Section 3 Flashcards
0
Q
Discretionary spending
A
Has to be authorized each year.
1
Q
Mandatory spending
A
Is required by law.
2
Q
Entitlements
A
Are social welfare programs with specific requirements.
3
Q
Medicaid
A
Is a government medical insurance program for low income people.
4
Q
Federal budget
A
Is a plan for sending federal tax money.
5
Q
Fiscal year
A
Is a 12 month period for which an organization plans it’s expenditures.
6
Q
Appropriations
A
Are specific amounts of money set aside for specific purposes.
7
Q
Transfer payments
A
Are money distributed to individuals who do not provide anything in return.
8
Q
Grant-in-aid
A
Is a transfer payment from the federal government to state or local governments.
9
Q
Private sector
A
Is the part of the economy owned by individuals or businesses.
