Public Policy Quiz Flashcards
Budget deficit
More money is being paid out than is being taken in through taxes in one year
Basis of budget creation
Must be approved by Congress, but the president proposes budget with the help of the office of management and budget
Budget surplus
More money is being taken in through taxes than is being put out
National debt
The amount of debt overtime
Budget crisis
Occurs when Congress doesn’t approve the proposed budget and a standoff occurs
Expenditure
Money being spent by the government
Revenue
Money coming into the government
Discretionary spending
Congress has the ability to adjust spending
Mandatory spending
Spending that is required with no adjustments
Entitlement programs
Programs that people are entitled to as long as they meet a certain requirement
Impoundment
Refusal of a president to spend money on congress
Progressive tax
Any tax where a burden falls more heavily on rich than poor
Regressive tax
Any tax where the burden falls more on the poor than rich
Individual income tax
Paid by the individuals or married couple
Social insurance tax
Social security and Medicare deductions on your paycheck
Excise tax
Taxes on the sale of goods (alcohol)
Social security
Created by social security act to provide income to retired and disabled
Medicaid
Medical insurance for max income requirements
Medicare
Medical insurance for the elderly and disabled
Social welfare programs
Aid to families with dependent children (AFDC) provides assistance to families with little to no income