Duplicate of Paying for the Government Chapter 12

The chief purpose of taxes is to

the federal gov borrows money from

flexible spending

The president, with the help of the OMB, prepares the federal budget each year

income or money regularly coming in

a plan for spending and saving

tax that comes out of a paycheck and paid by the employer

The largest source of revenue for the federal government is

The deadline for paying federal taxes each year is

sales tax is added to purchases

property taxes are taken from a paycheck

revenues equal expenditures

the 2 largest expenses for federal gov are

When a government spends less money than it collects, it has a

to pay off the national debt, each person in U.S. must pay $600

the federal budget is over 1200 pages

the federal government is not required to prepare a budget

How much is the national debt?

shortage of money

government spending that is required to fund certain programs

two of the largest foreign holders of U.S. debt are

Money collected from Social Security tax is used mainly for

a fiscal year

all the money the federal gov has borrowed and not paid back

Other than taxes, the government raises money through

At the federal level, the collection of taxes is handled by the

what money is spent on; bills