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Vocab 1
Vocab 2
Vocab 3
Main Concepts 1
Main Concepts 2
100
The federal budget is created by __________ and must be approved by _____________
What is the President; Congress
100
The value per person
What is per capita
100
When the deficit and suplus equal each other
What is break-even
100
The federal deficit has a ____________ impact on the federal debt
What is direct
100
The sector that belongs to businesses
What is private sector
200
October 1st of the previous year to September 30th of the next year for the government is
What is fiscal year
200
Revenue-Spending=Negative
What is deficit
200
This person creates the national budget
Who is the President
200
The budget goes through the same process as what
What is bill becoming a law
200
The government keeps tries to keep the public and private sector fair by creating
What is fiscal policy
300
Loan money the government receives and gives you certificate promising they will pay it back
What is bond
300
Government spending without Congress' approval
What is mandatory spending
300
The money gained after spending is taken out in a fiscal year
What is surplus
300
The three ways government spending effects the economy
What is allocation of resources, income, private sector
300
An example of mandatory spending is
What is Social Security and Medicare
400
The balanced budget is where the government tries to ________-________ between its revenue and spending
What is break-even
400
Government spending the must have approval by Congress
What is discretionary spending
400
The sector that most people belong to as consumers
What is public sector
400
The deficit is recorded by the _________ year while the debt is the recorded by the _________ years
What is fiscal; total
400
An example of discretionary spending is
What is Military, education, energy consumption, crazy research studies
500
One type of spending is the transfer of government money is called a transfer _____________
What is payment
500
Revenue-Spending= Positive
What is surplus
500
The total loss of money over all years
What is debt
500
Two types of government spending are buying _______ and ________ and __________ payments
What is buying goods and services; transfer
500
GRH Act, Reconciliation Act, and Balance Budget are all
What is plans created by the president to stop the deficit