income tax {Ans: a percentage of wages, profits, and other income paid to federal, state, and local governments}entrepreneur {Ans: a person who organizes, operates, and assumes the risk for a business venture}federalism {Ans: a form of political organization in which governmental power is divided between a central government and territorial subdivisions—in the United States, among the national, state, and local governments}checks and balances {Ans: the Constitutional mechanisms that authorize each branch of government to share powers with the other branches and thereby check their activities}economics {Ans: the study of the process of producing and distributing a good and how it relates to buying, selling, and making a profit in a society}equal protection of the law {Ans: the idea that no individual or group may receive special privileges from, nor be unjustly discriminated by, the law}