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12 Cards in this Set
- Front
- Back
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Transfer Payments |
payments made to groups or individuals when no good or service is received in return |
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Government Outlays |
the part of the government budget that includes both spending and transfer payments |
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Mandatory Outlays |
comprise government spending that is determined by ongoing long-term obliations |
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Discretionary Outlays |
comprise spending that can be altered when the government is setting its annual budget |
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Social Security |
government administered retirement funding program |
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Medicare |
mandated federal program that funds health care for retired people |
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Progressive Income Tax System |
one in which people with higher incomes pay a larger portion of their income in taxes than people with lower incomes do |
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Marginal Tax Rate |
the tax rate paid on an individual's next dollar of income |
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Budget Deficit |
occurs when government outlays exceed revenue |
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Budget Surplus |
occurs when government revenue exceeds outlays |
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Debt |
the sum total of accumulated budget deficits |
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Austerity |
involves strict budget regulations aimed at debt reduction |
