Civics and Economics Chapter 25: Government Finances
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17 terms
Terms | Definitions |
|---|---|
 budget | a plan for making and spending money |
| mandatory spending | federal spending required by law that continues without the need for annual approvals by Congress |
| discretionary spending | spending for federal programs that must receive annual approval |
| appropriations bill | legislation earmarking funds for certain purposes |
| Social Security | federal program that provides monthly payments to people who are retired or unable to work |
| Medicare | government program that provides health care for the aged |
| intergovernmental revenues | funds one level of government receives from another level of government |
| sales tax | tax levied on a product at the time of sale |
| property tax | tax on land and property |
| entitlement program | a program using eligibility requirements to provide health, nutritional, or income supplements to individuals |
| subsidize | to aid or promote with money |
| surplus | situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues |
| deficit | situation in which government spends more than it collects in revenues |
| bond | contract to repay borrowed money with interest at a specific time in the future |
| debt | money borrowed and not yet paid back |
| balanced budget | annual budget in which expenditures equal revenues |
| automatic stabilizer | program that when needed provides benefits to offset a change in peoples income |
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