Budget Vocab Flashcards

1
Q

Budget

A

An estimate of appropriations for the federal government in one fiscal year

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2
Q

Deficit

A

A lack of money that arises when the federal government spends more than it makes

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3
Q

Expenditures

A

Money that the government spends

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4
Q

Revenues

A

Money that the government makes

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5
Q

Income Tax

A

The government takes a percentage of people’s income to raise money

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6
Q

Sixteenth Amendment

A

An amendment that allows Congress to impose Federal income tax

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7
Q

National Debt

A

Money borrowed by the federal government that needs to be payed back

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8
Q

Tax Expenditures

A

Exceptions to regular income tax policies due to specific taxpayer situations — for charities, churches, homeowners, etc.

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9
Q

Social Security Act

A

An act that provides funds to the elderly, providing money during retirement

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10
Q

Medicare

A

A program under social security that provides health insurance for the elderly

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11
Q

Incrementalism

A

The budgeting process of looking at the previous year’s budget to determine the budget of the current year, but often increasing the amount.

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12
Q

Uncontrollable Expenditures

A

Spending that the government is legally required to do because of existing programs like social security.

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13
Q

Entitlements

A

Eligibility rules that Congress writes for people receiving uncontrollable expenditures, like the retirement age

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14
Q

House Ways and Means Committee

A

House committee that determines taxation/writes tax codes

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15
Q

Senate Finance Committee

A

Senate Committee that oversees finance and budgetary concerns, but cannot control taxes

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16
Q

Office of Management and Budget (OMB)

A

A budget office in the executive branch that the president has little involvement in

17
Q

Appropriations Committee

A

In both houses, the committee that decides government spending and appropriation policy

18
Q

Budget Resolution

A

An agreement that needs to be made by both houses at the end of the fiscal year, sets the budget for next year.

19
Q

Reconciliation

A

Adjustments to the budget including program authorization and tax adjustments, essentially fine-tuning budget before resolution.

20
Q

Appropriations Bill

A

A bill created to fund programs and government projects, to be passed before the next fiscal year.

21
Q

Continuing Resolution

A

When Congress isn’t able to pass a resolution, they pass this, which allows agencies to spend on the terms of last year’s budget in the meantime

22
Q

Government Shutdown

A

When a budget isn’t able to be passed in time, the government shuts down because of a lack of funds, and employees are layed off

23
Q

Omnibus Bill

A

A bill composed of many smaller bills, in the case of budget usually appropriations bills