Federal Budget
Fiscal Policy
Taxes
Definitions
Constitution
100
Has the ability to Veto a Proposed Federal Budget.
Who is the President?
100
A policy involving taxing and spending to influence the economy.
What is Fiscal Policy?
100
A tax at the same rate.
What is Regressive Tax?
100
Goods brought into the US are subject to a _________ tax.
What is Customs Tax?
100
Constitutional limit on borrowing.
What is unlimited?
200
The amount of Money The US government owes plus interest.
What is the Debt?
200
The fiscal policy of the US has a direct effect on the ______.
What is Economy?
200
A proposal to tax all income at the same rate.
What is the Flat Tax?
200
A Charge for borrowed money is called.
What is interest?
200
The government's taxing power is limited by the _____________.
What is the Constitution?
300
What does OMB stand for?
What is the Office of Management and Budget?
300
An increase in the prices of goods from year to year.
What is inflation?
300
A tax that is proportionate to income.
What is Progressive Tax?
300
Overall, Citizens pay more or less income tax today.
What is more?
300
Who must approve all borrowing?
Who is congress?
400
The increase in spending that exceeds income over the course of a year.
What is the Deficit?
400
A benefit that must be paid to all who are eligible.
What is an entitlement?
400
Fees on canals, stamps and passports.
What are Non-Tax Revenues?
400
Food stamps would be considered an ____________, because qualified people receive them.
What is entitlement?
400
Defense spending would be controllable or uncontrollable spending?
What is controllable?
500
The largest source of revenue for the federal government.
What is The Individual income Tax?
500
Who must approve all federal spending from the president.
What is congress?
500
Social Security taxes are referred to as _________ taxes.
What are Payroll?
500
Wasteful government spending is often referred to as ________ spending.
What is Pork?
500
Final Jeopardy
What is our national debt rounded to the nearest trillion?
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