| A | B |
|---|
| fiscal year | a twelve month period |
| mandatory spending | type of spending required by law that does not need approval from Congress each year |
| discretionary | type of spending that must be approved by Congress every year |
| appropriations bill | legistlation that determines spending for specific programs for the comingyear |
| House of Representatives | where all appropriations bills must originate |
| intergovernmental revenue | money that one level of govt receives from another level of govt |
| local | level of government would receive intergovernmental revenue from the state |
| sales tax | a tax paid by consumer when they buy a good or a service |
| subsidize | to aid or support with money |
| entitlement | one of the largest area of spending by the federal govt including payments to help people meet their basic needs |
| property tax | a tax on the value of land and property owned by someone |
| September 30 | when the fiscal year for the federal government ends |
| October1 | when the fiscal year for the federal government begins |
| fiscal policy | the govt's use of spending and taxes to help the economy grow |
| automatic stabilizers | any economic feature that works to increase or preserve without other govt. action |
| progressive | type of tax where a person pays more taxes if they receive more income |
| regressive | type of tax where a person who makes more pays a smaller percentage of their income on a tax |
| proportional | type of tax where each person pays the same percentage of their income |
| balanced budget | something the federal govt does not have |
| great depression | the economic crisis and period of low business activity in the U.S. and other countries, roughly beginning with the stock-market crash in October, 1929, and continuing through most of the 1930s. |
| January 1 | the first date for American's tax year |
| December 31 | the last date for American's tax year |
| Franklin D. roosevelt | president is associated with increased government involvement in the econom |
| highways | an example of discretionary spending |
| Medicare | helps pay the health care costs of elederly Americans/ an example of an entitlement program |
| Medicaid | helps pay the health care costs of poor Americans/ an example of an entitlement program |
| interest | increases as the amount the government borrow increases |
| public welfare | programs that help oor people maintain basic health and living standards |
| long term projects | reason that the state can borrow money |
| unemployment insurance and progressive income tax | examples of automatic stabilizers |
| flat tax | proportional tax |
| graduated tax | progressive tax |
