Unit12

what is a budget?

A plan of income and expenses, usually for a year

What officeholder proposes the federal budget to Congress

The president

What is a sunset low?

Authorization for the program will end at a stated point in the future

Why do government agencies try to spend all of the money in their budgets?

So they will spend all of their approbation and have a better chance of receiving at least as much funding in next year‘s budget

what spending restriction do most states have that the federal government does not?

The national government does not ever have to balance its budget but the states do

Examples of capital projects

Road construction or the building of schools or other large buildings

What can result from a government printing money to make up a budget shortfall

Inflation

What is the greatest single source of revenue for the federal government?

Income tax

Most Americans pay their income tax through what process

Withholding

What is the term used for an income tax for which the tax rate is greater on higher income?

Progressive income tax

The top 1% of Americans pay what percentage of the total income tax that the IRS collects

38%

How much income tax do the 40% of Americans with the lowest income pay?

No income tax

What does the government collect on some items that importers bring into the country?

Customs or tariff duties

When did federal spending first pass $1 trillion?

1917

What does the government do when Social Security revenue exceeds benefits paid out in one year

The government purchases US treasury bonds in the amount of the difference

According to proverbs 22:7, what is a relationship between a borrower and a lender?

The borrower becomes the lender slave

Name six items on which the federal government collects excise taxes

Alcoholic, beverages, tobacco, products, gasoline, furs, jewelry