Chapter 25 Flashcards
budget
a blueprint of how the government will raise and spend money
a blueprint of how the government will raise and spend money
budget
fiscal year (FY)
a 12-month period that may or may not match the calendar year. The federal government’s budget year begins October 1 and ends of September 30 of the following year.
(The budget that begins of Oct. 1, 2005, is the fiscal year 2006 budget because 9/12 months fall in that year)
a 12-month period that may or may not match the calendar year. The federal government’s budget year begins October 1 and ends of September 30 of the following year.
(The budget that begins of Oct. 1, 2005, is the fiscal year 2006 budget because 9/12 months fall in that year)
fiscal year (FY)
budget resolution
a document that totals revenues and spending for the year and sets targets for how much will be spent in various categories
(spending is divided into two types: mandatory and discretionary spending)
a document that totals revenues and spending for the year and sets targets for how much will be spent in various categories
(spending is divided into two types: mandatory and discretionary spending)
budget resolution
mandatory spending
spending that does not need annual approval
(examples: Social Security benefit checks and interest payments on the government debt, which must be paid every year)
spending that does not need annual approval
(examples: Social Security benefit checks and interest payments on the government debt, which must be paid every year)
mandatory spending
discretionary spending
government expenditures that must be approved each year
(Examples: money for the Coast Guard, agriculture, space exploration, highway construction, and defense.)
-This type of spending makes up only about 1/3 of the federal budget.
government expenditures that must be approved each year
(Examples: money for the Coast Guard, agriculture, space exploration, highway construction, and defense.)
-This type of spending makes up only about 1/3 of the federal budget.
discretionary spending
appropriations bill
a law that approves spending for a particular activity
a law that approves spending for a particular activity
appropriations bill
