The Budget Quiz Flashcards
What does fiscal mean?
Taxing and spending
What is government budget?
Annual appropriations and revenue plan
Appropriations
Spending
Revenue
How much coming in
Largest amount of revenue comes from
Income tax
Other words for entitlements
Mandatory spending
Nondiscretionary spending
Entitlements are - to change
Difficult
What do entitlement programs do
Appropriations programs that pay out to citizens based on their meeting some criteria based on law
Entitlements made up what percent of budget in 2016
65%
Entitlements are paid - by -. Not - by budget. Only - if - changes.
Automatically, law, changed, change, law
3 largest entitlement programs
Social security
Medicare
Medicaid
Largest percent of entitlements programs, more budget, more money goes to what faction
Health and human services
Discretionary spending
Can be changed through budget process
What percent of budget goes to discretionary spending
35%
What fraction of discretionary spending is military spending
3/5ths
What percent of dis budget is to defense
20%
Non defense is what percent of dis spending
15%
Until 1970s, - was largest area of appropriations
Defense
Deficit
Difference between appropriations and revenue if revenue is lower, per year
National debt
Accumulation of deficits over time
Interest
Must be added to national budget and paid each year (mandatory)
When does budget process for next year begin?
February
What is fiscal year (months)
Oct-Sept
Who starts budget process? How?
President proposes budget to promote policy agenda
