Budget Process
Budget Vocab.
Where's the Money?
The Laws Behind the Budget
Misc.
100
What is the agency with the most responsibility for creating the federal budget?
What is the Office of Management and Budget.
100
What is the national debt?
What is all money borrowed by the federal government that has not been repaid plus accrued interest?
100
Give an example of mandatory spending.
ENTITLEMENTS; Social Security, Medicare, Medicaid; interest on national debt
100
Who has the Constitutionally-given power to appropriate funds?
What is Congress?
100
What is the type of policy that deals with the federal budget?
What is fiscal policy?
200
Who passes the budget resolution?
Who is congress?
200
What is a deficit?
What is when expenditures (money spent) exceeds revenues (money gained).
200
Where does the largest percentage of the federal budget go?
What is entitlement spending.
200

What is the federal debt total?

What is 37 trillion?

200

How many days has was our government shutdown?

What is 43?

300
Who signs the budget into law?
What is the president?
300
What is a surplus?
What is when revenues (money gained) exceed expenditures (money spent).
300
Where does the federal government receive most of its funding?
What is from individual income taxes.
300
Who has the power veto appropriations bills?
Who is the president?
300
Explain the difference between progressive and regressive taxes.
REGRESSIVE: tax rate is the same regardless of income PROGRESSIVE: tax rate increases with income
400
What is a continuing resolution?
What is a resolution that allows federal agencies and programs to continue operation until the regular appropriations legislation are passed/enacted.
400
What is uncontrollable spending?
What is money that must be spent, i.e. non-discretionary spending.
400

Give an example of discretionary spending.

What is spending that is not necessary or mandatory: housing, education, infrastructure, defense, etc.

400
What is each branch's responsibility in the creation of the Federal Budget?
EXECUTIVE: the Office of Management and Budget helps prepare budget proposal (and oversees the apportionment process), submitted to Congress by the President; LEGISLATIVE: creates final form of the budget to be passed by both houses of Congress
400
Explain the differences of the basic principles behind demand-side economics (Keynesian) and supply-side economics (Reaganomics).
DEMAND-SIDE: government spending on programs stimulates the economy; high demand + low productivity = inflation, low demand + high productivity = unemployment SUPPLY-SIDE: economy is stimulated through tax breaks and decreased regulation; "trickle-down" theory: allowing the rich to spend more ultimately benefits the poor
500
What is the Congressional agency that reviews legislation dealing with the federal budget and advises Congress on budgetary costs?
What is the Congressional Budget Office.
500
What is controllable spending?
What is money that does not legally have to spent?
500

Name one type of tax for the federal government (other than income tax).

Sales taxes, Payroll tax, Estate tax, Capital gains tax.

500
What group is more reliable CBO or OMB?
What is the Congressional Budget Office?
500
Daily Double
Describe how the federal budget process exemplifies the principle of checks and balances/separation of powers.
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