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28 Cards in this Set

  • Front
  • Back
fiscal policy
– public policy that concerns taxing, government spending public debit and management of government money
business that provides services such a finance, health care, food service, data processing or consulting
a compulsory contribution exacted by a government for a public purpose
regressive taxes
a tax in which the effective tax rate falls as the tax base increases
progressive taxes
a tax in which the effective tax base increases
a fixed sum charged by government for a privilege
balanced budget
a budget in which total revenues and expenditures are equal, producing no deficit
General Revenue Fund
an unrestricted state fund which is available for general appropriations
general sales tax
at the rate of 6.25% of a sale, the general sales tax is Texas’s largest source of tax revenue. It is applied largely to the sale price of tangible personal property and “the storage,use,or other consumption of tangible personal property purchased, leased or rented”
Streamlined Sales Tex Project
a voluntary effort by a number of states to simplify collection and administration procedures of the sales tax for sellers so that sales tax can be collected on internet and catalog purchases
selective sales taxes
these are quantity-based consumption taxes on specific products
sin tax
a selective sales tax on items such as cigarettes, other forms of tobacco, and alcoholic beverages
franchise tax
this tax is levied on the annual receipts of businesses organized to limit the personal libility of owners
payroll tax
a tax levied against a portion of the wages and salaries of employees to provide funds for payment of unemployment insurance benefits to thses people wen they lose their jobs
severance tax
an excise tax levied on a natural resource form the earth
money, goods or services given by one government to another (federal grants-in-aid to states for financing public assistance programs)
Sale of bonds backed by anticipated future payments of tobacco settlements
“Losers’ fees”
a surcharge added to assessments against the few who get caught disobeying a law violated by many
Bonded debt
Borrowings obtained through sale of revenue bonds and general obligation bonds
“Rainy day” fund
a fund used for stabilizing state finance when revenue is insufficient to cover state-supported programs
a plan indicating how much revenue a government expects to collect during a period (usually one or two fiscal years) and how much spending is authorized for agencies and programs
Legislative Budget Board (LBB)
a 10 member body co-chaired by the lieutenant governor and the speaker of the House, this board and its staff prepare a biennial-current services budget. In addition, the LBB assists with the preparation of a general appropriation bill at the beginning of a regular legislative session; and, if requested it prepares fiscal notes that assess the economic impacted of a proposed bill or resolution
Dual budgeting system
the compilation of separate budgets by the legislative branch and the executive branch
Budget execution
the process whereby the governor and the legislative budget Board oversee (and in some instances modify) implementation of the spending plan authorized by the Texas Legislature
Robin Hood plan
a plan for equalizing financial supported for school districts by transferring tax money form rich districts to poor districts
TEXAS Grants Program
“Toward excellence access and success,” the program provides funding for qualifying college and university students
Children’s Health Insurance Program (CHIP)
a program that provides medical insurance for children for low-income families
Trans-Texas Corridor
a 50 year development plan to provide more than 4,000 miles of new right-of-ways in Texas that will include highways, railroads, and utility easements