5.05 Flashcards Preview

Civics - FLVS > 5.05 > Flashcards

Flashcards in 5.05 Deck (16):
1

Taxes

Money paid to a government

2

Budget

Plan or record of income and expenses

3

Income

Payment for work or profits on investments over time

4

Resources

A material or item that can be used to produce something new

5

Analyze

To examine something in detail in order to understand it better, often by breaking it down into parts

6

Interest

Rate paid or charged for use of money

7

Fixed

Paid regularly and amount does not change or only slightly, like rent payments and car insurance

8

Variable

Amount paid depends on how often or how much the good or service is used, like attending movies or haircuts

9

Deficit

An amount of expenses that exceed income

10

Debt

An amount of money, service, or other property owed to someone

11

Surplus

An amount of income that exceeds expenses

12

Revenue

Income, often used in reference to government or business income

13

Sales Tax

Money paid to government based on the exchange of goods and services.

14

Income Tax

Money paid to government based on earnings

15

Economy

The production and use of goods and services in a society

16

Common Good

The greatest possible conditions of society for the greatest number of people living in it