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Economics > 1144 THE FINAL SOCIAL STUDIES PACE Def. > Flashcards

1144 THE FINAL SOCIAL STUDIES PACE Def. Flashcards

1
Q

FOMC

A

Federal Open Market Committee

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2
Q

amount of Federal Reserve Districts

A

12

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3
Q

influences economy through changes in government spending or taxation

A

fiscal policy

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4
Q

influences economy through changes in money supply and credit availability

A

monetary policies

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5
Q

percentage of deposits that a bank must hold in reserve

A

reserve requirement

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6
Q

rate of interest the Fed charges member banks

A

discount rate

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7
Q

buying and selling government securities

A

open market operations

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8
Q

decreasing taxes or increasing government spending

A

expansionary fiscal policy

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9
Q

increasing taxes or decreasing government spending

A

contractionary fiscal policy

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10
Q

primary source of government revenue

A

individual and business income taxes

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11
Q

taxes levied on various products and services

A

excise taxes

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12
Q

any payment mandated by law

A

mandatory spending

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13
Q

any payment that may be adjusted based on need

A

discretionary spending

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14
Q

payments providing benefits to retired and disabled workers

A

Social Security

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15
Q

payments providing healthcare services to poor people

A

Medicaid

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16
Q

process by which income and jobs are created for more people

A

expenditure multiplier

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17
Q

total of all accumulated deficits minus all accumulated surpluses

A

federal debt

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18
Q

Social Security payments, entitlement programs, and interest on the federal debt are examples of:

A

mandatory spending

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19
Q

Education programs, defense spending, and foreign aid are examples of:

A

discretionary spending

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20
Q

funded by a payroll tax

A

medicare

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21
Q

expenses are shared by the federal government and the states

A

medicaid

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22
Q

the portion of each dollar that an individual spends

A

marginal propensity to consume

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23
Q

the portion of each dollar that an individual saves

A

marginal propensity to save

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24
Q

total generated income =

A

money earned/MPS

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25
Q

Increasing government spending raises the ____

A

GDP

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26
Q

when government spending exceeds its revenue

A

deficit

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27
Q

economic policy advocates government spending even if it creates a deficit

A

Keynesian

28
Q

economic policy focuses on tax cuts with little concern about the deficit

A

classical supply-side

29
Q

money the government owes to the public

A

government notes and bonds

30
Q

money the government owes itself

A

invested trust fund surpluses

31
Q

the sum of the debt held by the public and the money the government owes itself

A

gross federal debt

32
Q

required a balanced budget by 2002

A

balanced budget act

33
Q

required a balanced budget by 1991

A

Gramm-Rudman-Hollings Act

34
Q

not achieved because of the costs of rescuing the savings and loans

A

Gramm-Rudman-Hollings Act

35
Q

money owed to individuals in foreign nations

A

external government debt

36
Q

programs that protect workers and their families from loss of income as a result of old age, illness, unemployment, or death

A

a social security system

37
Q

the largest single government program in the world

A

the U.S. SS system

38
Q

The principal programs of the U.S. SS system are _________

A

medicare

old-age, survivors, and disability insurance (OASDI)

39
Q

receive a greater percentage of their preretirement earnings

A

low-income workers

40
Q

financial plan based on expected income and expenditures for a given period

A

budget

41
Q

expenses that remain unchanged despite changes in income

A

fixed

42
Q

expenses that may change when income changes

A

variable

43
Q

legal method of avoiding repayment of almost any debt

A

bankruptcy

44
Q

loan in which repayment is guaranteed by collateral

A

secured

45
Q

assumption of a debt without a sure way to repay it

A

surety

46
Q

use of credit to provide immediate material satisfaction

A

consumption debt

47
Q

use of credit to purchase goods that are expected to appreciate in value or generate future income

A

investment debt

48
Q

open-end account from which one may continue to borrow

A

revolving credit

49
Q

agreement to repay a loan by making periodic payments

A

installment credit

50
Q

amount a lender charges for a loan

A

interest

51
Q

original amount of a loan

A

principal

52
Q

make it difficult to maintain a balanced budget

A

impulse purchases

53
Q

stipulates that a large payment of all remaining principal must be paid at the end of the loan

A

balloon clause

54
Q

demands immediate payment for the entire loan if even one payment is late

A

acceleration clause

55
Q

occurs when a lender takes physical custody of a loan’s collateral

A

Repossession

56
Q

occurs when a lender takes money from a debtor’s wages for repayment of a debt

A

Garnishment

57
Q

the interest rate the bank says it will pay

A

Nominal interest

58
Q

calculated only of the principal

A

Simple interest

59
Q

calculated on the original principal plus the reinvented interest

A

Compound interest

60
Q

the rate an account actually earns

A

Effective interest

61
Q

include credit union share draft accounts and money-market accounts, are short-term savings accounts that carry a fluctuating interest rate

A

Floating-rate accounts

62
Q

include certificates of deposit, passbook accounts, and club accounts, earn a fixed interest rate and require that the money remains in the account for a specific period

A

time deposits

63
Q

one in which the employer deposits a specific amount

A

money purchase retirement plan

64
Q

an employer both makes contributions and matches employee contributions to a ______________

A

401k retirement plan

65
Q

An employer purchases company stock in the name of the employee for a _____ retirement plan

A

stock

Economics (12 decks)

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