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Finance 4.02

Receiving Income from Governemnt Programs Vocabulary

TermDefinition
Government The system of governance that provides structure, protection, and services to people residing in a nation, state, county, or municipality.
Income Tax A tax on earned income, usually at the federal or state level in the United States.
Non-profits Organizations that exist for human service, conservation, religious, or other charitable purposes to benefit others. These organizations are not required to pay taxes.
Property Tax A tax on property such as land, houses, or cars.
Sales Tax A tax on items purchased in retail stores.
Taxpayer A person who pays a tax to national, state, county or municipal governments.
Created by: Tou Xiong
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