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Related Flashcards
Related Topics
Cards In This Set
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Transfer payment
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Payment for which the government receives either goods nor services in return
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Grants-in-aid
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A transfer payment that one level of govenrment makes to another that does not involve compensation (counts as intergovernmental revenue)
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Subsidy
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Government payment to encourage a certain economic activity
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Distribution of income
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Way in which the nation's income is allocated among families, individuals, or other designated groups
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Federal budget
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Annual plan outlining proposed expenditures and anticipated revenues
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Fiscal year
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12-month financial planning period that may not coincide with the calendar year
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Appropriations bill
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Legislation authorizing spending by federal agencies for certain purposes
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Budget decifit/surplus
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A negative/positive balance after expenditures are subtracted from revenues
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Mandatory spending
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Gederal spending authorized by law that continues without the need for annual approvals by Congress
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Discretionary spending
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Spending for federal rpograms that must receive annual authorization
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Medicare
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Federal healthcare program for senior citizens, regardless of income
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Medicaid
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Joint federal-state medical insurance program for low-income people
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Balanced budget amendment
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Constitutional amendment requiring government to spend no more than it collects in taxes and other revenues, excluding borrowing
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Intergovernmental expenditures
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Funds that one level of government transfers to another level for spending
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National debt
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Total amount borrowed from investors to finance the government's deficit spending
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