Across
- 2. A situation in which income or receipts exceed expenditures, often referring to government accounts.
- 4. Central bank actions involving the control of the money supply and interest rates to influence the economy.
- 5. A tax system where the tax rate decreases as the amount subject to taxation increases.
- 11. A tax levied on the wages, salaries, and other income of individuals.
- 12. The U.S. government agency responsible for tax collection and tax law enforcement.
- 14. Government spending on certain programs that is mandated by existing law, such as Social Security and Medicare.
- 15. A tax imposed on employers or employees, usually calculated as a percentage of wages, to fund social insurance programs.
- 18. An official count or survey of a population, typically recording various details of individuals.
- 22. Government spending implemented through an appropriations bill, decided annually by Congress.
- 25. When a government spends more money than it receives in revenue, borrowing to make up the difference.
- 26. Federal measures used to determine eligibility for certain programs, based on household income.
- 27. GDP adjusted for changes in price or inflation, reflecting the true value of goods and services.
- 29. The financial situation where a government's expenditures exceed its revenues in a given period.
- 31. A tax system where the tax rate stays the same regardless of income level.
- 32. The basic physical and organizational structures needed for the operation of a society, such as roads and power supplies.
Down
- 1. Economic activities not measured in GDP because they do not involve market exchange, such as household work.
- 3. Economic activities that are not reported to the government and therefore not taxed or monitored.
- 6. The year used for comparison in the measure of economic data, such as in index numbers or inflation calculations.
- 7. The total market value of all final goods and services produced within a country in a specific time period.
- 8. Legislation that allows federal agencies to continue operating at current funding levels for a set time when a formal budget has not been passed.
- 9. Goods used as inputs in the production of other goods, not counted in GDP to avoid double counting.
- 10. The minimum level of income deemed necessary to achieve an adequate standard of living.
- 13. A tax imposed on imports and exports of goods.
- 16. A legislative motion that authorizes the government to spend money for specific purposes.
- 17. The sale of used goods, which are not included in GDP calculations.
- 19. The amount of money individuals have to spend or save after income taxes.
- 20. Real GDP divided by the total population, showing the average economic output per person.
- 21. Government policy relating to taxation, spending, and borrowing to influence the economy.
- 23. The total amount of money that a country's government has borrowed.
- 24. A tax system where the tax rate increases as the taxable income increases.
- 28. A cap set by Congress on how much the government is allowed to borrow.
- 30. A 12-month period used for budgeting, accounting, and financial reporting, not necessarily matching the calendar year.