Government - Chapter 5

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

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Author:
 kaylacody17
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 146781
Filename:
 Government - Chapter 5
Updated:
2012-04-11 02:56:24
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government chapter
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