Budget Process
Budget Vocab.
Where's the Money?
The Laws Behind the Budget
Misc.
100

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

The type of policy that deals with the federal budget

What is fiscal policy?

200

The branch of gov't that passes the budget resolution.

Who is congress?

200

When expenditures (money spent) exceeds revenues (money gained).

What is a deficit?

200

This category of spending is the largest.

What is entitlement spending.

200

The federal debt total?

What is 38 trillion?

200

The length of the most recent government  shutdown in days

What is 43?

300

The type of policy that deals with the money supply

What is monetary policy?

300

When revenues (money gained) exceed expenditures (money spent).

What is a surplus?

300
Where does the federal government receive most of its funding?
What is from individual income taxes.
300

This office has the power to 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

This 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

This type of spending is not controllable during the annual budget process?

What is mandatory or non-discretionary spending?

400
Give an example of controllable 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

The Congressional agency that reviews legislation dealing with the federal budget and advises Congress on budgetary costs?

What is the Congressional Budget Office.

500

This type of spending is controllable spending in the budget process

What is discretionary? 

500
Name one type of tax for the federal government (other than income tax).
EXCISE TAX: sin taxes: alcohol, tobacco; gasoline, cell phone, tanning Sales Tax
500

The more reliable and nonpartisan of the two budget agencies: 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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