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Mack Ch 20 Review
Taxing and Spending
| Question | Answer |
|---|---|
| What is the main way the federal government raises revenue? | individual income tax |
| What do you call an individual's total income minus deductions and exemptions? | taxable income |
| What do you call a close inspection by the IRS of someone's tax return? | audit |
| What do you call the money your employer takes out of your paycheck for taxes? | withholding |
| What do you call government bonds, notes, and certificates? | securities |
| Taxes on manufacturing, transporting, selling, or consuming goods as well as services are called... | excise taxes |
| What do you call legal strategies to avoid paying higher taxes? | tax loopholes |
| What does federal deficit spending create | national debt |
| When you spend more than you bring in you are performing this kind of spending. | deficit spending |
| What do you call a 12 month accounting period? | fiscal year |
| What office prepares the national budget? | OMB |
| What do you call expenditures required by law or from previous budget commitment? | uncontrollables |
| What expenditures are benefits provided to individuals? | entitlements |
| What are some examples of entitlements? | social security, medicare, medicaid, unemployment, disability |
| What part of government has the power to raise revenue and pass appropriations? | Congress |
| What office evaluates the federal budget double-checking OMB assessments? | CBO |
| What law was created to force cooperation between the executive and legislative branches to reduce deficit spending? | Gramm-Rudman-Hollings Act |
| What is the term for the tendency for the budget to change only a little from one year to the next, generally increasing in size? | incrementalism |
| What kind of policy uses government spending and taxing to influence the economy? | fiscal policy |
| What kind of policy uses the supply of money and credit to influence the economy? | monetary policy |
| When did the current trend of deficit spending begin? | 1930s |
| What do you call the annual sum of goods and products a country produces? | gross national product |
| What kind of economy does the United States have? | a market economy |
| What organization is the central banking system of the United States? | Federal Reserve or Fed |
| What do you call the rate the Fed charges banks for loans? | discount rate |
| How can the Fed quickly change the money supply? | modifying the reserve rate for banks |
| What do you call the rate requirement for banks to keep a certain amount of cash available for customers? | reserve rate |
| What do you call it when the Fed buys up government bonds and securities on the open market? | open-market operations |
Created by:
Mr McNair
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