07. Key Terms - The Federal Budget

Question 1

Regulating the money supply, controlling inflation, and adjusting interest rates and this policy is controlled by the Federal Reserve Board

Answer 1

Monetary policy

Question 2

Raising and lowering taxes and government spending programs and is controlled by the Presidency and Congress

Answer 2

Fiscal policy

Question 3

A government-sponsored program providing mandated benefits to those who meet the eligibility requirements

The two largest programs are Social Security and Medicare

Answer 3

Entitlement program

Question 4

This office is responsible for preparing the budget that the president submits to Congress

Answer 4

Office of Management and Budget (OMB)