Ch. 12 Vocab

3. A tax on the value of the property owned by a person or business
4. A careful examination by trained accountants of every item of income and every expenditure
5. Money charged as a penalty for breaking certain laws
6. An excess of money
9. The payment made for the use of borrowed money
10. Payments charged by governments for various licenses
11. The tax on earnings of individual citizens and businesses
12. Import tax
13. Revenue equals its expenditures
14. The interest plus the total amount of money that the U.S. government has borrowed

1. The tax collected on most products sold
2. A tax that takes a larger percentage of income from higher-income groups than lower-income groups
7. The primary purpose of taxes is to raise
8. The income a business has left after paying its expenses
15. A shortage of money
16. A certificate stating that the government has borrowed a certain sum of money from the owner