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Terms in this set (24)
In 2003 how much did the Government take in as revenue?
This averaged about how much for each person in America?
What are the two sources of income for the nation?
Payments by individuals and businesses to support the activities of government
The total income of an individual minus certain deductions and personal exemptions
One who depends primarily on another person for such things as food clothing and shelter
What is the deadline date for filing income tax returns each year?
Pays the anticipated taxes ahead of the filing date
Name 3 things that we pay for when we pay our Social Insurance taxes
1. social security
Taxes are places on (property or money) left when a person dies
List two ways that government can use taxes to influence economic decisions
1. provide tax deductions
2. establish interest rates
What are exemptions favoring certain groups of people?
2 examples that show tax credits can be given to low income families
1. breaks on sending their child to college
2. elderly and retired people depending on the amount of their income
A 12 month period that extends from Oct. 1st of one year to Sept. 30th of the next year
What 2 branches of government share in the preparation of the budget?
Which branch draws up the proposed budget?
The actual day-to-day preparation of the budget is the responsibility of what organization?
Office of management and budget
Expenditures required by law
Benefits that Congress has provided by laws to individuals
The Budgetary Enforcement Act of 1990 divides the budget into what 3 parts?
1. domestic policy
2. international affairs
Means that the total budget will change only a little from one year to the next?
When Franklin Roosevelt was president how much was the government spending a year?
Over $500 billion of the budget each year is spent on what program?
Name the types of Discretionary spending
Environment, Transportation, Criminal Justice
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