Quiz Seven

Front 1

budget

Back 1

list of all planned expenses and revenues.

Front 2

deficit

Back 2

a sum of money falls short of the required amount.

Front 3

expenditure

Back 3

.

Front 4

revenues

Back 4

income received from normal activities.

Front 5

interest on debt

Back 5

fee paid on debt.

Front 6

income tax

Back 6

a tax levied on the income of individuals or businesses.

Front 7

Pollock v. Farmer's Loan and Trust Co. (1895)

Back 7

Supreme Court rules that unapportioned income taxes are unconstitutional.

Front 8

Internal Revenue Service (IRS)

Back 8

revenue service of the U.S.

Front 9

progressive tax

Back 9

tax rate increases as the taxable base amount increases.

Front 10

flat tax

Back 10

a tax system with a constant tax rate.

Front 11

federal debt

Back 11

money owed by the central government.

Front 12

tax loopholes

Back 12

weakness in tax system.

Front 13

indexing

Back 13

.

Front 14

Tax Reform Act (1986)

Back 14

simplify income tax code, broaden tax base, and eliminate tax shelters.

Front 15

Clinton Tax Plan (1993)

Back 15

plan aimed at reducing deficit.

Front 16

Gross Domestic Product (GDP)

Back 16

market value of all final goods and services produced within a country in a given period.

Front 17

"Military Industrial Complex"

Back 17

policy and monetary relationships between legislators, the military, and the supporting industries.

Front 18

Social Security Act (1935)

Back 18

advocated federal assistance for the elderly.

Front 19

Medicare (1965)

Back 19

provides health insurance to those over 65 who are eligible.

Front 20

Great Society

Back 20

a program of domestic legislation initiated by LBJ.

Front 21

incrementalism

Back 21

change through many, small steps rather than few, large jumps.

Front 22

mandatory/ uncontrollable expenditures

Back 22

.

Front 23

Office of Management and Budget (OMB)

Back 23

assembles and analyzes figures that go into the annual national budget that the president submits to Congress.

Front 24

House Ways and Means Committee

Back 24

chief tax-writing committee of the House of Representatives.

Front 25

Senate Finance Committee

Back 25

standing committee concerned with general finance, one of the most powerful houses in Congress.

Front 26

Congressional Budget Office (CBO)

Back 26

provides economic data to Congress.

Front 27

appropriations committee

Back 27

controls expenditures in House, controls discretionary spending legislation in Senate.

Front 28

General Accounting Office (GAO)

Back 28

the audit, evaluation, and investigative arm of Congress.

Front 29

Budget and Accounting Act (1921)

Back 29

established the framework for the modern federal budget.

Front 30

Congressional Budget and Impoundment Control Act (1974)

Back 30

governs the role of the Congress in budget process.

Front 31

budget resolution

Back 31

concurrent resolution creating congressional budget.

Front 32

reconciliation

Back 32

allows debate of bill in less than 20 hours.

Front 33

authorization bill

Back 33

permits government to carry out various functions and programs.

Front 34

appropriations bill

Back 34

authorizes the government to spend money.

Front 35

continuing resolutions

Back 35

joint resolution of funding government agencies.

Front 36

omnibus spending bills

Back 36

sets the budget of many departments of government at once.

Front 37

Gramm-Rudman-Hollings Act (1985)

Back 37

first binding constraint on government spending, produced first balanced budget in 25 years.

Front 38

sequestrations

Back 38

act of seizing property through law for benefit of state or creditors.

Front 39

PAYGO

Back 39

financing expenditures with available funds.

Front 40

LOOK AT CONGRESS SECTION

Back 40

TO KNOW ALL VOCAB.