Raising Money
The Federal Budget
Managing the Economy
Anything Goes
Yep, more questions
100
Financial instruments that include bonds, notes, and treasury bills.
What are securities?
100
The 12-month accounting period from October 1 to September 30 of the next year.
What is a fiscal year?
100
The biggest entitlement program.
What is Social Security?
100
This is created by the government borrowing to fund annual budget deficits over time.
What is national debt?
100
The percentage of money that banks must keep as a reserve against their deposits.
What is the reserve requirement?
200
Today the federal government provides tax credits mostly to this group.
Who are lower income individuals?
200
The actual day-to-day preparation of the federal budget is the responsibility of this group.
What is Office of Management and Budget (OMB)?
200
This seven member team in Washington, D.C., supervises the entire Federal Reserve System.
What is the Board of Governors?
200
Payments made by individuals and businesses to support government activities.
What are taxes?
200
The taxes on the manufacture, transportation, sale, or consumption of goods and the performance of services.
What are excise taxes?
300
These are a privilege granted by government that legally frees certain types of property, sales, or income from taxpaying obligations.
What are tax exemptions?
300
This law intended to force the president and Congress to cooperate on programs that would reduce budget deficits.
What is the Gramm-Rudman-Hollings Act (GRH)?
300
The amount of Federal Reserve Districts in the United States.
What is 12?
300
This is someone that relies primarily on another person for basic items such as food, clothing, and shelter.
What is a dependent?
300
The more money a person makes, the more that person must pay in taxes compared to the percentage of their income.
What is a progressive tax?
400
An individual's total income minus certain deductions and exemptions.
What is taxable income?
400
The Budgetary Enforcement Act (BEA) divided the budget into these three areas.
What are international affairs, defense, and domestic policy?
400
The sum of all goods and services produced in the nation in a year.
What is Gross Domestic Product (GDP)?
400
Makes up about 70% of the federal budget.
What are uncontrollables?
400
The benefits that Congress must by law provide to individuals.
What are entitlements?
500
Taxes where people with lower incomes pay a higher percentage of their income for these taxes than people with higher incomes.
What are regressive taxes?
500
Its job is to evaluate carefully the overall federal budget for Congress.
What is the Congressional Budget Office (CBO)?
500
This involves controlling the supply of money and credit to influence the economy.
What is monetary policy?
500
Involves using government spending and taxation to influence the economy.
What is fiscal policy?
500
Means that generally the total budget is changed only by a small amount.
What is incrementalism?
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