he federal budget is created by __________ and must be approved by _____________
Who is the President; Congress
100
Tax on socially undesirable items
What is Sin Tax
100
Money taken out of income to be re-purposed by the government
What is taxes
200
Money one receives for labor
What is personal income
200
This President convinced congress the 16th amendment which created the income tax
Who is President Woodrow Wilson
200
he government keeps tries to keep the public and private sector fair by creating
What is fiscal policy
200
Two types of government spending are buying _______ and ________ and __________ payments
What is goods and services; transfer
200
he value of a per person is called per __________ and the value of Americans in 2003 was ____________
What is capita; 10,300
300
When there is a downturn in the economy and businesses start to close the economy is experiencing a
What is recession
300
Income taxes are the ________ main source of government revenue from taxes
What is 1st
300
Government spending without Congress' approval
What is mandatory spending
300
The rise of prices but not in income is known as
What is inflation
300
Government spending the must have approval by Congress
What is discretionary spending
400
The value per person from the census is known as
What is per capita
400
his principle states that those who benefit the most from the government should pay more taxes, but it is limited because most who benefit the most can't pay it back
What is benefit principle
400
he deficit is recorded by the _________ year while the debt is the recorded by the _________ years
What is the current year; overall or total
400
What dramatic event happened in the 1930 that dropped income taxes in the U.S.
What is the Great Depression
400
Tax on items that are sold
What is excise tax
500
Calculating from GDP to GNP will show _________ before the money flows out to consumers, businesses, government, and exports/imports
What is What is Net National Product
500
The limitation of the income tax
What is tells us only the taxes turned in, but not the tax rate on different income levels