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kaylacody17
on FreezingBlue Flashcards.
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taxes
payments by individuals and businesses to support the activities of government
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taxable income
total income of an individual minus certain deductions and personal exemptions
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corporate income tax
government taxes all earned income of a corporation beyond its expenses and deductions
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social insurance tax
tax that goes towards social security, medicare, and unemployment comensation
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excise tax
taxes on the manufacture, transport, sale, or consumption of certain goods and services
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customs duties
taxes levied on good imported to the US
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estate tax
taxes on the property and money of a person who dies
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gift tax
tax on gifts of money from a living person to another
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tax loopholes
ways to avoid paying a tax
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national debt
the total accumulated amount the federal government owes as a result of borrowing money
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debt ceiling
a limit, set by congress, on how much federal debt the US can hold
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fiscal budget
12 month accounting period from Oct 1 through Sept 30 of the following year
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uncontrollable
expeditures required by law or resulting from previous budetary commitments
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entitlements
benefits that congress has provided by law to individuals
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direct benefit payments
social security, social welfare, health programs
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fiscal policy
using government spending and taxation to influence the economy
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monetary policy
controlling the supply of money and credit to influence the economy
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federal reserve act
created a 3 tiered banking system
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foreign policy
the strategies and principals that guide the national government's relations with other countries and groups in the world
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national security
keep the US free and independent, and to be secure from foreign influence or invasion
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maintain free and open trade
keep open trade with other nations and keep access to necessary natural resources
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concern for humanity
provide assistance when disaster or hard times hit another country
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isolationism
avoiding involvement in world affairs, especially in Europe
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internationalism
belief that involvement in world affairs is necessary for national security
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commander-in-chief of military
can send troops, ships, planes, and weapons anywhere in the world
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appoints ambassadors
officials of the US government who represent the nation in diplomatic matters
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power to make treaties
formal agreements between the governments of 2 or more nations
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represents the US
shows the world our beliefs, views, and our stances and policies on issues
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secretary of state
supervises all the diplomatic activities of the American government
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secretary of defense
supervises the military activities of the American government
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national security advisor
develops and presents policy options
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central intelligence agency
provide information on governments, economics, and armed forces of other nations
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embassies
work to make diplomatic communication between governments easier and keep the state department informed about policies and politics of the host country
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consulates
work to promote american business interests, and to serve and safeguard american travelers
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passports
document needed to travel to other countries, gives the traveler certain privilages, and protections established by an international treaty
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visa
a document issed by the coutry to a person who wishes to enter
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