Chapter 12 key terms pgs.289 FL1-312

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Presentation transcript:

Chapter 12 key terms pgs.289 FL1-312

Chapter 12 Section 1 Pgs. 294-298 Interest (pg. 295): PAYMENT FOR THE USE OF LOANDED MONEY National Debt (pg. 295): THE TOTAL AMOUNT OF MONEY OWED BY THE U.s. GOVERNMENT PLUS THE INTEREST THAT MUST BE PAID ON THIS BORROWED MONEY Revenue (pG. 296): income Fees (PG. 297): government charges for a service or license Fine (pg. 297): money paid as a penalty for breaking certain laws Bond (pg. 298): a certificate of debt issued by governments and corporations to persons from whom they have borrowed money

Chapter 12 Section 2 pgs. 299-304 Income Tax (pg. 299): a tax on the income that individuals and companies earn Progressive tax (pg. 300): a tax that takes a larger percentage of income from high-income groups than from low-income groups Profit (pg. 300): the income a business has left after paying its expenses Regressive tax (pg. 302): a tax that takes a larger percentage of income from low-income groups than from high-income groups Property tax (pg. 302): a local or state tax collect on real property or personal property Tariff (pg. 303): a tax on products imported from other countries

Chapter 12 section 3 pgs. 305-309 Balanced budget (pg. 307): a budget in which revenue equals expenditures Surplus (Pg. 307) : an amount by which income exceeds expenditures Deficit (pg. 307): the amount by which expenditures exceed income Audit (pg. 307): a careful examination by trained accountants of every item of income and every expenditure