GOVT 2306 -- Exam #3 Terminology
Study online at https://quizlet.com/_i2e3jc
1. Budget: A piece of legislation that sets forth how much money the government is authorized to spend on various
programs and services
2. Balanced Budget Law: Statutory or constitutional provision requiring that either projected or actual
government spending be less than or equal to revenues over a specified time period
3. Budget Stabilization Fund (Rainy Day): Savings made by state and local governments in prepa-
ration for tax cuts and recessions
4. General Obligation Bonds (GOs): Bonds issued by a municipality that are secured by the full faith
and credit of the issuer
5. Continuing Resolution: A temporary funding law that Congress passes when an appropriations bill has
not been decided by the beginning of the new fiscal year on October 1
6. Own-Source Revenue: Revenue derived by a government from its own taxable resources
7. Intergovernmental Transfer: Payments made by one government and distributed to another govern-
ment, usually through some predetermined formula
8. Block Grant: Money given to states for general programs within a broad category and lack restrictions
9. Categorical Grant: Funds provided for a specific and clearly defined purpose and have strict restrictions
10. Excise Tax: Consumer tax on a specific kind of merchandise
11. Income Tax: Tax paid to the state, federal, and local governments based on income earned over the past year
12. Flat Tax: Proportional tax on individual income after a specified threshold has been reached
13. Progressive Tax: A tax for which the percentage of income paid in taxes increases as income increases
14. Regressive Tax: A tax for which the percentage of income paid in taxes decreases as income increases
15. Sales Tax: A tax on a sale of merchandise or services
16. Property Tax: A tax based on real estate and other property
17. Corporate Income Tax: A tax on the value of a company's profits
18. Defined Benefit Pension Plan: A type of pension plan that provides a fixed amount payment upon
retirement
19. Misdemeanor: A crime or offense that is less serious than a felony; any minor misbehavior or misconduct
20. Felony: A crime, typically one involving violence, regarded as more serious than a misdemeanor, and usually
punishable by imprisonment for more than one year or by death
21. Property Crime: Crimes that did not involve violence, including burglary, larceny-theft, motor vehicle theft,
and arson
22. Violent Crime: Crimes in which violence is either the objective or the means to an end, including murder,
rape, aggravated assault, and robbery
1/4
Study online at https://quizlet.com/_i2e3jc
1. Budget: A piece of legislation that sets forth how much money the government is authorized to spend on various
programs and services
2. Balanced Budget Law: Statutory or constitutional provision requiring that either projected or actual
government spending be less than or equal to revenues over a specified time period
3. Budget Stabilization Fund (Rainy Day): Savings made by state and local governments in prepa-
ration for tax cuts and recessions
4. General Obligation Bonds (GOs): Bonds issued by a municipality that are secured by the full faith
and credit of the issuer
5. Continuing Resolution: A temporary funding law that Congress passes when an appropriations bill has
not been decided by the beginning of the new fiscal year on October 1
6. Own-Source Revenue: Revenue derived by a government from its own taxable resources
7. Intergovernmental Transfer: Payments made by one government and distributed to another govern-
ment, usually through some predetermined formula
8. Block Grant: Money given to states for general programs within a broad category and lack restrictions
9. Categorical Grant: Funds provided for a specific and clearly defined purpose and have strict restrictions
10. Excise Tax: Consumer tax on a specific kind of merchandise
11. Income Tax: Tax paid to the state, federal, and local governments based on income earned over the past year
12. Flat Tax: Proportional tax on individual income after a specified threshold has been reached
13. Progressive Tax: A tax for which the percentage of income paid in taxes increases as income increases
14. Regressive Tax: A tax for which the percentage of income paid in taxes decreases as income increases
15. Sales Tax: A tax on a sale of merchandise or services
16. Property Tax: A tax based on real estate and other property
17. Corporate Income Tax: A tax on the value of a company's profits
18. Defined Benefit Pension Plan: A type of pension plan that provides a fixed amount payment upon
retirement
19. Misdemeanor: A crime or offense that is less serious than a felony; any minor misbehavior or misconduct
20. Felony: A crime, typically one involving violence, regarded as more serious than a misdemeanor, and usually
punishable by imprisonment for more than one year or by death
21. Property Crime: Crimes that did not involve violence, including burglary, larceny-theft, motor vehicle theft,
and arson
22. Violent Crime: Crimes in which violence is either the objective or the means to an end, including murder,
rape, aggravated assault, and robbery
1/4
