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NAME CLASS DATE Section 2: Guided Reading and Review Nontax Revenues and Borrowing CHAPTER 16 A. As You Read Answer the following questions as you read Section 2. Possible answers below Nontax Revenues 1. What are sources of interest that the government collects as nontax revenue? ______________ loans ______________________________________________________________________ made by some federal agencies, canal tolls, fees for passports, copyrights, patents and trademarks 2. What is seigniorage? ______________________________________________________________ the profit made by the U.S. Mint; they can make money for more than its face value ______________________________________________________________________ 3. What government corporation generates nontax revenue for the government? ______________ United ______________________________________________________________________ States Postal Service Borrowing 4. For what three reasons does the government often borrow money? ____________________ It borrows money to meet costs ________________________________________________________________ of crises, to finance large projects, and to pay for deficit financing. ________________________________________________________________ 5. Explain the process by which the government borrows money. __________________________ The treasury issues securities to investors. ____________________________________________________________ These securities often take the form of treasury bills and the government promises to repay them with interest ____________________________________________________________ on a certain date. The Public Debt 6. What has been the trend of the public debt over the past 20 years? ______________________ The public debt has increased ____________________________________________________________ tremendously. © Pearson Education, Inc. B. Reviewing Key Terms Define the following terms in the space provided. 7. interest ________________________________________________________________________ a fee for borrowing money; generally a percentage of the amount borrowed ________________________________________________________________________________ 8. deficit __________________________________________________________________________ the yearly shortfall between income and spending; when spending is higher than income ________________________________________________________________________________ 9. surplus ________________________________________________________________________ the yearly excess between income and spending; when income is higher than spending the public debt is ________________________________________________________________________________ reduced 10. public debt ____________________________________________________________________ the government’s total outstanding indebtedness, including all of the money borrowed and not yet ________________________________________________________________________________ repaid plus the accrued interest Guided Reading and Review Chapter 16 77
NAME CLASS DATE CHAPTER 16 Section 3: Guided Reading and Review Spending and the Budget A. As You Read Complete the chart below by filling in the missing information in the blanks provided. Possible answers below Federal Spending Type of Spending Meaning Examples Controllable 1. Congress ___________________________ and the President decide how 2. a. military _______________________ equipment Spending ___________________________ much will be spent on a specific item in b. aid _______________________ to education ___________________________ the budget. c. environmental _______________________ protection Uncontrollable 3. spending ___________________________ that Congress and the 4. a. Social _______________________ Security benefits Spending ___________________________ President have no power to change b. food _______________________ stamps ___________________________ c. Medicare _______________________ As you read the section, fill in the answers to the questions below. 5. Who initiates the spending process? ________________________________________________ the President ________________________________________________________________________________ 6. How does the federal budget serve as a political statement? ____________________________ It serves as a plan for the execution ________________________________________________________________________________ of public policy. 7. According to the chart on page 460, in what three categories has the government spent the most money since 1997? __________________________________________________________ Social Security Administration, Department of the Treasury, Department of ________________________________________________________________________________ Health and Human Services 8. Where does the budget-making process begin? ______________________________________ It begins with each federal agency submitting its ________________________________________________________________________________ spending plans to the OMB. 9. How does Congress become involved in the process? __________________________________ Congress reviews the budget with the Congressional Budget Office, and congressional committees study it, hold hearings, change it, and prepare ________________________________________________________________________________ appropriations bills. 10. What happens if the 13 appropriations measures are not passed by the beginning of the fiscal year? __________________________________________________________________________ Congress passes a continuing resolution to allow emergency spending. ________________________________________________________________________________ B. Reviewing Key Terms Explain the meaning of the following term and give some examples. 11. entitlement ______________________________________________________________________ any benefit that federal law says must be paid to all those who meet the eligibility requirements; possible ________________________________________________________________________________ examples: OASDI, Medicare, Medicaid © Pearson Education, Inc. 78 Chapter 16 Guided Reading and Review
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