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chapter 16 Flashcards

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U.S. Government Basics flashcards AP® U.S. Government flashcards
1
Q

Governments number 1 way to get money

A

Taxing

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2
Q

Power to tax is to whom and comes from what?

A

From Constitution and to Congress

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3
Q

type of match that was taxed

A

white phosphorus

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4
Q

4 limits on power to Tax

A
  1. ) Must be for public use, not private
  2. ) Cannot tax exports, but can prohibit some items
  3. )Direct taxes must be equally among states
  4. ) all duties, imposts, and excise taxes must be uniform
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5
Q

implied limits on Tax

A

Federal government can’t take state and local government in exercise

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6
Q

reasons to tax

A

raise money needed to operate FED GOV

discourage activity harmful to public

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7
Q

tax that must be borne by the person upon whom it is levied

A

direct tax

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8
Q

examples of direct taxes

A

tax on land or buildings

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9
Q

levies that may be shifted to another for payment

A

indirect tax

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10
Q

made by 16th amendment; largest source of federal revenue; flexible due to government desiring specific amount of money ; put on both people and corporation

A

income tax

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11
Q

the higher one’s income, the higher the tax rate is; also called income tax

A

progressive tax

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12
Q

april 15th; to collect taxes

A

Tax Day

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13
Q

all of earrings above the costs of doing business

A

net income

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14
Q

most complicated of taxes due to many deductions allowed

A

corporate income tax

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15
Q

Main 3 social welfare programs collected for money

A
  1. ) Old Age, Survivor, and Disability Insurance (OASDI)
  2. ) Medicare
  3. )Unemployment compensation
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16
Q

basic Social security program

A

OASDI

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17
Q

healthcare for the elderly

A

medicare

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18
Q

benefits paid to jobless workers

A

unemployment compensation program

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19
Q

imposed on all employees and employers; withheld amount from paycheck

A

payroll taxes

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20
Q

taxes levied at a fixed rate without regard to the level of a taxpayers income or his or her ability to pay them

A

regressive taxes

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21
Q

what takes more money than any income tax?

A

Social insurance– medicare

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22
Q

tax laid on the manufacture, sale, or consumption of goods or services

A

excise taxes (Hidden tax/sin tax/luxury taxes)

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23
Q

a levy imposed on the assets (the estate) of someone who dies

A

estate tax

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24
Q

levy imposed on a gift from one living person to another

A

gift tax

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25
Q

why was gift tax created

A

to not let people be given money after death

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26
Q

taxes laid on good brought to the USA from abraod

A

Custom duties ( tariffs or imposts )

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27
Q

a charge for borrowing money and generally the percent amount borrowed

A

interest

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28
Q

why does gov borrow money?

A

to pay for deficit or large scale projects and military

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29
Q

spending more than you make

A

deficit spending

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30
Q

Who authorizes borrowing?

A

Congress

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31
Q

who does borrowing

A

treasury department

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32
Q

President Roosevelt’s policy to fight depression; spending a lot to get out of economics trouble

A

Keynesian Economics

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33
Q

government spending creates jobs

A

Demand Side Economics

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34
Q

Reduce tax on workers which will give them more money to spend and unemployment down

A

Reaganomics or Supply Side Economics

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35
Q

What are T Bills

A

Issued Treasury Department bills that basically request money and then say how much will be repaid

36
Q

Who invests in US

A

Citizens, Banks, and Foreign Governments

37
Q

The total outstanding indebtedness of the Federal Government

A

Public Debt

38
Q

Is there a constitutional limit on borrowing

A

No

39
Q

What changed the income of gov?

A

Great Depression and WW2

40
Q

Spends most money

A

Department of health and human services

41
Q

Benefits that federal law says must be paid t all those who meet the eligibility requirements

A

Entitlements

42
Q

Largest entitlement program today and recall is funded by the social insurance taxes withheld from the paychecks of American workers

A

OASDI

43
Q

Administers OASDI

A

The social security administration

44
Q

Congress and president decide what money will be spent on

A

Controllable spending

45
Q

Spending that is necessary and the government has to spend money on

A

Uncontrollable spend

46
Q

controllable spending examples

A

highway projects, aid to education, national parks, civil service pay

47
Q

largest controllable spending

A

defense

48
Q

term used to describe spending on those budget items about which congress and the president make choice

A

discretionary spending

49
Q

how can congress change uncontrollable spending

A

passing laws to change them

50
Q

example of uncontrollable spending

A

interest, social security benefits, food stamps

51
Q

how much percent falls into uncontrollable

A

60%

52
Q

very significant power to control financing of the federal government and all its operations

A

power of the purse

53
Q

who decides how much the government spends

A

congress

54
Q

Presidents role in budgetmaking

A

he submits a budget to congress soon after the yearly sessions

55
Q

what is the federal budget represent

A

the presidents work plan for the conduct of the government and the execution of its public policies

56
Q

when does federal budget begin

A

last eighteen months before the fiscal year

57
Q

presidents budget making agency

A

OMB

58
Q

what does OMB do

A

review dollar requests by agencies

59
Q

what does the CBO

A

directs and studies requests

60
Q

staff agency created by congress in 1974; provides congress and committees basic budget and outlines

A

CBO

61
Q

committees analyzing budget requests for congress

A

appropriation committees

62
Q

where do appropriation committees refer to next

A

the floor of each house h

63
Q

a measure that allows agencies to continue working based on the previous years appropriation

A

continuous resolution

64
Q

total value in all final goods and services produced each year

A

GDP

65
Q

3 goals of economic realm

A

full employment, price stablitily and economic growth

66
Q

tracks the prices of consumer goods

A

consumer price index

67
Q

effects of inflation

A

no purchasing power of consumers

68
Q

effects of deflation

A

can’t borrow money or pay loans off

69
Q

when gap increases what also

A

economy

70
Q

lack of growth and economy shrinks

A

recessions

71
Q

major tool with which the fed gov seeks to achieve its broad economic goal ; power to tax and spend and influence the economy

A

fiscal policy

72
Q

government spending means what

A

hightened economy activity

73
Q

spending cuts do what

A

checks activity

74
Q

tax increases =

A

Slow economic growth and no spending money

75
Q

tax cuts =

A

economy boost

76
Q

what has gov done in recent years to boost economy

A

spending more to boost economy

77
Q

limit on fiscal policy

A

time

78
Q

the most significant of those other means by which the federal government can influence the nations economy

A

monetary policy

79
Q

responsive for the execution of the governments monetary policy ( central bank )

A

federal reserve board

80
Q

when depositors lose confidence in banks and rush to recover their funds ( feds created to prevent this )

A

panic

81
Q

tools of the feds

A

open market operations, reserve requirements, discount rate

82
Q

a process that involves buying or selling of government securities from and to nation banks ( money makes loans 0

A

open market OP

83
Q

goal of open market OP

A

decrease money supply or slow down

84
Q

the amount of money that the federal reserve board determines banks must keep in reserve in their vaults in one of 12 banks

A

reserve requirements

85
Q

aim for reserve require

A

sudden quick demand or lower money supply buy adding more to reserve

86
Q

the rate of interest a bank must pay when it borrows money from a federal reserve bank

A

discount rate

87
Q

effect of upping discount rate

A

banks can’t obtain money easily; higher interest rates and less money flow

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