warmup how do you keep track of where you spend your money?

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  • Slide 1
  • Warmup How do you keep track of where you spend your money?
  • Slide 2
  • EXPLORING THE MONEY MATTERS OF THE FEDERAL GOVERNMENT Money Matters $ $ $
  • Slide 3
  • Where Does Federal Money Come From? $
  • Slide 4
  • $ When the government needs more money, it cant simply start printing it. It has to come from somewhere!
  • Slide 5
  • Where Does Federal Money Come From? $ TAXES! You might have heard people complain about paying taxes from time to time, but without taxes our government couldnt run some very important programs that help people!
  • Slide 6
  • Where Federal Money Comes From $ The money that the government runs on is raised through taxes. This money is called REVENUE! Thats right! revenue! The money raised by the government through taxes is called revenue!
  • Slide 7
  • There are several types of taxes $ Where Federal Money Comes From Income Tax Social Security Corporate Income Tax Excise Tax Other Taxes This tax is based on a percentage of what you make. The more you make, the higher percentage you pay! This tax is taken to provide retired people with income they need. In 2010 it was 6.2% of your total income! Just like the personal income tax, corporations must pay income taxes! These are taxes paid on certain goods like alcohol, cigarettes, jewelry, and gas. This includes estate taxes (when someone dies) and taxes on goods brought from other countries (tariffs).
  • Slide 8
  • Where Federal Money Comes From $ TOTAL: $2,381,000,000,000
  • Slide 9
  • Quick Review! $ Revenue is A. New reve B. Money that the government raises through taxes C. Money that the government spends on taxes D. Money that the government spends over their budget
  • Slide 10
  • Where Federal Money Goes The Federal Budget With all that money (all $2,381,000,000,000 of it) and all the projects in the country to think about, there is only one thing that can help keep it all straight $
  • Slide 11
  • Where Federal Money Goes $ Whats a BUDGET?
  • Slide 12
  • Where Federal Money Goes $ B UDGET : A plan for how money is earned and spent
  • Slide 13
  • Where Federal Money Goes $ F EDERAL B UDGET : A plan for how the government brings in and spends revenue
  • Slide 14
  • Where Federal Money Goes $ A budget is A. a type of plan for printing money. B. something the government uses to measure things. C. a plan for receiving and spending money. D. a pet bird. budget I see! A budget is a plan for receiving and spending money.
  • Slide 15
  • Federal Spending There are several ways the federal government spends money $
  • Slide 16
  • Federal Spending $ These are just broad categories!! Lets break them down
  • Slide 17
  • FY 2010: National Defense $ Defending our nation is a high priority. In 2010, more than $650 billion dollars went to funding military operations, personnel, supplies, and research! Total Defense Spending: $ 722,000,000,000
  • Slide 18
  • FY 2010: Social Security $ When people are retired or disabled, Social Security helps them get the financial assistance they need. Total Social Security Spending: $ 724,000,000,000
  • Slide 19
  • FY 2010: Income Security $ Other types of financial assistance help people who are disabled, unemployed, or needy. These programs provide necessities like housing and food. Total Income Security Spending: $ 629,000,000,000
  • Slide 20
  • FY 2010: Medicare $ When people retire, they often lose their health insurance. The U.S. government has established Medicare to help them pay for health care! Total Medicare Spending: $ 462,000,000,000
  • Slide 21
  • FY 2010: Health $ Doctors visits, medicines, emergency care these are necessities for everyone! Insurance for the needy, disease research and control, and childrens health insurance all fall into this category. Total Health Spending: $ 386,000,000,000
  • Slide 22
  • FY 2010: Other Spending $ There are many other categories of government spending. These include: Education Science Environment Development Transportation Other Government Spending: $ 677,000,000,000
  • Slide 23
  • FY 2010 Spending $ The total estimated budget for 2010 was $3,600,000,000,000 Hundreds Thousands Millions Billions Trillions!
  • Slide 24
  • Quick Review! $ The federal budget is A. The plan for managing and spending state money. B. The plan for raising government funds. C. The plan for figuring out who will feed the dog. D. The plan for managing and spending federal money.
  • Slide 25
  • $ Two Possible Outcomes After all the revenue is counted and all the spending is tallied, there are two possible outcomes for the budget
  • Slide 26
  • $ DeficitSurplus OR Two Possible Outcomes The government spends LESS than it raises in taxes so that there is money left over! The government spends MORE than it raises in taxes so that it must borrow money!
  • Slide 27
  • $ Two Possible Outcomes Deficit In a deficit there is no money left over after the budget is laid out. In fact the government must borrow money to complete the budget! Trillions of Dollars
  • Slide 28
  • Surplus In a surplus there is money left over after the budget is laid out. $ Two Possible Outcomes The government can use the money that is left over for other projects! Trillions of Dollars
  • Slide 29
  • $ deficit This chart shows that there has been a deficit almost every year since 1980. Two Possible Outcomes Deficit: Deficit: more money spent than earned Surplus: Surplus: less money spent than earned
  • Slide 30
  • $ Fill in the blank: Most of the revenue raised by the government comes from _________tax. income
  • Slide 31
  • $ Match the definition to the term: budget federal budget surplus deficit money left over after the budget is spent spending more than is raised in taxes a plan for how money is earned and spent the plan for bringing in and spending revenue
  • Slide 32
  • $ budget federal budget surplus deficit money left over after the budget is spent spending more than is raised in taxes Match the definition to the term: a plan for how money is earned and spent the plan for bringing in and spending revenue
  • Slide 33
  • $ Match the definition to the term: budget federal budget surplus deficit money left over after the budget is spent spending more than is raised in taxes a plan for how money is earned and spent the plan for bringing in and spending revenue
  • Slide 34
  • $ Match the definition to the term: budget federal budget surplus deficit money left over after the budget is spent spending more than is raised in taxes a plan for how money is earned and spent the plan for bringing in and spending revenue
  • Slide 35
  • $ REVIEW budget federal budget surplus deficit money left over after the budget is spent spending more than is raised in taxes Way to go! a plan for how money is earned and spent the plan for bringing in and spending revenue
  • Slide 36
  • $ When the country spends more than it earns that is called a A) Surplus OR B) Deficit Choose the right answer:
  • Slide 37
  • When the country spends less than the amount of money it earns it is called a A) Surplus OR B) Deficit $ Choose the right answer:
  • Slide 38
  • According to the chart shown earlier, our country usually has a A) Surplus OR B) Deficit $ Choose the right answer:
  • Slide 39
  • Thats right! Our country usually spends more than it earns, so we have a deficit! $ REVIEW