State and Local Chapter 4

State governments need to balance their ___________ budget

• operating

• capital

• entire

• functional

The Government charges ________for some specific services.

• progressive taxes

• targeted taxes

• user fees

• unfair usury

A debt instrument that states and municipalities use to fund capital projects is called a _______.

• certificate

• bond

• treasury bill

• loan

A Government's primary source of ________ is taxes.

• revenue

• payables

• power

• expenses

What is the phrase used to describe the government's situation when experense exceed revenue in a given year?

• red tape

• normal budgeting

• budget surplus

• budget deficit

_____________ is spending that is controlled by annual budget decisions.

• government allocations

• discretionary spending

• entitlement spending

• interagency spending

Alaska issues _________ to citizens based on the sale of the state's oil.

• revenue notices

• dividend payments

• tax bills

• capital payments

Governments do not use the regular 12-month calendar to keep track of their budget, they use a __________ year.

• fiscal

• expenditure

• financial

• revenue

____________ taxes are leveled equally on all tax payers without regard to their income.

• sales taxes

• regressive taxes

• progressive taxes

• excise taxes

A tax system which considers an individuals ability to pay is considered a ____________ tax system.

• progressive

• regressive

• fair

• equitable