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Social Science
Political Science
Politics of the United States
American Government—Chapter 7
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Terms in this set (43)
Bureaucracy
organization either in government or the private sector having the following features: a clear formal structure, a division of labor, and a set of rules and procedures
Bureaucrats
administrators, skilled expert workers, career employees hired through competitive process, remain in jobs has residents come and go
Civil Service
made up of civilians who carry out the work of the federal government
Spoils System
U.S. government jobs given out by president as political rewards
Independent Agencies
government agencies that operate separately from the executive departments
Independent Executive Agencies
oversee and manage specific aspects of the federal government
Independent Regulatory Commission
regulate some aspects of the economy, set and enforce rules that have force of law
Bipartisan
members from both major parties
Government Corporation
organized and run like businesses but owned in whole or in part by the federal government
Income Tax
a tax on a person's or corporation's income
Progressive Tax
tax whose rates increase as amount subject to taxation increases
Payroll Tax
money withheld from person's paycheck to help pay for social security and Medicare
Regressive Tax
like payroll, greater impact on lower income earners
Proportional Tax
like Medicare, same rate against all income
Bond
financial instrument by with borrower agrees to pay back borrowed only, plus interest, at future date
Federal Debt
total sum of money federal government has borrowed but not yet repaid
Mandatory Spending
required by laws, not subject to budget process
Discretionary
spending subject to annual budget process
Fiscal Policy
made when president and congress create federal budget and tax laws
Monetary Policy
created when government alters amount of money in circulation and interest rates at which money can be borrowed
What is the name of the Bureaucracy associated with the U.S. executive branch called?
Federal Bureaucracy
Which of the following is NOT one of the independent agencies of the federal government?
C. Independent Bureaucracy Commission
Who nominates and approves the top administration?
Nominated by the president, approved by the senate.
In the early years how did the presidents give out government jobs (Official Name)?
Spoils System
What tragedy spurred new reforms to the spoils system?
The assassination of President Garfield
What Act was created out of spoils reform?
Pendleton Civil Service Act
What department protects the health of American citizens and provides for social security, Medicare, and Medicaid?
Health and Human Services
What department overseas military forces charged with protecting the nation?
Department of Defense
What department was created in 2003 following the attacks of 9/11?
Department of Homeland Security
What amendment gives congress the ability to collect income tax?
16th amendment
How is income tax progressive?
Higher for those who earn more.
Which of the following does payroll tax NOT pay for?
d. National debt interest
How are payroll taxes Regressive?
It is a tax that has a greater impact on lower income earners
Historically the U.S. sells bonds during times of emergencies such as.
War, Economic Depression, and Government deficits
What is the federal debt today?
$23 trillion
During years of deficit how does the government handle debt?
Only pays interest on the debt
What is the fiscal year (Dates)?
October 1st - September 30th of the next calendar year
List the steps congress follows to complete the federal budget. (3 steps)
Agree on grand totals for revenue and spending g
Deals with the hundreds of individual dinging and revenue solutions
Series of appropriation bills that formalize the spending decisions of the budget
When economy is growing or shrinking what happens when congress:
Spends money:
jobs and goods are created
When economy is growing or shrinking what happens when congress:
Cuts Taxes:
government is leaving money in the consumers pockets increasing spending and business investment
What happens if the Federal reserve:
Buys bonds:
puts money in circulation
What happens if the Federal reserve:
Sells Bonds:
reduce money in circulation
How do the roles of the president and Congress differ with regard to the budget process?
The President submits a budget request to Congress. The House and Senate pass budget resolutions. House and Senate Appropriations subcommittees "markup" appropriations bills. The House and Senate vote on appropriations bills and reconcile differences.
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Verified questions
economics
In Exercises $11$ through $24$, determine whether the given geometric series converges, and if so, find its sum. $$ \sum_{n=1}^{\infty} \frac{3}{2^n} $$
finance
The following information was drawn from the year-end balance sheets of Long's Wholesale, Inc.: $$ \begin{array}{lrr} \textbf{Account Title} & \textbf{2017} & \textbf{2016}\\ \\ \text{Bonds payable} & \$400,000 & \$600,000\\ \text{Common stock} & \text{190,000} & \text{150,000}\\ \text{Treasury stock} & \text{20,000} & \text{15,000}\\ \text{Retained earnings} & \text{96,000} & \text{80,000}\\ \end{array} $$ Additional information regarding transactions occurring during 2017: **1.** Long's Wholesale, Inc., issued $90,000 of bonds during 2017. The bonds were issued at face value. All bonds retired were retired at face value. **2.** Common stock did not have a par value. **3.** Long's Wholesale, Inc., uses the cost method to account for treasury stock. Long's Wholesale, Inc., did not resell any treasury stock in 2017. **4.** The amount of net income shown on the 2017 income statement was$49,000. \ **Required** Determine the amount of cash flow for the purchase of treasury stock that should appear on the 2017 statement of cash flows.
question
Identify what organizations conduct marketing research.
economics
You establish a straddle on Walmart using September call and put options with a strike price of $80. The call premium is$7.00 and the put premium is $8.50. a. What is the most you can lose on this position? b. What will be your profit or loss if Walmart is selling for$88 in September? c. At what stock prices will you break even on the straddle?
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