Chapter 22: Financing the Government

For the Federal Government this begins on October 1st and ends the following year on September 30th.

• Lunar Year

• Fiscal Year

• Monetary Year

• Federal Year

A tax paid by consumers when purchasing goods or services.

• Income tax
• Property tax
• Excise tax
• Sales tax

A tax on the value of land that people own.

• income tax
• property tax
• sales tax
• estate tax

A government program that makes payments to people who must meet certain requirements in order for them to meet minimum health, nutrition, and income needs.

• Nutrition assistance program
• Entitlement program

• Healthcare reimbursement program
• Financial investment program

To add or support a person, business, or institution or undertaking with money or tax breaks.

• Fiscal Policy

• Social Security

• FDIC

• Subsidized

What type of government spending is required by law and does not need yearly congressional approval?

• Discretionary spending
• Emergency spending
• Voluntary spending
• Mandatory spending

The spending by the government that needs Congressional approval every year.

• Discretionary spending
• Voluntary spending
• Unrestricted spending
• Mandatory spending

This is the largest expenditure for the United States government.

• Social Security

• Education

• Healthcare

• Military

A budget in which expenditures equal revenues is considered?

• Surplus
• Deficit
• Unbalanced
• Balanced

Money borrowed and not yet paid back.

• Debt
• Investment
• Deficit

• Credit