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69 Cards in this Set
- Front
- Back
- 3rd side (hint)
Baby-Boom Generation
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The exceptionally large number of Americans born during the late 1940's, 1950's, and 1960's.
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Social Security
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A federal pension and disability insurance program funded through a payroll tax on workers and their employees.
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Medicare
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A federally funded health insurance program for the elderly.
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Medicaid
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A federal program designed to provide health insurance coverage to poor people, the disabled and elderly Americans who are impoverished.
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National Endowment for the Arts (NEA) (H)
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A federal agency created to nurture cultural expression and promote appreciation of the arts. (H)
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(NEA)
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Welfare State
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Government that takes responsibility for the welfare of it's citizens through programs in public health, public housing, old-age pensions, unemployment compensation, and the like.
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Subsidy
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A financial incentive given by government to an individual or a business interest to accomplish a public objective.
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Income Redistribution
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The government taking items of value, especially money, from some groups of Americans and then giving items of value, either in cash or services, to other groups of Americans.
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Apartheid
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A system of institutionalized racial discrimination.
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Depression
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A severe and prolonged economic slump characterized by decreased business activity and high unemployment.
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Recession
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An economic slowdown characterized by declining economic output and rising unemployment, less severe than a depression.
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Inflation
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A decline in the purchasing power of the currency.
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Laissez Faire
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An economic philosophy holding that government intervention impedes the free market force that drives a healthy economy.
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(H)Budget Year. (H)
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Fiscal Year(FY)
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(FY)
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Tax Preference
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A tax deduction or exclusion that allows individuals to pay less tax than they would otherwise.
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Tax Exemption
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The Exclusion of some types of income from taxation.
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Tax Deduction
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An expenditure that can be subtracted from a taxpayer's gross income before figuring the tax owed.
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Tax Credit
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An expenditure that reduces an individual's tax liability by the amount of the credit.
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Excise Tax
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Levies assessed on the manufacture, transportation, sale, or consumption of a particular item or set of related items.
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Gross Domestic Product (GDP)
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The total value of goods and services produced by a nation's economy in a year, excluding transactions with foreign countries.
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(GDP)
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Tax Incidence
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The point at which the actual cost of an item falls.
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Progressive Tax
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A levy that taxes people earning higher incomes at a higher rate than it does individuals making less money.
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Proportional Tax
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A levy that taxed all persons at the same percentage rate, regardless of income.
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Regressive Tax
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A levy whose burden falls more heavily on lower income groups than on wealthy tax payers.
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Ability to Pay Theory of Taxation
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The approach to government finance that holds that taxes should be based on an individual’s ability to pay.
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Flat Tax
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An income tax that assesses the same percentage tax rate on all income levels above a personal exemption while allowing few if any deductions.
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Sales Tax
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A levy assessed on the retail sale of taxable items.
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Budget Deficit
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The amount of money by which annual budget expenditures exceed annual budget receipts.
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Budget Surplus
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The amount of money by which annual budget receipts exceed annual budget expenditures.
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Balanced Budget
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When the budget receipts are equal to budget expenditures.
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National Dept
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The accumulated indebtedness of the federal government.
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Consumer Price Index(CPI) (H)
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A measure of inflation that is based on the changing cost of goods and services. (H)
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(CPI)
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Cost-of-Living Adjustment(COLA) (H)
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A mechanism designed to regularly increase the size of a payment, to compensate for the effects of inflation. (H)
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(COLA)
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Means-Tested Program
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A government program that benefits to recipients based on their financial need.
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Privatization
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A process that involves the government contracting with private business to implement government programs.
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Welfare Programs
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Government programs that provide benefits to individuals based on their economic status.
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Earned Income Tax Credit(EITC) (H)
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A federal program designed to give cash assistance to low-income working families by refunding some or all of the taxes they pay and, if their wages are low, giving them an additional refund. (H)
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(EITC)
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Food Stamp Program
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A federal program that provides vouchers to low-income families and individuals that can be used to purchase food.
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Supplemental Security Income(SSI) (H)
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A federal program that provides money to low-income people who are elderly, blind, or disabled who do not qualify for Social Security. (H)
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(SSI)
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Aid to Families with Dependent Children(AFDC) (H)
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A federal welfare program that provides cash to the parents or guardians of children living in low-income families. (H)
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(AFDC)
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Temporary Assistance for Needy Families(TANF) (H)
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A federal program that provides temporary financial assistance and work opportunities to needy families.
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Entitlement Program
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Government program providing benefits to all persons qualified to receive them under law.
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Fiscal Policy
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The use of government spending and taxation for the purpose of achieving economic goals.
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Mandatory Spending
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Expenditures that are mandated by law, including entitlements and contractual comments made in previous years.
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Discretionary Spending
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Budgetary expenditures that are not mandated by law or contract, including annual funding for education, the Coast Guard, space exploration, highway construction, defense, foreign aid, and the FBI.
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Appropriations Process
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The procedure through which Congress legislatively allocates money for a particular purpose.
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Authorization Process
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The procedure through which Congress legislatively establishes a program , defines it’s general purpose, devises procedures for it’s operation , specifies an agency to implement the program, and indicates an approximate level of funding for the program but does not actually provide money.
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Incremental Model of Budgeting
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A theoretical effort to explain the budget process on the basis of small (incremental) changes in budget categories from one budget to the next.
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Interest
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Money paid for the use of money.
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Monetary Policy
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The control of the money supply for the purpose of achieving economic goals.
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Capital Gains Tax
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A tax on investment income.
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Pork Barrel Spending
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Expenditures to fund local projects that are not critically important from a national perspective.
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Federal Reserve Board (FED)
(H) |
An independent regulatory commission that makes monetary policy.
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(FED)
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Federal Open Market Committee (FOMC)
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A committee of the Federal Reserve that reviews the economy and adjusts monetary policy to achieve the goals of price stability and full employment.
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(FOMC)
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American Association of Retired Persons (AARP)
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An interest group representing the interests of older Americans; can purchase group health insurance, mutual funds, and prescription drugs at a discount.
(H) |
(AARP)
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Plea Bargain
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A plea to a criminal case to reduce their sentence pnding that they confess to the crime.
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Tort Case
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A personal injury case
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Laws in-acted by congress
-Chief Justice John Marshall |
Marbury V. Madison
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Doctrine of Implied Power
-Chief Justice John Marshall |
Martin V. Hunter's Lessee
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Impairment of congress
-Chief Justice John Marshall |
Dartmouth College V. Woodward
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Doctrine of Implied Power
-Chief Justice John Marshall |
McCulloch V. Maryland
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Congressional Power
-Chief Justice John Marshall |
Gibbons V. Ogden
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Slavery/Citizenship
-Chief Justice Roger Taney |
Dred Scott V. Sandford
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Segregation/Seperate but equal/Citizenship
-Chief Justice Melville Fuller |
Plessy V. Ferguson
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Segregation/Seperate but equal/Citizenship
-Chief Justice Earl Warren |
Brown V. Board of Education
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Illegal Search and Seizure/Exclusionary Rule
-Chief Justice Earl Warren |
Mapp V. Ohio
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Self Incrimination
-Chief Justice Earl Warren |
Miranda V. Arizona
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Abortion/Due Process & Privacy
-Chief Justice Earl Warren |
Roe V. Wade
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Recounts of Presidential Elections
-Chief Justice William Rehnquist |
Bush V. Gore
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