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18 Cards in this Set
- Front
- Back
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balanced budget
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revenues equal expenditures
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budget surplus
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organizations revenues exceed its expenditures
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federal deficit
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governments annual expenditures exceed its revenues
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national debt
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money borrowed created in crisis such as war
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progressive tax
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tax burden falls more heavily on wealthy than poor taxpayers
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regressive tax
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tax burden, as a percentage of income, falls more on poor taxpayers
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entitlement
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programs which individuals receive benefits based on age, income, or other criteria
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earmarks
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set aside funds for specific projects
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fiscal year
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period of time an organization uses for its budgeting
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deficit spending
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spending financed by borrowing rather than by tax revenues
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budget resolution
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budget committees in house and senate draft spending priorities
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budget proposal
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executive branch to prepare an estimate of cost of programs with special emphasize
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budget cycle
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process between congress and executive branch to approve budget
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continuing resolution
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congress enacts president to keep government working
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corporate income tax
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tax paid by business on profits
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excise tax
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taxes levied on the sale of goods like alcohol and services
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mandatory spending
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revenue already committed by law to be spent a certain way
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discretionary spending
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funding raised or lowered by congress biggest part to military
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