Fiscal Policy: Spending and Taxes

to distribute something among those who need or want it (a)  

• debt
• budget
• allocate
• deficit

a plan that balances available resources and expenses (a)  

• debt
• budget
• surplus
• deficit

an obligation to pay something (a)  

• debt
• budget
• surplus
• deficit

money spent (a)  

• expenditures
• budget
• surplus
• deficit

revenue in excess of spending (a)  

• expenditures
• budget
• surplus
• deficit

spending in excess of revenue that has to be financed with borrowed money (a)  

• expenditures
• budget
• surplus
• deficit

a group of individuals, usually within a community, who share traditions, interests, and establishments

(a)  

a tax in which wage earners with higher incomes are taxed at a higher percentage rate than earners with lower incomes (a)  

• progressive tax
• proportional tax
• regressive tax

a tax in which wage earners are taxed at the same percentage rate, regardless of their income (a)  

• progressive tax
• proportional tax
• regressive tax

a tax in which wage earners with lower incomes are taxed at a higher percentage rate than earners with higher incomes (a)  

• progressive tax
• proportional tax
• regressive tax