Chapter 22 vocab

Question 1

Fiscal year

Answer 1

Any 12-month period chosen for keeping accounts.

Question 2

Mandatory spending

Answer 2

Federal spending required by law that continues without the need for annual approvals by congress.

Question 3

Discretionary spending

Answer 3

Spending for federal programs that must receive approval each year.

Question 4

Appropriations bill

Answer 4

Legislation that set spending on particular programs for that coming year.

Question 5

Intergovernmental revenue

Answer 5

Funds that one level of government receives from another level of government.

Question 6

Sales tax

Answer 6

A tax paid by consumers at the time they buy a product or service.

Question 7

Entitlement program

Answer 7

A government program that makes payments to people who must meet certain requirements in order to help them meet their health, nutrition, and income needs.

Question 8

Subsidize

Answer 8

To aid or support a person, a business, an institution, or an undertaking with money.

Question 9

Property tax

Answer 9

A tax on the value of land and property owned.

Question 10

Exceed

Answer 10

To be greater than.

Question 11

Transmit

Answer 11

To send a document or a message.

Question 12

Balanced budget

Answer 12

Annual budget in which expenditures equal revenues.

Question 13

Budget surplus

Answer 13

A situation that occurs when a government collects more revenue than it spends.

Question 14

Budget deficit

Answer 14

A situation that occurs when a government spends more than it collects in revenue.

Question 15

Debt

Answer 15

Money borrowed and not yet paid back.

Question 16

Fiscal policy

Answer 16

How the government uses taxes and spending to reach economic goals.

Question 17

Automatic stabilizer

Answer 17

Any economic future that works to increase income without additional government action.

Question 18

Predict

Answer 18

To forecast.

Question 19

Achieve

Answer 19

To accomplish or to reach.