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29 Cards in this Set
- Front
- Back
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Interests |
Payments for the use of |
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National Debt |
The total amount of money owed by the U.S. government plus the interest that must be paid on this borrowed money |
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Revenue |
Income |
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Fees |
Government charges for a service or license |
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Fines |
Money paid as a penalty for breaking certain laws |
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Bond |
A certificate of debt issued by governments and corporations to persons from whom they have borrowed money |
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Income Tax |
A tax on the income that individuals and companies earn |
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Progressive Tax |
A tax that takes a larger percentage of income from high-income groups than from low-income groups |
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Profit |
The income a business has left after paying its expenses |
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Regressive Tax |
A tax that takes a larger percentage of income from low-income groups than from high-income groups |
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Property Tax |
A local or state tax collected on real or personal property |
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Tariff |
A tax on products imported from other countries |
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Surplus |
An amount by which income exceed expenditures |
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Deficit |
The amount by which expenditures exceed income |
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Audit |
An examination by an accountant of a government's or business's income and expenditures |
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Balanced Budget |
A budget in which revenue equals expenditures |
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Credit Unions |
Banks that are owned by their members to create a pool of money for low-interest loans |
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Federal Reserve System |
The U.S. banking system that handles the banking needs of the federal government and regulates the money supply |
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Discount Rate |
The rate of interest charged by Federal Reserve banks on loans to member banks |
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Federal Deposit Insurance Corporation |
Government agency that insure commercial banks in accounting |
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Discounting |
The practice of deducting interest on a loan before money is given to the borrower |
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Certificates of Deposit |
Investments in which an amount of money invested for a specified period of time earns a guaranteed rate of interest |
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Brokers |
Brokerage house employees who buy and sell stock |
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Stock Exchange |
A market where stocks are bought and sold |
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Mutual Funds |
Investments that reduce risk to shareholders by investing in many different stocks |
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Money Market Funds |
Investments that are similar to a mutual fund but do not guarantee a specified amount of interest and are not insured by the government |
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Social Security |
A system of government insurance that provides benefits for retired people, people with disabilities, unemployed people, and people with job related injuries or illnesses |
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Medicare |
A federal program of health insurance for people age 65 and older |
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Medicaid |
A federal program that helps the state pay the medical costs of low-income people |
