Raising Money
Raising Money Part 2
Types of Taxes
Types of Taxes Part 2
Managing the Country's Money
100
Payment made for the use of borrowed money.
What is interest?
100
Money charged for breaking certain laws.
What is a fine?
100
The interest a business has left after paying its expenses.
What is profit?
100
A tax paid on imports, or goods bought from another country.
What is a tariff?
100
A careful examination of financial records by a professional accountant.
What is an audit?
200
The total amount of money the US government owes plus interest.
What is national debt?
200
Payments charged by governments for various licences. 
What are fees?
200
A tax that takes more money from a person with a higher income than it does from a person with a lower income.
What is a progressive tax?
200
A tax on the value of property owned by a person or a business.
What is property tax?
200
When a government spends more money than it takes in as revenue.
What is a deficit?
300
A certificate stating that the government has borrowed a certain sum of money from the owner of the bond.
What is a bond?
300
The government discourages people from buying items by doing this.
What is raising taxes?
300
A tax on what people earn.
What is income tax?
300
A tax that takes the same amount of money no matter how high or low a persons income is.
What is regressive tax?
300
When a government takes more money in revenue than it spends.
What is a surplus?
400
Everyone pays this.
What are taxes?
400
The cost of government has increased due to more of this being offered.
What are services?
400
This is the governments largest source of income.
What is income tax?
400
Income, Social Security, state, and local taxes.
What are taxes that are taken from ones paycheck?
400
This government agency is in charge of collecting federal taxes for the government.
What is the IRS?
500
Voters often approve this.
What are bond issues?
500
The government may increase this if the cost of services increases.
What are taxes?
500
The more money you make the more money is taken from your paycheck.
What is a progressive tax?
500
Regressive taxes are harder to pay for the poor due to this.
What is a lack of income?
500
These two groups of government vote on the final budget set by the federal government.
What are the House of Reps and Senate?
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