WSHS - C/E - Chapter 25 Terms - Boyd/Tedder
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| budget | a plan for making and spending money
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| mandatory spending | federal spending required by law that continues without the need for annual approvals by Congress
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| discretionary spending | spending for federal programs that must receive annual approval
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| appropriations bill | legislation earmarking funds for certain purposes
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| Social Security | federal program that provides monthly payments to people who are retired or unable to work
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| Medicare | government program that provided healthcare for the aged
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| enormous | very large
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| intergovernmental revenue | funds one level of government receives from another level of government
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| sales tax | tax levied on a product at the time of sale
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| property tax | tax on land or property
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| entitlement program | a program using eligibility requirements to provide health, nutritional or income supplements to individuals
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| subsidize | to aid or promote with money
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| revenue | the income that a government collects for public use
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| utilize | to make use of
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| resource | wealth
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| surplus | situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues
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| deficit | situation in which government spends more than it collects in revenues
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| bond | contract to repay borrowed money with interest at a specific time in the future
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| debt | money borrowed and not yet paid back
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| balanced budget | annual budget in which expenditures equal revenues
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| automatic stabilizer | program that when needed provides benefits to offset a change in people's incomes
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| precise | to be exact
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| ideological | a body of opinions
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