Chapter 14 Federal Budget

Balanced budget

Spending plan in which revenues coming into an organization equal its expenditures

Budget surplus

Amount by which an organization's revenues exceed its expenditures

Federal deficit

Amount by which the national federal government annual expenditures exceeds ts revenues

National debt

Amount of money a country owes to lenders

Progressive tax

Tax in which the burden falls more heavily on the rich than the poor

Regressive tax

Tax in which more heavily on the poor than the rich

Entitlement

Benefits that must be provided to all eligible people who seek them

Earmarks

Spending proposals that members of Congress attach to legislation, usually to benefit their home districts, or states