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28 Cards in this Set
- Front
- Back
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revenue
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income, especially when of a company or organization and of a substantial nature.
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taxes
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a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
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exemption
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the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents.
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deductions
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the action of deducting or subtracting something.
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excise tax
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are taxes paid when purchases are made on a specific good, such as gasoline.
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estate tax
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a tax levied on the net value of the estate of a deceased person before distribution to the heirs.
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gift tax
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a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.
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customs duties
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the official department that administers and collects the duties levied by a government on imported goods.
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standard of living
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the degree of wealth and material comfort available to a person or community.
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free enterprise
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an economic system in which private business operates in competition and largely free of state control.
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recession
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a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
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inflation
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a general increase in prices and fall in the purchasing value of money.
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fiscal policy
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is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy.
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monetary policy
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one of the ways that the U.S. government attempts to control the economy. If the money supply grows too fast, the rate of inflation will increase; if the growth of the money supply is slowed too much, then economic growth may also slow.
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disposable income
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income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.
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Federal Reserve System
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the central banking system of the United States
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reserve requirements
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a central bank regulation employed by most, but not all, of the world's central banks.
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discount rate
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the minimum interest rate set by the Federal Reserve for lending to other banks.
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open market operations
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are the principal tools of monetary policy.
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bonds
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an agreement with legal force, in particular.
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deficit
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the amount by which something, especially a sum of money, is too small
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monetarism
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the theory or practice of controlling the supply of money as the chief method of stabilizing the economy.
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Keynesianism
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economic theory of total spending in the economy and its effects on output and inflation.
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resolution
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a firm decision to do or not to do something.
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reconciliation
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the restoration of friendly relations.
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gross domestic product (GDP)
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the total value of goods produced and services provided in a country during one year.
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entitlements
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the fact of having a right to something.
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national debt
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the total amount of money that a country's government has borrowed, by various means.
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