Federal, State, and Local Government Expenditures

These flashcards cover key vocabulary terms related to government expenditures at federal, state, and local levels.

federal budget

Annual plan outlining proposed expenditures and anticipated revenues.

fiscal year

12-month financial planning period that may not coincide with the calendar year.

appropriations bill

Legislation authorizing spending for certain purposes.

budget deficit

A negative balance after expenditures are subtracted from revenues.

budget surplus

A positive balance after expenditures are subtracted from revenues.

mandatory spending

Federal spending authorized by law that continues without the need for annual approvals by Congress.

discretionary spending

Spending for federal programs that must receive annual authorization.

Medicare

Federal health-care program for senior citizens, regardless of income.

intergovernmental expenditures

Funds that one level of government transfers to another level for spending.

public welfare

Payments for medical care and assistance to support those in need.