1. What is taxable income?
    The amount of income subject to income taxes.
  2. What does a fiscal year refer to?
    a period used for calculating annual financial statements.
  3. What is the purpose of the OMB?
    to assist the President in overseeing the prep of the federal budget.
  4. What are entitlements?
    right granted by law or contract.
  5. What did the Gramm-Rudman-Hollings Act do?
    was the first binding constraint imposed on federal spending.
  6. What is the gross national product?
    the total monetary value of all final goods and services produced in a country during one year.
  7. What is monopoly?
    a market in which there are many buyers but only one seller.
  8. What does the laissez-faire refer to?
    allowing industry to be free from state intervention.
  9. What is an oligopoly?
    the market condition that exists when there are few sellers.
  10. What is price support?
    a government subsidy used to maintain prices at a certain level.
  11. What is the purpose of social insurance?
    any government-sponsored program where risks are transferred by an organization.
  12. What is urban renewal?
    The process of acquiring and redeveloping property for the purposes of increasing its profitability or utility.
  13. What is foreign policy?
    national interests and to develop healthy relations with other countries.
  14. What is internationalism?
    the doctrine that nations should cooperate because their common interests are more important than their differences.
  15. What is the function of a consulate?
     to assist and protect the citizens of the consul's own country.
  16. When are men required to register for the draft?
    all male U.S. citizens, and male aliens living in the U.S. who are 18 through 25, are required to register.
  17. What is an initivative?
    the first of a series of actions.
  18. What is a bicameral legislature?
    a legislature which has two legislative chambers.
  19. Who is the head of each state's executive branch?
    The State's Governer. 
  20. What are the different types of local government?
    County governments, Municipal and Township governments, School Districts and Special Districts.
  21. What is zoning?
    separate or apportion into sections.
  22. What does market value refer to?
    the amount for which something can be sold on a given market.
  23. What is gentrification?
    the restoration of run-down urban areas by the middle class.
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