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2
3
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100
individual income tax is levied on these
What are wages or salaries, tips, interest, and dividends
100
this branch of the treasury dept is in charge of tax collection
What is the internal revenue service
100
amount the government allows you to subtract from your taxable income
What is deduction
100
placed on the transfer of certain gifts of value to individuals
What is gift tax
100
based on income earned over the cost of maintaining a business
What is corporate income tax
200
a corporations net income is this
What is income earned above the cost of maintaining the business
200
people who pay a home mortgage are able to deduct this
What is interest paid on the mortgage
200
this is what people have to spend after they pay their bills
What is disposable income
200
this is the central banking system of the us
What is federal reserve sytem
200
this is a minimum amount of money a bank must keep at all times
What is reserve requirement
300
these are the 2nd and 3rd largest sources of revenue for the federal government
What are social insurance tax and corporate income tax
300
the government allows corporations to take this amount of deductions
What is many
300
income the government doesn't levy a tax on
What is an exemption
300
this set of procedures is designed to regulate the economy by controlling the amount of money in circulation and interest rates
What is monetary policy
300
this is levied on goods brought in from other countries
What is custom duties
400
these are the 2 central goals for economic stabilization
What are low inflation and full employment
400
inflation always increases these
What are interest rates
400
if unemployment is high the government may do this
What is cut taxes
400
tax policy decisions have an affect on both the distribution of economic benefits and this
What is standard of living
400
this is levied on the manufacture sale or consumption of certain goods
What is excise tax
500
these are the exemptions every taxpayer is allowed to have
What are one standard exemption, and additional exemptions for dependents if any exist
500
when interest rates are high they do this
What is discourage investment in new plants and equipment
500
the federal reserve system consists of these
What is 12 regionals banks and thousands of member banks
500
when the federal reserve buys government securities from private investors this happens to the money supply in the country
What is it increases
500
if a quickly growing economy produces inflation the government will probably do this
What is decrease spending
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