An example of mandatory spending by the federal government is the money used for

All appropriations bills begin

A continuing resolution is passed by Congress when

Which tax is collected from employees and employers to fund social insurance programs?

After the personal income tax and payroll taxes, the federal government receives the most money from

Taxes on goods brought into the country for sale are called

Which of the following statements correctly describes the federal income tax?

A tax that is set at the same rate for all wage earners is called a

The sales tax is an example of a __________________________.

What is the largest category of federal spending?

Which of the following has the job of tracking spending and revenue measures?

What is the largest source of state revenue?

Which of the following is the biggest expenditure for state governments?

Which level of government is responsible for funding public schools?

A major source of income for local governments is

States can borrow money for

The federal government can borrow money by

Which of the following best describes the federal debt?

As government borrowing goes up, the interest the government owes

Which decreases with increased government borrowing?

President Roosevelt’s spending on government programs to help build/stimulate the economy was an example of

Why did Congress pass a law in the 1940s that set economic goals for the nation?

What are the two most important automatic stabilizers?

As part of its function to maintain the nation’s currency supply, which organization pulls old money out of circulation?

Which of the following does the Fed regulate?

Each member of the Fed’s Board of Governors is

The function of the Federal Open Market Committee (FOMC) of the Fed is to

Which of the following groups helps the Fed make decisions regarding the economy, banks, and consumer loans?

Interest rates go down if the Fed

Reductions in the loan discount rate will

Mandatory spending generally changes from year to year.

Discretionary spending is often referred to as uncontrollable expenses.

Unemployment insurance is an example of a social insurance program funded by payroll taxes, however only

employers pay the tax.

Taxes on the property and wealth over $1.5 million of a person who dies is called an estate tax.

Progressive taxes cause poorer families to pay a larger proportion of their total income on the tax.

Every state has a personal income tax.

One of the economic goals identified by Congress in the late 1940s was to keep people working.

The Fed acts as the government’s bank.

Each year, ______________________ sends a budget message to _____________________ that includes a proposal of how much might be spent on each federal program.

Mandatory spending make up about _______ percent of the yearly budget, while discretionary spending makes up about _______ percent of the yearly budget.

___________ is the money a government collects to fund its spending, while __________________ is the money spent by the government.

______________________________________ is the biggest source of revenue for the federal government.

Taxes on the manufacture, transportation, sale, and/or use of goods and services are called ________________.

Which president is associated with and responsible for increased government involvement in the economy

The Federal Reserve System is made up of _________ Federal Reserve Districts (banks).

Which amendment gives Congress permission to tax Incomes?