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| Budget | an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis |
| Fiscal year | is a one-year period that companies and governments use for financial reporting and budgeting |
| Income Tax | a type of tax governments impose on income businesses and individuals within their jurisdiction generate |
| Sales tax | is a consumption tax imposed by the government on the sale of goods and services |
| National income accounting | a bookkeeping system that a government uses to measure the level of the country's economic activity in a given time period. |
| Economic growth | the process by which a nation’s wealth increases over time |
| Deflation | causes the nominal costs of capital, labor, goods, and services to fall, though their relative prices may be unchanged |
| Employment Act of 1946 | handed the federal government the responsibility of maintaining a high employment level of labor and price stability through low inflation for the U.S. economy. |
| Direct tax | paid by an individual or organization to the entity that levied the tax |
| Indirect tax | charged on producers of goods and services and is paid by the consumer |
| Excise tax | an indirect tax imposed on the manufacturing, selling, or license of particular products and services |
| Bond | is a fixed-income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental) |
| Lottery | a form of gambling that involves the sale of tickets, run by governments as a way to raise revenue. |
| Benefits received principle | is a tax system wherein the amount an individual or business pays is based on how much they benefit from government goods and services. |
| Ability to pay principle | is an economic concept that states that taxes should be levied according to the taxpayer’s ability to pay |
| Budget surplus | a situation that occurs when income exceeds expenditures |
| Balanced budget | a situation in financial planning or the budgeting process where total expected revenues are equal to total planned spending |
| Budget deficit | occurs when government expenses exceed revenue |
| Entitlement programs | is a payment that a government is obliged to make to a person or government department |
| National Debt | the total amount of money that a country owes its creditors, which is made up of types of debt such as that which is held by the public and federal government trust funds |
