A situation where total government spending/expenditure and government revenues are equal.
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Budget Deficit
A situation where government spending exceeds government revenues over a period of time.
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Budget surplus
A situation where government revenue exceeds government expenditure over a period of time.
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Direct taxes
Taxes levied on incomes or profits; they are usually progressive.
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Fine Tuning
Maintaining a steady rate of economic growth through using fiscal policy.
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Government Budget
An estimate of the government's income and expenditure over a given period of time based on the difference between government revenue and spending.
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Income tax
Tax levied on people's incomes, resulting in a lower disposable income.
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Indirect taxes
Taxes that are usually regressive, levied on goods and services.
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National Debt
The amount of borrowing by the government to meet expenditures that exceed tax revenues.
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Progressive tax
A tax system that imposes a higher tax rate at higher incomes.
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Proportional tax
A tax system that levies the same tax rate regardless of the income level.
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Regressive tax
A tax system that imposes a lower tax rate at higher incomes.
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Tariffs
A for of trade restriction based on imposing a tax on the price of imports to make them less competitive.
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Tax break
Tax exemption, tax deduction, or tax allowance provided to particular individuals or firms.
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Tax burden
The amount of income, property, or sales tax levied
on an individual or firm, depending on several factors, including income level, jurisdiction, and the current tax rate and system.
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Tax incidence
The analysis of the effect of a particular tax on the group that ultimately bears the
burden of the tax or pays it.
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Taxable income
The amount of income used to calculate the tax due based on adjusting gross incomes for deductions, exemptions, or any other allowances.
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Value added tax
An indirect tax levied on goods and services.
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Other cards in this set
Card 2
Front
A situation where government spending exceeds government revenues over a period of time.
Back
Budget Deficit
Card 3
Front
A situation where government revenue exceeds government expenditure over a period of time.
Back
Card 4
Front
Taxes levied on incomes or profits; they are usually progressive.
Back
Card 5
Front
Maintaining a steady rate of economic growth through using fiscal policy.
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