Vocabulary 1
Vocabulary 2
Local Revenue Systems
State Revenue Systems
Federal Revenue Systems
100
This branch of the U.S. Treasury Department is in charge of collecting taxes.
What is the Internal Revenue Service (IRS).
100
This type of fee is levied on the use of a good or service and include entrance charges and rancher fees.
What is a user fee
100
The largest fraction of local government revenue.
What is intergovernmental transfers/revenues.
100
These are funds collected by one level of government that are distributed to another level for expenditures.
What is intergovernmental revenue.
100
This tax is levied on employers and employees to help pay for Social Security and Medicare.
What is FICA.
200
Used to make sure that wealthy people don't try to avoid taxes, this type of tax pertains to the transfer of property when a person dies.
What is a gift tax
200
According to page 243, this US state is the only state without either a general sales tax or an income tax.
What is Alaska.
200
A tax on tangible and intangible possessions such as real estate, farm animals, furniture, and stocks.
What is a property tax
200
This tax is a percentage of the purchase price on a given product.
What is a sales tax.
200
A gift tax prevents wealthy people from doing this with their estates before they die.
What is giving away.
300
This type of tax is the fifth-largest source of federal revenue and includes taxes on tobacco and alcohol.
What is an excise tax
300
These taxes that are deducted from paychecks.
What are payroll taxes.
300
The person who assigns value to property for tax purposes.
What is a tax assessor.
300
All but 7 US states rely on these for revenue.
What are income taxes.
300
This amendment enabled the government to enact the current individual income tax.
What is the 16th amendment.
400
This is a charge levied on goods brought into the US from other countries.
What is a customs duty.
400
The tax a corporation pays on it's profits.
What is a corporate income tax.
400
The services that provide public utilities such as water, electricity, and sewerage often become this.
What are natural monopolies.
400
When states have surplus funds, they collect these from tuition fees from state owned colleges and universities.
What are interest earnings.
400
The third largest federal source of revenue which has increased greatly since 2001.
What is Borrowing.
500
The third-largest source of federal revenue.
What is borrowing.
500
An upward revision of the tax brackets to counteract inflation.
What is indexing.
500
Many cities have there own this, which is typically much smaller than the state or federal version.
What is sales tax.
500
States rely on funds from this branch of government, the largest of the branches.
What is the federal government.
500
Before the income tax amendment, the largest source of income for the federal government was this.
What is a customs duty.
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