Exam 11: Budgeting

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Briefly explain how the federal budget affects the national economy as well as public policy decisions.

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Fiscal policy consists of taxation and what other governmental activity?

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Which of the following types of legislation creates programs and limits the amount of money to be spent managing them?

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Social Security and Medicare (in addition to other formula programs) are examples of what type of spending?

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Creating a biennial budget and enacting a balanced-budget constitutional amendment ______.

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Describe three attempts that have been made to reform the federal budget process.

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Bottom-up budgeting differs from top-down budgeting in that the former ______.

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Government can borrow money in the short term and repay it later.

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During a surplus, ______ exceed ______.

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What is the legislative budget?

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