Taxing And Spending

Question 1

A policy document allocating burdens (taxes) and benefits (expenditures)

Answer 1

Budget

Question 2

And excess of federal expenditures over federal revenues

Answer 2

Deficit

Question 3

Government spending. Major areas of federal spending our social services and national defense.

Answer 3

Expenditures

Question 4

The financial resources of the government. The individual income tax and Social Security tax are two major sources of the federal governments revenue

Answer 4

Revenues

Question 5

Shares of individual wages and corporate revenues collected by the government. The 16th amendment explicitly authorized Congress to levy a tax on income.

Answer 5

Income tax

Question 6

The constitutional amendment adopted in 1913 that explicitly permitted Congress to levy and income tax.

Answer 6

16th amendment

Question 7

All the money borrowed by the federal government over the years and still outstanding. Today the federal that is about 15 trillion

Answer 7

Federal debt

Question 8

Revenue losses that result from special exceptions exclusions or deductions allowed by federal tax law.

Answer 8

Tax expenditures

Question 9

A 1935 law intended to provide a minimal level of sustainment’s two older Americans in this save them from poverty

Answer 9

Social security act

Question 10

A program added to the Social Security system and 1965 that provides health insurance for the elderly covering hospitalization Dr. fees and other health expenses

Answer 10

Medicare

Question 11

A description of the budget process where the best predictor of the usage it is last year’s budget plus a little bit more. According to Erin Willdavisky, “most of the budget is a product of previous decisions”

Answer 11

Incrementalism

Question 12

Expenditures that are determined by how many eligible beneficiaries there are for a program or by previous obligations of the government and that congress therefore cannot easily control

Answer 12

Uncontrollable expenditures

Question 13

Policies for which congress has obligated itself to pay X level of benefits to Y number of recipients.

Answer 13

Entitlements

Question 14

The House of Representatives committee that, along with the senate finance committee, writes the tax codes, subject to the approval of congress as a whole.

Answer 14

House ways and means committee

Question 15

The senate committee that, along with the House of ways and means committee writes the tax codes subject to the approval of congress as a whole

Answer 15

Senate finance committee

Question 16

An act designed to reform the congressional budgetary process, including by forcing congress to look at the budget as a whole. It was intended to make congress less dependent on the presidents budget and better able to set and meet its own budgetary goals.

Answer 16

Congressional budget and impoundment control act of 1974

Question 17

Advises congress on the probable consequences of its decisions, forecasts, revenues, and is a counter-weight to the presidents office of management and budget

Answer 17

Congressional budget office

Question 18

A resolution binding congress to a total expenditure level, supposedly the bottom line of all federal spending for the government

Answer 18

Budget resolution

Question 19

A congressional process through which program authorizations are revised to achieve required savings. It usually also includes tax or other revenue adjustments

Answer 19

Reconciliation

Question 20

An act of congress that establishes, continues, or changes a discretionary government program or an entitlement. It specifies program goals and maximum expenditures for discretionary programs.

Answer 20

Authorization bill

Question 21

An act of congress that actually funds programs within limits established by authorization bills. Appropriations usually cover one year

Answer 21

Appropriation bill

Question 22

When congress cannot reach agreement and pass appropriations bills, these resolutions allow agencies to spend at the level of the previous year

Answer 22

Continuing resolution