Raising Money
This is the payment made for the use of borrowed money; have to pay this back in addition to the money that you borrowed.
What is INTEREST?
The income a business has left over after they pay all of their expenses.
What is PROFIT?
This is the day that all tax returns must be filed by?
What is APRIL 15th?
This person/entity creates or draws up our nation's budget.
Who is the PRESIDENT/EXECUTIVE DEPARTMENT?
Name given to small payments made for various licenses.
What is a FEE?
This is a COMPULSORY payment of money by citizens to help pay the costs of government.
What is a TAX?
This is a tax on American citizen’s earnings/wages; it is the largest source of revenue for the government.
What is INCOME TAX?
This is a tax on any gift over a certain amount per year; the amount in 2006 (when this book was written) was $12,000.
What is a GIFT TAX?
This government department is responsible for collecting taxes?
What is the INTERNAL REVENUE SERVICE (IRS)?
This level of government benefits most from property taxes.
What is LOCAL GOVERNMENT?
These are the 2 main purposes of taxes.
What is to:
1) Raise REVENUE for the government
2) To REGULATE (control) something
This is a tax that is only collected on certain services and goods, usually on luxury items like cars, that are sold within the United States.
What is an EXCISE TAX?
This is a tax on products that are sold within a state or a community, such as, pop, candy, etc.
What is a SALES TAX?
This is when a government’s budget’s expenditures exceed revenues.
What is a DEFICIT?
This is when a government’s budget’s revenues exceed expenditures.
What is a SURPLUS?
This is a money payment as a penalty for breaking the LAW.
What is a FINE?
This is a tax on the value of the property owned by a person or by a business?
What is PROPERTY TAX?
This is a type of tax that takes a larger percentage of income from lower-income groups than from higher-income groups.
What is a REGRESSIVE TAX?
These are bills that authorize the spending of funds; the Legislative Branch is responsible for these. They must originate (start) in the House of Representatives.
What are APPROPRIATION BILLS?
These are the 3 reasons government costs have gone up dramatically over the years.
What is:
1) Larger POPULATIONS
2) INFLATION
3) Increased SERVICES
These are the 3 LARGEST costs to federal government.
What is:
1) BENEFITS PROGRAMS
2) DEFENSE SPENDING
3) DEBT
This is a type of tax that takes a larger percentage of income from higher-income groups (those that make more money) than from lower-income groups; the income tax is a great example of this.
What is a PROGRESSIVE TAX?
This is a tax on goods imported into the United States from foreign countries; the goal of this tax today is to protect American companies. This use to be the federal government's main form of income.
What is a TARIFF?
This federal agency is responsible for collecting money through tariffs.
What is the US CUSTOMS SERVICE?
List 3 of the 5 Rules (Principles) that the U.S. tax system is based on.
What is: