Budget Basics
Most public budgets cover this length of time.
What is one year?
This section of the Internal Revenue Code defines tax exemption.
What is section 501(c)?
This is one way that the public can influence lawmakers.
answer varies... lobbying, petitioning, protesting, voting, testifying at public meetings, etc.
This is the source of the largest share of U.S. federal revenue.
What is individual income tax?
The 12-month period used to track financial and program activity.
What is a "fiscal year"?
These are the 4 stages of the budget cycle.
What are Planning, Approval, Implementation and Evaluation?
Most nonprofits file this information return on an annual basis.
What is Form 990?
The American (federal) legislative body where states are equally, not proportionally, represented.
What is the Senate?
This revenue source, commonly used by local government, comes from short-term residents or visitors to a community.
What is Transient Occupancy Tax?
This results when an organization spends more than they receive/earn.
This type of budget excludes non-cash items like depreciation and bad debt.
What is a cash flow budget?
Nonprofits must report their expenses to the IRS using these three functional areas.
What are Program Services, Management & General, and Fundraising?
To override a Presidential veto, this much of a majority vote is required from both the Senate and the House of Representatives.
What is two-thirds?
Sales taxes are imposed by governments at these levels.
What are state and local?
A tax whose rate increases as the taxpayer's income increases
What is a "progressive tax"?