Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Civics > Economics > Flashcards

Economics Flashcards

1
Q

loss

A

-when the amount of money a person or company spends is more than they receive or take in

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

profit

A

-the positive gain from an investment or business after subtracting expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

taxes

A

-the money that the government collects from individuals and businesses to pay for public goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

good

A

-something you can feel or any kind of merchandise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

supply

A

-the amount of something available for use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

demand

A

-how much of a product or service is desired by buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

barter

A

-to trade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

scarcity

A

-there is a limited supply of something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

service

A

-any kind of work performed for others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

economics

A

-the study of making, buying, and selling of goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

producer

A

-anyone who makes or grows a good or performs a service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

consumer

A

-anyone who buys a good or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

specialization

A

-when an individual or company does one part of a task and relies on others to complete the other part of the task

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

entrepreneur

A

-a person who comes up with a product or service or a better way to produce one

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

-opportunity cost

A

-the process of choosing one good or service over another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

interdependence

A

-when people depend on one another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

free enterprise

A

-when companies compete with one another to get the most customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

interest

A

-the payment made for the use of borrowed money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

national debt

A

-the interest plus the total amount of money that the government has borrowed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

revenue

A

-money that is brought in after any given profit, not concerning deductions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

fees

A

-payments charged by governments for various licenses

22
Q

fine

A

-money charged as a penalty for breaking certain laws

23
Q

bond

A

-a certificate that states that the government has borrowed a certain sum of money from the owner of the bondm

24
Q

maturity date

A

-the date on which the money owed, along with any interest, becomes due

25
Q

income tax

A

-taxes on earnings

26
Q

progressive tax

A

-a tax that takes a larger percentage of income from higher-income groups than from lower-income groups

27
Q

regressive tax

A

-a tax that takes a larger percentage of income from low-income groups than from high-income groups

28
Q

property tax

A

-a tax on the value of the property owned by a person or business

29
Q

tariff

A

-taxes on imported goods

30
Q

excise tax

A

-tax collected on luxury goods and services

31
Q

Which agency collects taxes for the federal government?

A

the Internal Revenue Service (IRS)

32
Q

Why are budgets important?

A

They are written to plan for and pay for the government’s operations, usually for one year.

33
Q

Which agency helps the President manage the budget?

A

the Office of Management and Budget (OMB)

34
Q

Why is an audit important?

A

They monitor how money is being used by the government to ensure that funds are spent according to law.

35
Q

IRS

A

-agency of the Treasury Department that handles the federal collection of taxes

36
Q

U.S. Customs Service

A

-federal agency in charge of handling tariffs on imported goods

37
Q

comptroller

A

-state or local officials responsible for ensuring public funds are spent as authorized

38
Q

What federal official is responsible for planning the budget?

A

president

39
Q

OMB

A

-federal agency that helps prepare the federal budget

40
Q

What is the federal body that turns the federal budget into law?

A

Congress

41
Q

balance budget

A

-when government revenue equals government expenditures (the amount of money the government collects equals the amount of money is spends)

42
Q

surplus

A

-when government collects more money than it spends

43
Q

deficit

A

-when the government spends more money than it collects

44
Q

audit

A

-a careful examination by trained accountants of every item of income and expenditure

45
Q

Sales Tax

A

-a percentage of the total price of everything in your shopping cart

46
Q

Excise Tax

A

-added to the price of certain items such as alcohol, airfare, gas, etc.

47
Q

Tariffs

A

-added to the price of many goods made in other countries

48
Q

Income Tax

A

-a percentage of the total amount of Sincome you have for the year

49
Q

Social Security Tax

A

-used to fund a retirement program for U.S. workers

50
Q

Medicare Tax

A

-used to fund healthcare programs for people age 65 and older

51
Q

Property Tax

A

-a tax on the value of land and property you own

52
Q

Estate Tax

A

-a tax on what you own when you die, if it is worth a very high amount

Civics (34 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions