And the word is...
Spending
Taxing
It's a Surprise!
Budget
100
Per person
What is per capita?
100
Excess of revenues over expenditures is called?
What is a budget surplus?
100
The tax levied on most consumer purchases
What is sales tax?
100
The branch of the government responsible for collecting taxes
What is the IRS?
100
Required spending
What is mandatory?
200
A joint federal state medical insurance program for low-income persons
What is Medicaid?
200
Spending in excess of revenues
What is a budget deficit?
200
The tax on an individual's earnings
What is federal personal income tax?
200
The type of tax that is higher as the income level gets higher
What is progressive?
200
a 12-month period
What is a fiscal year?
300
The tax that the government levies on property of deceased persons
What is estate tax?
300
The running totals of annual deficits is called the...
What is the federal debt or national debt?
300
The tax collected to fund Social Security and Medicare
What is FICA?
300
This amendment was passed in 1913 and allows Congress to levy taxes
What is the 16th Amendment?
300
Government's fiscal year
What is October 1st thru September 30th?
400
Profits from the sale of an asset held for 12 months or greater
What is a capital gain?
400
The estimated amount of our national/federal debt
What is 17 trillion?
400
An extremely high tax on socially undesirable products.
What is a sin tax?
400
The majority of the government's revenue comes from this type of tax...
What is personal income tax?
400
An example of mandatory spending category in the budget
What is Social Security?
500
Funds collected from one level of government that are distributed to another level of government for expenditures
What is intergovernmental revenue?
500
Part of the economy made up of the federal, state, and local governments
What is the public sector?
500
The category of tax imposes the same percentage rate of taxation on everyone, regardless of income.
What is proportional tax?
500
The deadline for filing income tax returns each year
What is April 15th?
500
Used to iron out differences between different versions of a bill in the House and Senate
What is conference committee?
M
e
n
u