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AP Civics & Government > XIII - The Budget > Flashcards

XIII - The Budget Flashcards

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1
Q

Federal budget

A

Where the gov’t gets the money and what it decides to spend the money on

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2
Q

Implied & enumerated powers

A

Allows Congress to pass a federal budget

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3
Q

Revenuse

A

Source of money

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4
Q

Expenditures

A

How money will be spent

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5
Q

Surplus

A

More revenues than expenditures

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6
Q

Deficit

A

More expenditures than revenues

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7
Q

Most revenue raised by fed gov’t is through

A

Taxes

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8
Q

Sixteenth Amendment

A

Allowed Congress to establish an income tax

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9
Q

Federal income tax is

A

progressive- higher incomes are taxed at higher rate

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10
Q

Flat tax

A

Everyone pays the same tax rate

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11
Q

Cooporate taxes

A

While the % corporations are suppose to pay may be high, oftentimes many find ways to avoid paying

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12
Q

Social Insurance taxes

A

Social Security and Medicare taxes are withheld from an employee’s paycheck

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13
Q

The gov’t borrows money when

A

Tax revenue does not reach the amount needed to cover federal expenditures

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14
Q

The gov’t borrows money by

A

Selling bonds

Borrowing money from itself

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15
Q

National debt

A

Money borrowed by the fed. gov’t and interest owed

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16
Q

Debt ceiling

A

Established by Congress

Limit on how much money the gov’t can borrow

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17
Q

Tax revenue decreases

A

During an economic downturn

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18
Q

Spending will often increase when

A

revenue declines

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19
Q

Tax expenditures

A

Tax revenue that is lost as a result of exemptions

20
Q

Tax cuts

A

popular with voters

Causes increases in deficit

21
Q

Tax exemptions includes

A

Charitable contributions
Interest on mortgage
Business deductions

22
Q

Fed. gov’t spending

A

Steadily increased since the 1930’s

23
Q

Size of fed. gov’t

A

Increased as voters look to gov’t to do more things

24
Q

Defense spending

A

Substantially increased throughout 20th century

25
Q

Entitlements

A

Dramatic increase in social programs during New Deal & Great Society

26
Q

Problems with entitlement

A

More beneficiaries than workers

Costs of these programs can’t be easily cut

27
Q

Incremental increases

A

Appears in most federal budgets each year

28
Q

Federal spending is

A

uncontrollable

29
Q

Automatic federal spending includes

A

Interest on debt

Federal entitlements

30
Q

Discretionary spending

A

Spending

31
Q

Mandatory spending

A

Spending

32
Q

As entitlement costs grow, discretionary spending opportunitites will

A

Decrease unless tax revenues increase or budget deficit increases

33
Q

President submits a

A

Budget to Congress for approval

34
Q

Office of Management & Budget h

A

Helps the President prepare the budget

35
Q

Budget committees

A

In the House & Senate helps to develop their own budget proposals

36
Q

Budget resolution

A

Compromise budget agreed upon by both chambers

37
Q

Budget reconcilliation

A

Involves changing any laws to make the numbers work

38
Q

Authorization bills

A

Establish or change gov’t programs

39
Q

Appropriations bills

A

Fund programs

40
Q

During the budgeting process, variouys groups

A

tries to influence it

41
Q

Gov’t shutdowns

A

Results when deadline of budget approaches but the budget has not been decided upon

42
Q

Continuing resolutions

A

Laws passed by Congress that allow agencies to spend at last year’s levels

43
Q

Politics of scarcity

A

There are not enough funds to meet all the demands placed on the gov’t

44
Q

Public policy is pulled in two directions

A

Want low taxes

Want various services

45
Q

Increase in size & scope of federal gov’t led to

A

increases in federal spending

AP Civics & Government (36 decks)

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