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The money that people and businesses pay to support the activities of the government
Taxes
The money an employer withholds from workers' wages as payment for anticipated income tax
Withholding
The total amount of money the government owes at any given time
National Debt
The sum of all goods and services produced in a nation in a year
Gross National Product
A government's control of the supply of money and credit to influence the economy
Monetary Policy
One who depends primarily on another person for basic needs
Dependent
Financial instruments, including bonds, notes, and certificates, that are sold as a means of borrowing money with a promise to repay the buyer with interest after a specific time period
Securities
A 12 month accounting period
Fiscal Year
Government expenditure required by law or resulting from previous budgetary commitments
Uncontrollables
The term used to explain that the total budget changes little from year to year
Incrementalism
The total income of an individual minus certain deductions and personal exemptions
Taxable Income
What is the governments greatest source of income
Income Tax
Tax exemptions where people get out of paying a certain tax
Tax Loopholes
When is the deadline for people to file their income taxes
April 15
The government spends over 1.5 trillion dollars a year. What is the greatest expense on the
government's budget?
National defense (military)
A government's use of spending and taxation to influence the economy
Fiscal policy
What is the federal reserve system
The central banking system of the US
A place where banks may go to borrow money
Is governed by a 7-member board
The percentage of money member banks must keep in Federal Reserve Banks as a reserve
against their deposits
Reserve Requirement
The interest rate the Federal Reserve System charges member banks for loans
Discount Rate
The means the Federal Reserve System uses to affect the economy by buying or selling government securities on the open market
Open-Market Operations
Who appoints the 7-member Board of Governors of the Federal Reserve System
President
Taxes on the manufacture transportation, and sale of goods and services
Excise Taxes
Taxes levied on imported goods
Custom Duties
Tax collected by the federal government of a person who dies and/or gifts of money from a living person
Estate Taxes
What approximate percentage is today's highest income tax bracket
37%