Chapter 16

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Tax withheld from employee's paycheck

Payroll Tax or Income Tax

In the first step of the budgeting process, each federal agency prepares a detailed estimate of its spending needs for the coming year and submits to __________

The Office of Management & Budget

What is deficit?

The amount of expenditures exceeding income in a given year

What is public debt?

The total outstanding indebtedness of the Federal Government

Interest on the public debt is an example of _______ spending

Uncontrollable

What is a fiscal policy?

Various means it uses to raise and spend money and thereby influence the nation's economy

What is the US population?

320 million

There is no ________ limit on the amount that may be borrowed. and so there is no __________ limit on public debt.

Constitutional Constitutional

When Congress has failed to pass all of its appropriations before the end of a fiscal year, it must pass a _________, which allows the Federal Government to continue to function

Continuing Resolution

Highway spending and defense spending are ___________

Controllable

Tax on goods brought into the U.S.

Customs Duty

Benefits to those meeting eligibility requirements are _______ programs

Entitlements

Tax on luxury goods

Excise Tax

Tax on gift by a living person

Gift Tax

What is the largest source of income for the government?

Individual Income Tax

A charge for borrowing money

Interest

Why is government fiscal policy important

It affects the economy

What's the difference between mandatory and discretionary expenditures?

Mandatory HAVE to be paid by law and discretionary are optional

What is the largest government expenditure?

Medicare/Medicaid

__________ must authorize any and all federal borrowing

Congress

What did George HW Bush say about Supply Side Economics?

That it was "Voodoo Economics"

What did Oliver Wendell Holmes say about taxes?

"Taxes are what we pay for a civilized society"

What is the current debt?

$18.2 Trillion

What was the income for 2014 fiscal year?

$3 Trillion

What was the amount of expenses for 2014

$3.5 Trillion

What is the current deficit?

$426 Billion

What is a fiscal year?

A year of operation

When was Tax Freedom Day?

April 24

Which institution is responsible for appropriating all of the money spent by the Federal Government?

Congress

The _______ is the result of the Federal Government's borrowing over time.

Public debt

Tax collected at a flat rate

Regressive Tax

Each , Congress passes two concurrent resolutions concerning the budget: one in May, which __________________, and one in September, which ___________________

Sets overall targets for federal spending in the coming year, sets binding spending limits for all federal agencies

The government is able to _______ money at ______ rates of interest than those paid by private borrowers.

borrow lower


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