Question 1

Budget:

Accepted Answer

A policy document allocating burdens and benefits

Question 2

Deficit:

Accepted Answer

An excess of federal expenditures over the federal revenues

Question 3

Expenditures:

Accepted Answer

Federal spending of revenues. Major areas of spending are social, services and the military.

Question 4

Revenues:

Accepted Answer

The financial resources of the federal government. The individual income tax and social security tax are two major sources of revenue.

Question 5

Federal debt

Accepted Answer

All money borrowed by the federal government over the years and still outstanding. Today the federal debt is over 8 trillion dollars

Question 6

Tax expenditures:

Accepted Answer

Revenue losses that result from special exemptions, exclusions or deductions

Question 7

Social security act:

Accepted Answer

A 1935 law passed during great depression that was intended to provide a minimal level of sustenance to older americans and this save them from poverty.

Question 8

Medicare:

Accepted Answer

A program added to the social security system in 1964 that provides hospitalization insurance for the elderly and permits older americans to purchase inexpensive coverage for doctor fees and other health expenses.

Question 9

incrementalism:

Accepted Answer

The belief that the best predictor of the this years budget is last years, plus a little more (an increment). According to arron wildavsky, most of the budget is a prdocut of previsous decisions.

Question 10

Uncontrollable expenditures:

Accepted Answer

Expenditures that are determined not by a fixed amount of money appropriated by congress byr by how many elgigilbe beneficiaries there are for a program or by previosu obligations of the government.

Question 11

Entitlements:

Accepted Answer

Policies for which the congress has obligated itself to pay x level of benefits to y number of people. Example is social security.

Question 12

House ways and means committee

Accepted Answer

The house along with the senate finance committee write the tax codes

Question 13

Senate finance committee:

Accepted Answer

Along with the house and wats, writes the tax codes, subject to approval of congress as a whole

Question 14

Congressional Budget and Impoundment control act of 1974

Accepted Answer

An act designed to reform the congressional budgetary process. Its supporters hoped that it would also make congress less dependent on the presidents budget and better able to set and meet its own budgetary goals.

Question 15

Congression Budget office:

Accepted Answer

Advices congress on probably consequences of its decision, forecasts revenues, and is a counterweight to the presidents OMB.

Question 16

Budget resolution

Accepted Answer

A resolution bingding congress to a total expenditute level, supposefly the bottom line of all federal spending for all programs.

Question 17

Reconciliation:

Accepted Answer

A cognressional process through which program authorixations are revised to achieve required savings. It is usally also includes tax or other revenue adjustments.

Question 18

Authorization bull:

Accepted Answer

An act of congress that establishes, contineues, or changes a discretionary government program or an entitilement. It specifies program goals and maximum expendiues for discretionary programs.

Question 19

Continuing resolutions:

Accepted Answer

When congress cannot reach agremnt and pass approapriations bills, and these resolutions allow agencies to spend at the level of the previous year.

Question 20

Income tax:

Accepted Answer

shares of individual wages and corporate revenues collected by the government. The first income tax was declared unconstitutional by the supreme court.

Question 21

Sixteenth Amendment:

Accepted Answer

the constitutional amendment adopted in 1913 that explicitly permitted congress to levy an income tax.

Question 22

Who are the 4 major players in the budgeting process?

Accepted Answer

congress, president, bureaucracy, and court.

Question 23

Budget and Impoundment act provisions:

Accepted Answer

A fixed budget calendar. This is a timetable mandated by the law.
A Budget Committee in each house.  Have until April 1st to establish target figures. 
A Congressional budget office. Advises congress on all bad and good consequences of is budget.

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CHAPTER 14 AP gov