SPEA V-186 Midterm Exam Questions and
Correct Answers
Changes in Gov't spending
Mandatory spending is increasing while discretionary spending is decreasing
Social Entitlement Programs
Medicare and Social Security. Two of the biggest programs taking 61.9% of mandatory
spending.
Earmarks/Pork-barrel
Congressional "adds" to the budget for specific congressional districts
Continuing Resolution
Allows agencies to function when a new fiscal year begins before agency appropriation laws
have been approved for the year.
Economic cycle
Expansion phase (high production, sales and low unemployment and interest rates) and then
downturn/recession (unemployment/demand for credit and interest rates go up and
unemployment/home & car sales go down)
inflation rate
rise in overall price level in the economy, i.e. rise in price of all the goods and services
interest rate
, Percentage of amount borrowed to be added to the amount loaned and paid back
How has wealth distribution in the U.S. changed over time?
Top 10% of Americans earned 50% of all income (15% higher than in 1980). Also through
marginal taxes on the wealthy.
Historical appreciation of how we have changed since founding to today with regards to
government finance
changed fiscal years, created the CBO, established discretionary/mandatory spending & deficit
targets
Elements of cost estimation
Direct cost (resources, fuel etc.) and indirect cost (utilities, security cost)
personnel costs
total remuneration, in cash or in kind, payable by an employer to an employee in return for work
done by the latter during the reference period.
Non Personnel Costs
items within your budget that do not pay salaries or benefits to people working on the project.
Ex. equipment, subcontracts and other operational cost
Article 1 Section 8
Enumerated Powers of Congress -to lay and collect Taxes, Duties, Imposts and Excises, to pay
the Debts and provide for the common Defense and general Welfare of the United States
Article 1 section 9
Correct Answers
Changes in Gov't spending
Mandatory spending is increasing while discretionary spending is decreasing
Social Entitlement Programs
Medicare and Social Security. Two of the biggest programs taking 61.9% of mandatory
spending.
Earmarks/Pork-barrel
Congressional "adds" to the budget for specific congressional districts
Continuing Resolution
Allows agencies to function when a new fiscal year begins before agency appropriation laws
have been approved for the year.
Economic cycle
Expansion phase (high production, sales and low unemployment and interest rates) and then
downturn/recession (unemployment/demand for credit and interest rates go up and
unemployment/home & car sales go down)
inflation rate
rise in overall price level in the economy, i.e. rise in price of all the goods and services
interest rate
, Percentage of amount borrowed to be added to the amount loaned and paid back
How has wealth distribution in the U.S. changed over time?
Top 10% of Americans earned 50% of all income (15% higher than in 1980). Also through
marginal taxes on the wealthy.
Historical appreciation of how we have changed since founding to today with regards to
government finance
changed fiscal years, created the CBO, established discretionary/mandatory spending & deficit
targets
Elements of cost estimation
Direct cost (resources, fuel etc.) and indirect cost (utilities, security cost)
personnel costs
total remuneration, in cash or in kind, payable by an employer to an employee in return for work
done by the latter during the reference period.
Non Personnel Costs
items within your budget that do not pay salaries or benefits to people working on the project.
Ex. equipment, subcontracts and other operational cost
Article 1 Section 8
Enumerated Powers of Congress -to lay and collect Taxes, Duties, Imposts and Excises, to pay
the Debts and provide for the common Defense and general Welfare of the United States
Article 1 section 9
