Budgeting

Question 1

” who gets what, when, and how;”

This famous d finite on of politics was put forward by Harold Lasswell

Answer 1

Politics

Question 2

Who gets what, when, and how - who said this

Answer 2

Harold Lasswell

Question 3

Some observers concerned that _________ poses a danger to budgeting, because politicians seek to “buy” votes by spending funds on things voters like

Answer 3

Democracy

Question 4

Politicians seek to “buy” votes by spending ____________ on things voters like

Answer 4

Public funds

Question 5

A policy document allocating burdens and benefits

Answer 5

Budget

Question 6

When expenditures exceed revenues

Answer 6

Budget deficit

Question 7

A common name for Congress’s control over federal appropriations

Answer 7

The power of the purse

Question 8

Congress has the ultimate power to determine how much the government will ____________

Answer 8

Tax and spend

Question 9

What will be taxed and spent, and what it will spend taxes for, lies with

Answer 9

Congress

Question 10

Provides small increasing in the current budget over the previous year’s budget; the most prevalent model of budgetary decision making in practice.

Answer 10

Incremental budgeting

Question 11

In the House of Representatives, it is the _________________ that writes tax codes, subject to the approval of Congress as a whole

Answer 11

Ways and Means Committee

Question 12

The _________________ and the senate Finance Committee write the tax codes

Answer 12

Ways and Means Committee

Question 13

A government agency established to assist Congress in making budgeting decisions

Answer 13

Congressional Budget Office

Question 14

Spending bills in Congress originate in the _____________ and their subcommittees

Answer 14

Appropriations Committees

Question 15

An executive agency which prepares the president’ s recommended budget

Answer 15

Office of Management and Budget (OMB)

Question 16

The heads of executive agencies send their budget request to ________

Answer 16

OMB

Question 17

Who prepares a proposed federal budget, with the president making revisions?

Answer 17

OMB

Question 18

The president’s proposed budget is then submitted to ________ for its consideration

Answer 18

Congress

Question 19

Federal agency which audits, monitors, and evaluates the behavior and budgets of executive agencies for congress.

Answer 19

General Accounting office

Question 20

Created a budget committee in each house of Congress; established a fixed budget calendar; and established the Congressional Budget Office

Answer 20

Congressional Budget and Impoundment Control Act of 1974

Question 21

Congress passes this to set limits on expenditures based on revenue projections

Answer 21

Budget resolution

Question 22

The congressional process through which program authorizations are revised to achieve saving

Answer 22

Budget reconciliation

Question 23

passed by congress to establish, continue, or change a discretionary government program or an entitlement

Answer 23

Authorization bill

Question 24

Passed by Congress to fund a program

Answer 24

Appropriations bill

Question 25

Laws that allow agencies to spend at the previous year's level

Answer 25

Continuing resolutions

Question 26

When congress fails to meet its own budget timetable, it's frequently resorts to __________

Answer 26

Continuing resolutions

Question 27

Automatic across the board spending cuts

Answer 27

Sequestration

Question 28

The idea that any new programs, or increased spending on existing programs, must be offset by either budget cuts or increased revenues.

Answer 28

Pay as you go

Question 29

A tax on the manufacture, transportation, sale, or consumption of a good

Answer 29

Excise tax

Question 30

In the early years of the nation, the _________ raised most of its revenue through fees collected on imported goods

Answer 30

Federal government

Question 31

The Supreme Court ruled that the income tax was unconstitutional.

Answer 31

Pollock v. Farmer's Loan and Trust Co. (1895)

Question 32

Amendment to the U.S. Constitution permitted the federal income tax

Answer 32

Sixteenth Amendment

Question 33

Name given to a tax, if everyone is taxed at the same rate

Answer 33

Flat tax

Question 34

A tax system where those with with more taxable income not only pay more taxes but also higher rates of taxes.

Answer 34

Progressive tax

Question 35

_________ of income tax revenue comes from taxpayers with the top 10 percent of taxable incomes

Answer 35

Two-thirds

Question 36

The four major sources of federal revenue are....

Answer 36

Personal income taxes, corporate income taxes, borrowing and social insurances taxes

Question 37

The fastest growing source of federal revenue has been __________

Answer 37

Social Security taxes

Question 38

___________ are paid by both employers and employees

Answer 38

Social Security taxes

Question 39

________ provide the largest source of federal revenue

Answer 39

Income taxes

Question 40

Federal agency created in order to collect the federal income tax

Answer 40

International Revenue Service

Question 41

All of the money borrowed by the federal government over the years that still needs to be paid back

Answer 41

Federal debt

Question 42

The government borrows money principally by _________

Answer 42

Selling bonds

Question 43

A majority of the national debt is currently held by __________

Answer 43

Foreign investors

Question 44

The federal government gets most it's revenue through ______

Answer 44

Taxes

Question 45

A term, coined by president Dwight Eisenhower, referring to the link between the military and the defense industry

Answer 45

Military industrial complex

Question 46

The purchasing of military hardware

Answer 46

Procurement

Question 47

Spending on defense currently makes up _______ percent of all federal expenditures

Answer 47

20

Question 48

As a federal program, social security began under ________

Answer 48

President Franklin Roosevelt

Question 49

By 1990, the social security system was financed by a payroll of over _______ percent

Answer 49

15

Question 50

In 1945, ______ workers supported the social security benefits for one retiree

Answer 50

50

Question 51

Currently, _____ workers support the social security benefits for one retiree

Answer 51

3

Question 52

The federal program designed to provide health care coverage for older Americans

Answer 52

Medicare

Question 53

policies for which congress has obligated itself to pay for certain level of benefits based on a certain number of recipients: for example social Security payments

Answer 53

Entitlements