1
the payment made for borrowed money.
what is interest
tax on products imported from other countries
what are tariffs
2 ways other than taxes, that the government raises money
what are fees and fines
When a government spends less money than it collects
what is a surplus
The chief source of income for most local governments
what is property tax
money charged as a penalty for breaking certain laws
what are fines
shortage of money
what is a deficit
The largest source of revenue for the federal government is
what is income tax
The largest cost to the federal government
what is payment to the disabled and retired
The federal agency responsible for collecting tariffs
what is U.S. Customs and Border Protection (CBP)
money raised
what is revenue
when revenues equal expenditures
what is a balanced budget
The chief purpose of taxes is to
what is raise money
The president, with the help of the Office of Management and Budget, prepares this every year
what is the Federal Budget
a person who relies on another as a primary source of income.
what is a dependant
tax on individual or corporate earnings
what is income tax
tax that takes a larger percentage of income from high-income groups than from low-income groups
what is a progressive tax
They handle the collection of taxes at the federal level
what is the Internal Revenue Service (IRS).
a tax on purchased items that most states have
what is sales tax
type of tax that is used, primarily, to regulate foreign trade
what is a tariff
the income a business has left after paying its expenses
what is profit
an examination by trained accountants of every item of income and expenditure
what is an audit
The people who Money collected from Social Security tax is used for
who are people with disabilities and retired people.
A tax that takes a larger percentage of income from lower income groups
what is a regressive tax
the branch of government that must pass a budget into law
what is the legislative branch (congress)