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29 Cards in this Set
- Front
- Back
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What are Budget Deficits or shortfalls? |
Cash shortages that result when the amount of money coming into the government Falls below the amount being spent. |
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What are Revenues? |
The money governments bring in, mainly from taxes. |
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What are User fees? |
Charges leveled by governments in exchange for services. Such fees constitute a type of hidden tax. |
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What are Excise or sin taxes? |
Taxes on Alcohol, Tobacco, and other similar products that are designed to raise revenues and reduce use. |
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What are Estate taxes? |
Taxes levied on a person's estate or total Holdings after that person's death. |
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What are Gift taxes? |
Taxes imposed on money transfers made during an individual's lifetime. |
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What are Sales taxes? |
Taxes levied by state and local governments on purchases. |
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What are Focused consumption taxes? |
Taxes that do not alter spending habits or behavior patterns and therefore do not distort the distribution of resources. |
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What are Regressive taxes? |
Taxes levied on all taxpayers regardless of income or ability to pay, placing proportionally more of a burden on those with lower incomes. |
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What is a Tax burden? |
A measurement of taxes paid as a proportion of income. |
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What are income taxes? |
Taxes on wages and interest earned. |
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What is a Progressive tax system? |
A system of Taxation in which the rate paid reflects ability to pay. |
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What are Severance taxes? |
Taxes on natural resources that are removed from a state. |
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What are Insurance Trust Funds? |
Money collected from contributions, assessments, insurance premiums, and payroll taxes. |
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What are Intergovernmental transfers? |
Funds provided by the federal government to state governments in by state governments to local governments. |
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What is a Tax Capacity? |
A measure of the ability to pay taxes. |
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What is a Tax effort? |
A measure of taxes paid while it's have to the ability to pay taxes. |
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What is a Dividend? |
A payment made by stockholders (or, in Alaska's case, residents) from the interest generated by an investment. |
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What are Bonds? |
Certificates that are evidence of debts on which the issuer promises to pay the holders a specific amount of interest for a specific length of time and to repay the loans on their maturity |
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What is a Capital investment? |
Investments in infrastructure, such as roads. |
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What are General Obligation Bonds? |
Investment secured by the taxing power of the jurisdiction that issues them. |
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What are Revenue Bonds? |
Investment secured by the revenue generated by a state or Municipal project. |
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What are Municipal Bonds? |
Bonds issued by states, countries, cities, and towns to fund large projects as well as operating budgets. Income from such bonds is exempt from federal taxes and from state and local taxes for the investors who live in the state when they are issued. |
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What is a Budget Process? |
The procedure by which state and local governments access revenues and set budgets. |
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What is a fiscal year? |
The annual accounting period used by a government. |
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What are Expenditures? |
Money spent by government. |
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What is Discriminatory spending? |
Spending controlled in annual appropriation acts. |
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What is Fiscal Federalism? |
The system by which federal grants are used to fund programs and services provided by state and local governments. |
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What is Entitlement? |
A service that government must provide, regardless of the cost. |
