Key Terms Flashcards
(17 cards)
Chancellor
a senior state or legal official.
Taxation
money paid as tax.
Budget
an estimate of income and expenditure for a set period of time.
Autumn statement
The Autumn Statement is the second of the two big economic statements made by the government every year - the first being the Budget which happens in the Spring
Gross domestic product
the total value of goods produced and services provided in a country during one year.
Economy
the state of a country or region in terms of the production and consumption of goods and services and the supply of money.
Public taxes
a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.
Coroporation tax
tax levied on companies’ profits
National debt
the total amount of money which a country’s government has borrowed.
First past the post
the candidate with the plurality of votes is the winner of the congressional seat.
Government
the group of people with the authority to govern a country or state; a particular ministry in office.
Prime minister
the head of an elected government; the principal minister of a sovereign or state.
Monarch
a sovereign head of state, especially a king, queen, or emperor.
Executive
relating to or having the power to put plans or actions into effect.
House of Lords
The House of Lords of the United Kingdom, also known as the House of Peers, is the upper house of the Parliament of the United Kingdom. Like the House of Commons, it meets in the Palace of Westminster.
Bicameral
(of a legislative body) having two chambers.
House of Commons
The House of Commons is the lower house of the Parliament of the United Kingdom. Like the upper house, the House of Lords, it meets in the Palace of Westminster. … The Commons is an elected body consisting of 650 members known as Members of Parliament
