Chapter 9 Vocab

Income not taxed by the government 

• revenue 
• exemption 
• deduction 
• customs duty 

tax on a deceased person's assets when those assets are transferred to someone else 

• revenue 
• excise tax 
• gift tax 
• estate tax 

income the government collects to fund its programs 

• revenue 
• deduction 
• exemption 
• excise tax 

tax on goods brought into the United States 

• excise tax 
• customs duty 
• income tax 
• estate tax 

The amount the government allows people to subtract from their taxable income is called 

• revenue 
• exemption 
• deduction 
• customs duty 

How well people in general are doing is called 

• deduction 
• revenue 
• excise tax 
• standard of living 

Tax placed on the transfer of certain object over $14,000 in value is called 

• estate tax 
• gift tax 
• transfer tax 
• excise tax 

A type of economy in which business can be conducted freely is called 

• command 
• communist 
• free-enterprise 
• traditional 

Economic downturns are also called 

• crisis 
• depressions 
• inflation 
• recessions 

The general rise in prices is called 

• inflation 
• recession 
• deflation 
• deficit