Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Title: Politics of the Budgeting Process Final Exam
Description: Highlights the various terms used throughout the course such as tax evasions, tax burdens, various types of bonds, revenue sources, operating budgets vs. capital budgets, etc. Allow includes lists such as the 4 goals of tax reform, the criteria for evaluating taxes, the 3 functions of revenue systems, as well as others.
Description: Highlights the various terms used throughout the course such as tax evasions, tax burdens, various types of bonds, revenue sources, operating budgets vs. capital budgets, etc. Allow includes lists such as the 4 goals of tax reform, the criteria for evaluating taxes, the 3 functions of revenue systems, as well as others.
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
!
!
Budgeting Final Examination Review guide
3 main purposes of public spending (according to text authors):
1
...
To assign public resources to different uses
3
...
Pay for government expenses
2
...
Redistribute resources
!
sunken costs: when something is already bought or sold and can not be returned
!
general fund: s the entity that a government uses to account for all unrestricted
resources except those to be accounted for in a specific fund
...
" Tax expenditures represent the difference between what the government
actually collects in taxes and what it would have collected without special
exemptions
!
federal revenue sources:
• Lottery
• Income tax
state and/or local revenue sources:
• Fines
• Inspections
• Licenses
• Lottery/ gambling
• Sales tax
tax base: financial audit is an independent, objective evaluation of an organization's
financial reports and financial reporting processes
!
tax rate: is the percentage at which an individual or corporation is taxed
!
!1
tax avoidance: Use of legal methods, including deductions, credits, and allowances, to
decrease the amount of taxes owed or tax liability
!
tax evasion: Use of legal methods to escape paying the amount of taxes legally owed or tax
liability
!
tax yield: The amount resulting from applying the tax rate to the tax base; the number of
dollars collected
!
tax gap: The difference between the estimated amount of money government might expect
from a tax and actual collection
!
criteria for evaluating taxes:
• Economic efficiency
• Economic competitiveness
• Administrative simplicity
• Adequacy
• Equity
!
factors/strategies that make it easier to raise tax rates or enact new taxes:
• Make it a closed process
• Convince public that there is a need for the policy
!
sunset provisions: a stipulation that an agency or program be disbanded or
terminated at the end of a fixed period unless it is formally renewed
!
Earmarks: a provision inserted into a discretionary government spending
appropriations bill that directs funds to a specific recipient while circumventing the
merit-based or competitive funds allocation process
!
circuit breakers: Reduction of the property tax burden on poor, disabled, or elderly
households by offering a tax reduction or refund based on the proportion of income
that goes into property taxes
!
corporate welfare: government support or subsidy of private business, such as by tax
incentives
...
Stimulate the economy
2
...
Make system more fair
4
...
operating budgeting:
!2
Capital budget = money that is spent on infrastructure, expensive large
projects, that will benefit in the long-run
Operating budget = the day-to-day costs of running the government, daily
functions (staff, utilities, resources used)
!
expendable goods vs
...
New London, CT (2005): The definition of "public use"
!
deferred maintenance: Something that needs to get done but gets pushed off
!
cost-benefit analysis vs
...
2
...
4
Title: Politics of the Budgeting Process Final Exam
Description: Highlights the various terms used throughout the course such as tax evasions, tax burdens, various types of bonds, revenue sources, operating budgets vs. capital budgets, etc. Allow includes lists such as the 4 goals of tax reform, the criteria for evaluating taxes, the 3 functions of revenue systems, as well as others.
Description: Highlights the various terms used throughout the course such as tax evasions, tax burdens, various types of bonds, revenue sources, operating budgets vs. capital budgets, etc. Allow includes lists such as the 4 goals of tax reform, the criteria for evaluating taxes, the 3 functions of revenue systems, as well as others.