Finance and Budget Policy Lecture Notes

This set of flashcards covers key terms and concepts related to Finance and Budget Policy as outlined in the lecture.

Fiscal Policy

Government policies regarding taxation and spending.

Tax Burden

The financial burden placed on individuals and businesses through taxes.

Cumulative Exam

An exam that includes information from the entire course.

Homestead Tax Exemption

A reduction in property taxes for residents owning their primary home.

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced.

Sales Tax

A tax imposed on sales of goods and services, typically a percentage of the sale price.

Progressive Income Tax

A tax system where the rate increases as the taxable amount increases.

Regressive Taxation

A tax that takes a larger percentage of income from low-income earners than from high-income earners.

Severance Tax

A tax imposed on the extraction of natural resources, such as oil and gas.

Budget Balance

The principle that states must balance their budgets by law, especially during fiscal deficits.

Outmigration

The movement of people out of a region or state, affecting its population size and economic situation.

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment.

Population Census

A count of the people living in a specific area, often used for political and economic planning.

Economic Stimulus

Economic policy measures aimed at promoting economic growth.

State Evaluations

Assessments conducted by students regarding their educational courses and instructors.