7.2 - Revenue and Expenditures

Plan of how the government will raise and spend money

• Budget

• Fiscal Year

• GDP

• Office of Management and Budget

a 12 month period

• Budget

• Fiscal Year

• GDP

• Office of Management and Budget

office within the Federal Bureaucracy (Executive Branch)

that assists the President to prepare the budget

• Budget

• Fiscal Year

• GDP

• Office of Management and Budget

spending that does not need annual approval

• Mandatory Spending

• Discretionary Spending

• Fiscal Spending

• Over Spending

Pick TWO examples of mandatory spending

• Social Security Benefit Checks

• Money for highway construction

• Military/defense

• interest payments on the government debt

Pick TWO examples of discretionary spending

• Social Security Benefit Checks

• Money for highway construction

• Military/defense

• interest payments on the government debt

expenditures that must be approved each year

• Mandatory Spending

• Discretionary Spending

• Fiscal Spending

• Over Spending

Which of the following is NOT an example of an entitlement program?

• Social Security

• Medicare

• Welfare

• Defense

spending above revenue

• Deficit

• Debt

• Mandate

Money the government brings in through taxes

• Revenue

• Deficit

• Debt