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28 Cards in this Set
- Front
- Back
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In economic terminology what is PORK
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used to describe a line-item budget expenditure that circumvents normal budget-building procedures.
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Who is the PUBLIC SECTOR
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The part of the economy consisting of the federal, state, and local governments.
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Who makes up the PRIVATE SECTOR
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The part of the economy made up of private individuals and privately owned businesses
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Describe a TRANSFER PAYMENT
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A payment where the government gets neither a good or a service in return. i.e. social security, unemployment.
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What is GRANT-IN AID?
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A transfer payment from one level of government to another.
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What is a SUBSIDY?
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government payment to encourage or protect a certain economic activity.
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What is the concept of the
DISTRIBUTION OF INCOME. |
the way in which income is allocated among families, individuals or other groups.
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What is in included in the FEDERAL BUDGET?
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the annual plan outlining proposed revenues and expenditures for the coming year.
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What is a FISCAL YEAR
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A 12-month financial planning period that may or may not coincide with the calendar year.
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An bill passed by Congress that allows federal agencies to spend money for a specific purpose is what.....?
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A appropriations bill
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What circumstance leads to a BUDGET DEFICIT?
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an excess of expenditures over revenues.
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What circumstance leads to a
BUDGET SURPLUS? |
If expenditures are less than revenue.
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What is it called when spending authorized by law continues with the need for annual approval by Congress
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Mandatory Spending
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What kind of spending must be approved by Congress in a the annual budgetary process
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Discretionary spending
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What is Medicare and who does it apply to
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A healthcare program available to all seniors regardless of income.
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What is Medicaid and who does it apply to
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Joint federal state medical insurance for low-income persons.
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What is a balanced budget amendment
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a constitutional provision requiring that annual spending not exceed revenues
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Where do intergovernmental expenditures come from
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funds that come from one level of government that transfer to another level of government.
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What results in deficit spending
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Spending in excess of the revenues collected.
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What is the national debt?
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the total amount borrowed from investors to finance the governments deficit spending.
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When do we have a BALANCED BUDGET?
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When an annual budget in which expenditures equal revenues.
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What is a TRUST FUND?
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special accounts used to fund specific types of expenditures. i.e. Social Security and Medicare
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PER CAPITA is another way of saying what?
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per person.
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What is the CROWDING-OUT effect?
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the higher-than-normal interest rates caused by heavy government borrowing.
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What are "pay-as-you-go" provisions?
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a requirement that new spending proposals or tax cuts must be offset by reductions elsewhere in the budget.
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When does a LINE-ITEM VETO apply?
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the presidential power to cancel specific budget items without rejecting the entire budget.
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What are SPENDING CAPS?
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legal limits on annual discretionary spending,
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What are ENTITLEMENTS?
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broad social programs with established eligibility requirements to provide heath, nutritional or income supplements to individuals.
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