Ch 14 Review

Question 1

Federal dificit

Answer 1

The amount that spending exceeds revenue

Question 2

Balanced budget

Answer 2

Spending plan where spending equal revenue

Question 3

National debt

Answer 3

The amount of money a country owes to leaders

Question 4

Progressive tax

Answer 4

Heavy tax on the rich

Question 5

Regressive tax

Answer 5

Heavy tax on the poor

Question 6

Entitlements

Answer 6

Benefits that must be provided to all eligible people who seek them.

Question 7

Earmarks

Answer 7

Specific spending proposals attached by members of congress

Question 8

Budget resolution

Answer 8

Report that shows congress’s own spending priorities.

Question 9

Excise tax

Answer 9

Taxes on sale o goods; like alcohol and services.

Question 10

Mandatory spending

Answer 10

Gov’t revenue already committed to be spent in specific ways

Question 11

Discretionary spending

Answer 11

Budget debated in congress

Question 12

Budget cycle

Answer 12

The process of creating, debating and passing budget

Question 13

Fiscal year

Answer 13

Period of time an organization uses for its budgeting, record keeping and financial reporting

Question 14

Continuing resolution

Answer 14

Allows gov’t programs to keep operating at current funding levels for a fixed period

Question 15

Deficit spending

Answer 15

Spending from borrowed money instead of tax revenue

Question 16

Revenue

Answer 16

Money coming to the gov’t