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PFIN 4.02 Vocabulary

AB
GovernmentThe system of governance that provides structure, protection, and services to people residing in a nation, state, county, or municipality
Income TaxA tax on earned income, usually at the federal or state level in the United States
Non‐profitsrganizations that exist for human service, conservation, religious, or other charitable purposes to benefit others These organizations are not required to pay taxes
Property TaxA tax on property such as land, houses, or cars
Sales TaxA tax on items purchased in retail stores
TaxpayerA person who pays a tax to national, state, county or municipal governments



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