Federal Budget Cycle
State and Local Budgeting
Purposes of Budgeting
Taxation
What Ails the Federal Budget
100
12 month financial period used by government for convenience in record keeping, tax collecting, spending, and general fiscal management.
What is a fiscal year?
100
A system of recording, classifying, and reporting financial transactions in an orderly way.
What is accounting?
100
Controlling, management, and planning.
What are the generally accepted puposes of budgeting?
100
The concept that treats people equally in equal economic circumstances.
What is tax equity?
100
Earmarking, uncontrollable expenditures, and the deficit.
What are three specific problems that ail the federal budget process?
200
Passed in 1974, this budget act attempted to control the refusal of the executive branch to spend money appropriated by Congress.
What is the Congressional Budget and Impoundment Control Act.
200
State and local governments, foreign governments, and corporations have this, but the federal government does not.
What is capital budget?
200
Starting January 1, 1997, the president, for the first time in history had this to allow presidents to reject specific spending and tax decisions made by Congress.
What is a line item veto?
200
Personal income tax, corporate income tax, property tax, estate, inheritance and gift taxes, sales tax, and user chargers.
What are the six revenue sources?
200
The accumulation of deficits over time.
What is debt?
300
The office that studies the organization and operation of the executive branch devises plans for reorganizing various department agencies, revevelops ways of obtaining better information about government programs, and reviews proposals that cabinet departments want included in the president's legislative program.
What is Office of Management and Budget?
300
24 states are practicing some sort of this or are in the process of implementing it because in recent years, states see this as a means of saving money through smarter purchasing.
What is strategic sourcing?
300
Assumptions about inflation as well as projected workload changes, such as an increase in the number of persons receiving Social Security Payments are working into this.
What are baselines?
300
Ritz crackers, popped popcorn, ding dongs, granola bars, imitation pork rinds, chocolate bars, thin matzo crackers, screaming yellow zonkers, slice of pie (unwrapped), candy bars with nuts.
What snacks are subject to sales tax under California law?
300
The economist who stressed the importance of the public budget in regulating effective demand.
Who is John Maynard Keynes?
400
The phase of the federal budget cycle when the director of the Office of Management and Budget distributes appropriations and other budgetary resources to each agency by time periods or activities.
What is execution?
400
The objective of this is to raise money necessary fo the government's operations at the least cost to the taxpayer and in a manner that will minimize the effects of those operations or financial markets and the economy.
What is debt management?
400
Cultivation of an active clientele for help in dealing with both the legislature and the chief executive and the development of the confidence of other government officials.
What are two groups of strategies identified by Aaron Wildavsky?
400
Unfair, difficult to comply with, intrusive, discourages saving and investments, cannot reach the underground economy of drug and criminal profits, raises the price of goods and services.
What are the six arguments for the case against federal income tax?
400
The Budget Enforcement Act of 1990 created mandatory (uncontrollable) and discretionary (controllable) spending.
What act created the two legal categories of federal spending?
500
Ghosting, bid rigging, "Honest" graft, shoddy material, and kickbacks.
What are the five most popular methods that have been used to steal from government at all levels?
500
A type of organization where resources may be accounted for in several separate funds that have their own set of accounts, and each fund is a separate entity or serparate business.
What is public-sector organization?
500
The Smithsonian's Air and Space Museum was closed on a Columbus Day weekend because of this.
What is a budget crisis?
500
Taxes on furs, jewelry, boats and airplanes and taxes on alcohol, tobacco, oil, gasoline, and firearms.
What are luxury and sin taxes?
500
Adverse effects on the U.S. productivity - the quantity of goods and services produced for each hour of a worker's time.
What is the main concern over the budget deficit?
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