Federal Government Finances

Federal Budget

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National Debt

Click the link!!

https://www.usdebtclock.org/

Open Ended

How much debt is the United States in?

Open Ended

define budget deficit

Multiple Choice

Spending required by law is known as

• discretionary spending

• mandatory spending

• federal spending

• surplus spending

Multiple Choice

Which of the following NOT considered mandatory spending?

• national parks

• Medicare

• medical assistance for low-income families

• Social Security

Multiple Select

Which is considered discretionary spending (select all which may apply)

• national parks

• Medicare

• nuclear energy

• Interest on the debt

• education

Multiple Choice

When a government is spending more money than it is making, it is operating in a...

• deficit

• surplus

• IOU

• interest

Multiple Choice

Discretionary spending is spending that

• can be adjusted

• is required by law

• must be approved because it has been requested by the President

Multiple Select

According to the graph what are the two largest mandatory expenditures?

• Healthcare (medicare & medicaid)

• Social Security

• veterans benefits

• income security programs

Multiple Choice

Discretionary spending is spending that

• can be adjusted

• is required by law

• must be approved because it has been requested by the President

Multiple Choice

Medicare, Social Security are also known as

• deficits

• discretionary spending

• entitlements

• for low income families

Multiple Choice

Social Security is the largest portion of which type of spending?

• Mandatory/Entitlements
• Discretionary 

Open Ended

What does the previous image illustrate about The US budget between 1968 and 2017?

Multiple Choice

Republicans believe if you lower taxes, people would...

• Not spend money

• Opt to pay more taxes

• Opt to not pay taxes at all.

• Spend more money

Multiple Choice

Supports military spending.

• D

• R

Multiple Choice

Higher taxes and larger government.

• D

• R

Multiple Choice

Wants to cut military spending

• D

• R

Multiple Choice

Usually raise taxes to support government programs.

• D

• R

Multiple Choice

Lower taxes and smaller government.

• D

• R

Multiple Choice

office within the Federal Bureaucracy (Executive Branch)

that assists the President to prepare the budget

• Budget

• Fiscal Year

• GDP

• Office of Management and Budget

Multiple Choice

The central presidential staff agency that advises the president about the budget of the numerous government agencies is the

• Office of Oversight and Investigation

• Central Intelligence Agency

• Office of Management and Budget

• Congressional Budget Office

• General Accounting Office

Multiple Choice

The body which advises Congress on the probable consequences of its budget decisions is the

• House Ways and Means Committee
• Senate Finance Committee
• Congressional Budget Office
• Government

Multiple Choice

The Office of Management and Budget has the primary responsibility for doing which of the following? 

• Implementing federal unemployment policy 
• Preparing the budget
• Appropriating funds for the budget 
• Approving the budget

Multiple Choice

A description of the budget process in which the best predictor of this year’s budget is last year’s budget, plus a little bit more.

• Incrementalism
• Continuing Resolution
• Budget Resolution
• Reconciliation

Multiple Choice

The federal government's overall approach to spending and taxes is called

• Physical Policy

• Fiscal Policy

• Money

• Monetary Policy

Multiple Select

Where does government get money for the economy? (select all which may apply)

• other countries

• citizen taxes

• the president

• new legislation

• business taxes