Key Terms Flashcards

(17 cards)

1
Q

Chancellor

A

a senior state or legal official.

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

Taxation

A

money paid as tax.

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

Budget

A

an estimate of income and expenditure for a set period of time.

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

Autumn statement

A

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

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

Gross domestic product

A

the total value of goods produced and services provided in a country during one year.

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

Economy

A

the state of a country or region in terms of the production and consumption of goods and services and the supply of money.

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

Public taxes

A

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.

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

Coroporation tax

A

tax levied on companies’ profits

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

National debt

A

the total amount of money which a country’s government has borrowed.

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

First past the post

A

the candidate with the plurality of votes is the winner of the congressional seat.

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

Government

A

the group of people with the authority to govern a country or state; a particular ministry in office.

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

Prime minister

A

the head of an elected government; the principal minister of a sovereign or state.

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

Monarch

A

a sovereign head of state, especially a king, queen, or emperor.

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

Executive

A

relating to or having the power to put plans or actions into effect.

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

House of Lords

A

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.

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

Bicameral

A

(of a legislative body) having two chambers.

17
Q

House of Commons

A

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