Question | Answer |
budget | a plan for making and spending money |
mandatory spending | federal spending required by law that continues without the need for annual approvals by Congress |
discretionary spending | spending for federal programs that must receive annual approval |
appropriations bill | legislation earmarking funds for certain purposes |
Social Security | federal program that provides monthly payments to people who are retired or unable to work |
Medicare | government program that provided healthcare for the aged |
enormous | very large |
intergovernmental revenue | funds one level of government receives from another level of government |
sales tax | tax levied on a product at the time of sale |
property tax | tax on land or property |
entitlement program | a program using eligibility requirements to provide health, nutritional or income supplements to individuals |
subsidize | to aid or promote with money |
revenue | the income that a government collects for public use |
utilize | to make use of |
resource | wealth |
surplus | situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues |
deficit | situation in which government spends more than it collects in revenues |
bond | contract to repay borrowed money with interest at a specific time in the future |
debt | money borrowed and not yet paid back |
balanced budget | annual budget in which expenditures equal revenues |
automatic stabilizer | program that when needed provides benefits to offset a change in people's incomes |
precise | to be exact |
ideological | a body of opinions |