Chapter 14 Vocabulary Quiz 1

Question 1

Budget

Answer 1

A policy document stating burdens (taxes) and benefits (expenditures).

Question 2

Deficit

Answer 2

excess of federal expenditures over federal revenues. Spending more than they have.

Question 3

Expenditures

Answer 3

Something that the government spends money on.

Question 4

Revenues

Answer 4

The financial resources of the government.

Question 5

Income Tax

Answer 5

Shares of individual and corporate wages/revenues collected by the government

Question 6

16th Amendment

Answer 6

A constitutional amendment adopted in 1913 explicitly permitting congress to levy income tax.

Question 7

Federal Debt

Answer 7

The amount of money the federal government borrows and owes.

Question 8

Tax Expenditures

Answer 8

Revenue loss from special exemptions, exclusions in deductions in allowed by federal tax law.

Question 9

Social Security Act

Answer 9

A law provided to minimize the amount of sustenance to older Americans and thus save them from poverty.

Question 10

Medicare

Answer 10

A program added to the Social Security System in 1965 that provides health insurance to the qualified

Question 11

Incrementalism

Answer 11

A description of the budget process where this and last years’ budget and more.