| A | B |
|---|
| PER CAPITA | PER PERSON |
| PUBLIC SECTOR | THE PART OF THE ECONOMY MADE UP OF FEDERAL, STATE, AND LOCAL GOVERNMENTS |
| PRIVATE SECTOR | THE PART OF THE ECONOMY MADE UP OF PRIVATE INDIVIDUALS AND PRIVATELY-OWNED BUSINESSES |
| TRANSFER PAYMENT | A PAYMENT FOR WHICH THE GOVERNMENT RECIEVES NEITHER GOODS NOR SERVIES IN RETURN |
| GANT-IN-AID | A TRANSFER PAYMENT THAT ONE LEVEL OF GOVERNMENT MAKE TO ANOTHER |
| DISTRIBUTUTION OF INCOME | THE WAY IN WHICH INCOME IS ALLOCATED AMONG FAMILES, INDIVIDUALS, OR OTHER DESIGNATED GROUPS IN THE COUNTRY |
| FEDERAL BUDGET | AN ANNUAL PLAN OUTLINEING PROPOSED REVENUES AND EXPENDITURES FOR THE COMING YEAR |
| MANDATORY SPENDING | SPENDING AUTHORIZED BY LAW THE CONTINUES WITHOUT THE NEEED FOR ANNUAL APPROVALS OF CONGRESS |
| DISCRETIONAL SPENDING | PROGRAMS THAT MUST RECIEVE ANNUAL AUTHORIZATION |
| FISCAL YEAR | A 12-MONTH FINACIAL PLANNING PERIOD THAT MAY OR MAY NOT CONCIDE WITH THE CALANDAR YEAR |
| FEDERAL BUDGET SURPLUS | AN EXCESS OF REVENUES OVER EXPENDITURES |
| FEDERAL BUDGET DEFICIT | THE SHORTFALL IF EXPENDITURES ARE LARGER THAN REVENUES |
| APPROPRIATIONS BILL | AN ACT OF CONGRESS THA ALLOWS FEDERAL AGENCIES TO SPEND MONEY FOR SPECIFIC PURPOSES |
| MEDICAID | A JOINT FEDERAL-STATE MEDICAL INSURANCE PROGRAM FOR LOW-INCOME PERSONS |
| BALANCE BUDGET AMENDMENT | A CONSISTITUTIONAL AMENDMENT THAT REQUIRES THAT ANNUAL SPENDING NOT EXCEED REVENUES |
| INTERGOVERNMENTAL EXPENDITURES | FUNDS THAT ONE LEVEL OF GOVERNMENT TRANSFERS TO ANOTHER LEVEL FOR SPENDING |
| DEFICIT SPENDING | SPENDING IN EXCESS OF REVENUES COLLECTED |
| FEDERAL DEBT | THE TOTAL AMOUNT BORROWED FORM INVESTORS TO FINANCE THE GOVERNMENT'S DEFICIT SPENDING |
| BALANCE BUDGET | AN ANNUAL BUDGET WHICH EXPENDITURES EQUAL REVENUE |
| TRUST FUND | SPECIAL ACCOUNT USED TO FUND SPECIFIC TYPES OF EXPENDITURES SUCH AS SOCIAL SECURITY AND MEDICARE |
| CROWDING-OUT EFFECT | THE HIGHER-THAN-NORMAL INTEREST RATE THAT HEAVY GOVERNMENT BORROWING CAUSES |
| "PAY-AS-YOU-GO" PROVISION | A REQUIRMENT THAT NEW SPENDING PROPOSALS OR TAX CUTS MUST BE OFFSET BY REDUCTIONS ELSEWHERE |
| LINE-ITEM VETO | THE POWER TO CANCEL SPECIFIC BUDGET ITEMS WITHOUT REJECTING THE ENTIRE BUDGET |
| SPENDING CAP | A LE GAL LIMIT ON ANNUAL DISCRETIONARY SPENDING |
| ENTITLEMENT | A BROAD SOCIAL PROGRAM THAT USES ESTABLISHED ELIGIBILITY REQUIRMENTS TO PROVIDE HEALTH, NUTRITIONAL, OR INCOME SUPPLEMNETS TO INDIVIDUALS |
