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| 6704987382 | Budget | a sum of money allocated for a particular purpose | 0 | |
| 6704987383 | Deficit | the amount by which expenditures exceed income | 1 | |
| 6704987384 | Expenditures | Federal spending of revenues. Major areas of such spending are social services and the military. | 2 | |
| 6704987385 | Revenues | The financial resources of the federal government. The individual income tax and Social Security tax are two major sources of revenue. | 3 | |
| 6704987386 | Excise tax | a tax on the manufacturing of an item. Helped Hamilton to achieve his theory on a strong central government, supported by the wealthy manufacturers. This tax mainly targeted poor Western front corn farmers (Whiskey). This was used to demonstrate the power of the Federal Government, and sparked the Whiskey Rebellion of 1794. | 4 | |
| 6704987387 | Income tax | a personal tax levied on annual income | 5 | |
| 6704987388 | Sixteenth Amendment | The constitutional amendment adopted in 1913 that explicitly permitted Congress to levy an income tax. | 6 | |
| 6704987389 | Government corporations | A government organization that, like business corporations, provides a service that could be provided by the private sector and typically charges for its services. The U.S. Postal Service is an example. | 7 | |
| 6704987390 | Internal Revenue Service (IRS) | A government agency that prescribes the rules and regulations that govern the collection of tax revenues in the United States | 8 | |
| 6704987391 | Progressive tax | any tax in which the rate increases as the amount subject to taxation increases | 9 | |
| 6704987392 | Flat tax | proportional tax on individual income after a specified threshold has been reached | 10 | |
| 6704987393 | Social insurance taxes | taxes collected to pay for Social Security, Medicare, and unemployment compensation programs; regressive taxes | 11 | |
| 6704987394 | Federal debt | All the money borrowed by the federal government over the years and still outstanding. Today the federal debt is more than $9 trillion. | 12 | |
| 6704987395 | Tax loopholes | exceptions or oversights in the tax laq that allow some people and businesses to avoid paying taxes | 13 | |
| 6704987396 | Tax expenditures | revenue losses that result from special exemptions, exclusions, or deductions on federal tax law | 14 | |
| 6704987397 | Social Security Act | guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health | 15 | |
| 6704987398 | Medicare | a federal program of health insurance for persons 65 years of age and older | 16 | |
| 6704987399 | Incrementalism | the belief that the best predictor of this year's budget is last year's budget, plus a little bit more (an increment) | 17 | |
| 6704987400 | Uncontrollable expenditures | expenditures that are determined not by a fixed amount of money appropriated by Congress but by how many eligible beneficiaries there are for a program or by previous obligations of the government | 18 | |
| 6704987401 | Entitlements | Programs such as unemployment insurance, disaster relief, or disability payments that provide benefits to all eligible citizens. | 19 | |
| 6704987402 | House Ways and Means Committee | Writes the tax codes, subject to the approval of Congress (with Senate Finance Committee) | 20 | |
| 6704987403 | Senate Finance Committee | The Senate committee that, along with the Ways and Means Committee, writes the tax codes subject to the approval of Congress as a whole | 21 | |
| 6704987404 | Congressional Budget and Impoundment Control Act of 1974 | an act designed to reform the congressional budgetary process; its supporters hoped that it would also make Congress less dependent on the president's budget and better able to set and meet its own budgetary goals | 22 | |
| 6704987405 | Impounding funds | power of the President to withhold from federal departments or agencies some or all of the funds appropriated by Congress | 23 | |
| 6704987406 | Congressional Budget Office (CBO) | An agency of Congress that analyzes presidential budget recommendations and estimates the cost of proposed legislation. | 24 | |
| 6704987407 | Office of Management & Budget (OMB) | Presidential staff agency that serves as a clearinghouse for budgetary requests and management improvements for government agencies. | 25 | |
| 6704987408 | Budget resolution | Set of budget guidelines that must pass both houses of Congress in identical form by April 15. | 26 | |
| 6704987409 | Reconciliation | the act of agreement after a quarrel, the resolution of a dispute | 27 | |
| 6704987410 | Authorization bill | a bill that sets up a federal program and specifies how much money may be appropriated for the program | 28 | |
| 6704987411 | Appropriations bill | An act of Congress that actually funds programs within limits established by authorization bills. Appropriations usually cover one year. | 29 | |
| 6704987412 | Continuing resolutions | when Congress cannot reach agreement and pass appropriations bills, these resolutions allow agencies to spend at the level of the previous year | 30 | |
| 6704987413 | Discretionary spending | Spending set by the govt through appropriations bills, including operation expenses &salaries of govt employees (defense, environment, education, space exploration) | 31 |
