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38 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is a Budget? Explain.
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A collection of documents or single documents that refer to the financial condition and future plans of an organization.
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What are the general types of a budget?
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-Descriptions
-Explanations -Statements/preferences or values. |
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What is the purpose of budgeting?
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-Setting goals/objectives
-Allocating the resources necessary to achieve goals -Measuring progress towards objectives. |
-Identifying weaknesses or inadequacies in organization
-Controlling/integrating the diverse activities carried out by numerous subunits within large bureaucracies. |
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What are externalities?
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Another class of government goods/services where individuals can be excluded by which cost or benefits extend beyond the individuals who are the immediate targets of the service.
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What is homestead exemption?
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is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances
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What is Performance Management?
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Emphasizes setting objectives and when motivating matters to be entrepreneurial.
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What are Performance Measure associated with?
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Activities with long time results.
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What is a Line Item Budget?
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Is an object of expenditure and are used extensively at all levels of government.
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What is the line-item budget approached utilized for?
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To control and account for expenditures of public monies.
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What are some of the strengths of the Line-Item Budgets?
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-High degree of control over expenditures
-Provides information on inputs to Produce gov't services |
-Easily understood by lay person
-Easy comparison between Previous yr & current year expenditures |
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What are some of the limitations in the Line-Item Budget?
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-Provides little in the way of long term planning
-Does not address the rationale for allocation of resources to any specific program. |
-Provides little narrative tying expenditures to performance criteria.
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What is a Program?
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A Program classifies all activities by their major purpose and contribution to overall jurisdiction or organization.
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What is a Program Structure?
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The way for you to organize all activity into a hierarchy of functional categories.
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What are some strengths of Line-Item Budget?
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-Long range planning
-Program Identification -Emphasis on attainment of long-term goals. -More goal setting |
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What are some weaknesses of Line-Item Budgets?
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-Goals are difficult to formulate
-Goals are subject to change -Sometimes difficult to obtain objective measures of benefits. |
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What form of tax are the most important sources of revenue for state governments?
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Sales tax
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What are the 2 types of tax? Explain.
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Ad valorem and Unit taxes.
Ad valorem taxes are according to worth. They are taxes levied as a percentage of the Purchase price of an item. ex. General sales/property taxes. |
Unit taxes are levied er unit of the item sold, without regard to price .
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What does Sales Tax Revenue come from? Explain.
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Base tax and rates.
The base a function of which products and services are included and excluded. |
Notable exemptions include services professional services of doctors & lawyers, barbers or accountants.
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What is the biggest issue regarding sales tax?
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Mail order & internet sales.
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True/False Sales tax are regarded as progressive and are based on ability to pay.
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False.
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What is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at a final sale?
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Value added Tax
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What are the 3 general categories of Excise Tax?
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Luxury, sumptuary, benefit based.
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What are luxury taxes?
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Luxury taxes are taxes levied on items that are predominately consumed by the rich (yachts, jewelry, etc).
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What are sumptuary taxes & what are some issues with sumptuary taxes?
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Taxes that are regulatory in nature. For example alcohol and cigarettes.
Sumputary taxes are regressive also effective tax rates are higher for lower priced brands. |
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Taxes should be levied on individuals who cause particular services to be provided, and that the proceeds from the tax should go to finance that particular service is?
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Benefit Received Excise
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What is a Pork Project and some examples?
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It involves funding for gov't programs whose economic or service benefits are concentrated in a articular area but whose costs are spreading among all tax payers.
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Some examples are the The Big Di & the Bridge to Nowhere.
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What is Pork-Barrel?
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Pork-Barrel is government projects that are aimed at helping home districts and states.
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What is casework
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Refers to the response or services that members of congress provide to constituents who request assistance.
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True/False. The Item veto helps reduce the wastefulness of pork spending.
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True.
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True/False. Family or corporate budgeting does not have a relatively fixed set of available resources.
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False.
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True/False. In the private sector, profit serves as a ready standard for evaluating decisions.
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True.
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Zero-Based Budgeting (ZBB) was designed as a...?
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Total management package.
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True/False. Total management package.Existing programs were not normally funded at the previous year's base level with an incremental or decremental adjustment in funding.
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False. They were funding at the previous yrs level base.
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What are the 5 fundamental steps in ZBB that are normally followed within an organization?
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1. Prepare "decision units."
2. Analyze each decision unit within a decision packages. 3. Rank Decision packages. |
4. Develop operating budgets based upon approved decision packages.
5.Evaluate. |
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What is the Big Dig?
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A project to take an existing 3.5-mile interstate highway and relocate it underground. It ended up costing US $14.6 billion.
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What is the Bridge to Nowhere?
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A bridge that connected the town of Ketchikan with its airport on the island of Gravina at a cost of 320 million.
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Citizens Against Government waste outlines 7 criteria, what are they?
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-Requested by only one chamber Congress
-Not specifically authorized -Not competitively awarded -Not requested by the president -Greatly exceeds the Presidents budget request or the previous yrs funding -Not the subject of congressional hearing -Serves only a local or special interest. |
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What are Pork Barrel Projects?
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Pork Barrel Projects are involved in government funding for programs where the economic or service benefits are used for a particular area but whose cost are spread among all tax payers.
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