatively________in order to maintain a steady stream of revenue
inelastic demand
a tax on goods imported into the united states from another country; basically excise taxes on imports and are also known as________
customs duty
tariffs
money charged for the use of a good or service
user fee
the federal govt charges_______ and ________ to visitors to national parks
entrance parking
camping fees
a plan for spending federal tax money
federal budget
a 12 month period for which an organization plans its expenditures
fiscal year
the federal govts fiscal year runs from when
october 1 -sept 30
the presidents budget is prepared by the office of what ?
management and budget
where the govt buys goods and services that it needs to operate such as military equipment and office supplies
direct spending
