AP gov budget

Question 1

Budget

Answer 1

A policy document allocating shares and expenditures

Question 2

Deficit

Answer 2

An excess of government spending over revenues

Question 3

Expenditures

Answer 3

Federal spending

Question 4

Revenues

Answer 4

The government’s financial resources

Question 5

Income tax

Answer 5

Shares of our wages collected by the government

Question 6

16th Amendment

Answer 6

Permits Congress to levy an income tax, made in 1913

Question 7

Federal Debt

Answer 7

All the money borrowed by the federal government

Question 8

Tax expenditures

Answer 8

Revenue losses from special exceptions on federal tax law

Question 9

Social Security Act

Answer 9

Provide money to older Americans, passed in 1935

Question 10

Medicare

Answer 10

Provides hospitalization insurance for the elderly, made in 1965

Question 11

Incrementalism

Answer 11

The belief that the best predictor of this year’s budget is last years

Question 12

Entitlements

Answer 12

Policies for which Congress has obligated itself to pay X level of benefits to Y number of recipients
EX Social Security

Question 13

Uncontrollable expenditures

Answer 13

Expenditures that are determined not by a fixed amount of money appropriated by Congress but by how many beneficiaries there are for a program

Question 14

House Ways and Means Committee

Answer 14

The House of Representives writes tax codes, subject to the approval of Congress

Question 15

Senate Finance Committee

Answer 15

Along with the House Ways and Means committee, writes tax codes subject to the approval of Congress

Question 16

Congressional Budget and Impoundment Control Act of 1974

Answer 16

Set debt ceiling, made a fixed budget, told president whether or not he can deficit spend

Question 17

Congressional Budget Office

Answer 17

Advises Congress on the probable consequences of its decisions, forecasts revenues, and is a counterweight to the President’s OMB

Question 18

Budget Resolution

Answer 18

A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs

Question 19

Reconcilliation

Answer 19

A congressional process through which program authorizations are revised to achieve acquired savings

Question 20

Authorization bill

Answer 20

An act of Congress that changes a government program or entitlement. Specifies program goals and maximum expenditures for programs

Question 21

Appropriations bill

Answer 21

An act of Congress that actually finds programs within limits established in authorization bills

Question 22

Continuing resolutions

Answer 22

When Congress cannot reach agreement and Congress takes last years budget and use it till they get the new budget