Chapter 10 voc

Question 0

that part of the economy made up of private individuals and business

Answer 0

Private sector

Question 1

the part of the economy made up of local state and federal governments

Answer 1

Public sector

Question 2

payment for which the government receives neither goods nor services in return

Answer 2

Transfer payment

Question 3

transfer payment from one level of government to another that does not involve compensation

Answer 3

Grant in aid

Question 4

government payment to encourage or protect a certain economic activity

Answer 4

Subsidy

Question 5

Way in which the nation income is divided

Answer 5

Distribution of income

Question 6

Persons who are represented by an elected official

Answer 6

Constituents

Question 7

Hesitant or unwilling

Answer 7

Reluctant

Question 8

Annual proposals of expedentures or anticipated revenues

Answer 8

Federal budget

Question 9

12 month financial planning period that may not coincide with the calendar year

Answer 9

Fiscal year

Question 10

Legislation authorizing spending with certain purposes

Answer 10

Appropriations bill

Question 11

A negative balance after expedentures

Answer 11

Budget deficit

Question 12

A positive balance after expenditures

Answer 12

Budget surplus

Question 13

• federal spending authorized by law that continues without the need for annual approvals by congress

Answer 13

Mandatory spending

Question 14

• spending for federal programs that must receive annual authorization

Answer 14

Discretionary spending

Question 15

federal health care program for senior citizens

Answer 15

Medicare

Question 16

joint federal- state medical insurance program for low-income people

Answer 16

Medicaid

Question 17

constitutional amendment requiring government to spend no more than it collects in taxes

Answer 17

Balanced budget amendment

Question 18

• funds that one level of government transfers to another level for spending

Answer 18

Intergovernmental expenditures

Question 19

uncertainty about meaning or value

Answer 19

Ambiguity

Question 20

to happen or exist at the same time or in the same position

Answer 20

Coincide

Question 21

annual government spending in excess taxes and other revenues

Answer 21

Deficit spending

Question 22

• total amount borrowed from investors to finance the governments deficit spending

Answer 22

National debt

Question 23

• annual budget in which expenditures equal revenues

Answer 23

Balanced budget

Question 24

• special account used to hold revenues designated for a specific expenditure

Answer 24

Trust fund

Question 25

per person

Answer 25

Per capita

Question 26

• higher than normal interest rates and diminishing access to financial capital faced by private borrowers when they compete with government borrowing in financial markets

Answer 26

Crowding oh effect

Question 27

• requirement that new spending proposals or tax cuts must be offset by reductions else where

Answer 27

Pay as you go provision

Question 28

• power to cancel specific budget items without rejecting the entire budget

Answer 28

Line item veto

Question 29

• limits on annual discretionary spending

Answer 29

Spending cap

Question 30

• program using established eligibility requirements to provide health, nutritional, or income supplements for individuals.

Answer 30

Entitlement

Question 31

• to order or require

Answer 31

Mandate

Question 32

Put into action

Answer 32

Instituted