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Chapter 14 Vocabulary
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Tax: A mandatory payment to a government
Revenue: Government income from taxes and other sources
Tax base: A form of wealth—such as income, property, goods, or services—that is subject to taxes
Individual Income Tax: Based on an individual’s income from all sources
Corporate Income Tax: Based on a corporation’s profits
Sales Tax: Based on the value of goods or services at the time of sale
Property Tax: Based on the value of an individual’s or a business’s assets
Proportional Tax: Takes the same percentage of income from all taxpayers
Progressive Tax: Places a higher percentage rate of taxation on high income people
Regressive Tax: Takes a larger percentage of income from low-income people
Incidence of a Tax: The final burden of the tax
Tax Incentive: The use of taxes to influence economic behavior
Mandatory Spending: Required by law
Discretionary Spending: Has to be authorized each year
Entitlements: Social welfare programs with specific requirements
Medicaid: A government medical insurance program for low-income people
Federal Budget: A plan for spending federal tax money
Fiscal Year: A 12-month period for which an organization plans its expenditures
Appropriations: Specific amounts of money set aside for specific purposes
Transfer Payments: Money distributed to individuals who do not provide anything in return
Grant in Aid: A transfer payment from the federal government to state or local governments
Private Sector: The part of the economy owned by individuals or businesses
Chapter 14 Vocabulary
Across:4. | Social welfare programs with specific requirements | 6. | The part of the economy owned by individuals or businesses | 8. | Based on the value of goods or services at the time of sale | 11. | Based on a corporation’s profits | 12. | The use of taxes to influence economic behavior | 13. | A form of wealth—such as income, property, goods, or services—that is subject to taxes | 14. | A 12-month period for which an organization plans its expenditures | 15. | A mandatory payment to a government | 16. | Government income from taxes and other sources | 17. | Takes the same percentage of income from all taxpayers |
| | Down:1. | Specific amounts of money set aside for specific purposes | 2. | A government medical insurance program for low-income people | 3. | Takes a larger percentage of income from low-income people | 5. | Based on the value of an individual’s or a business’s assets | 7. | A plan for spending federal tax money | 9. | Places a higher percentage rate of taxation on high income people | 10. | A transfer payment from the federal government to state or local governments |
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© 2015
PuzzleFast.com, Noncommercial Use Only
Chapter 14 Vocabulary
Across:4. | Social welfare programs with specific requirements | 6. | The part of the economy owned by individuals or businesses | 8. | Based on the value of goods or services at the time of sale | 11. | Based on a corporation’s profits | 12. | The use of taxes to influence economic behavior | 13. | A form of wealth—such as income, property, goods, or services—that is subject to taxes | 14. | A 12-month period for which an organization plans its expenditures | 15. | A mandatory payment to a government | 16. | Government income from taxes and other sources | 17. | Takes the same percentage of income from all taxpayers |
| | Down:1. | Specific amounts of money set aside for specific purposes | 2. | A government medical insurance program for low-income people | 3. | Takes a larger percentage of income from low-income people | 5. | Based on the value of an individual’s or a business’s assets | 7. | A plan for spending federal tax money | 9. | Places a higher percentage rate of taxation on high income people | 10. | A transfer payment from the federal government to state or local governments |
| |
© 2015
PuzzleFast.com, Noncommercial Use Only