(Quiz) Paystubs & Federal Budget

What is the CBO?

• Congressional Budget Office

• Catering By Orders

• Cats Boss Owners

• Congress Buys Ordeals

What are 2 areas the Federal Government can earn revenue?

Check BOTH answers.

• Income Taxes

• Dog Tag Registration

• Social Security, Medicare & other Payroll Taxes

• Property Taxes

What is the largest area that the Federal Government spends its Discretionary funds?

• Education

• Foreign Aid

• National Parks

• The Military

What does "deficit" mean?

• It is when something is very wrong.

• It is the difference between the amount of revenue collected and the money spent.

• It is the money that the government spends.

How does the Deficit contribute to the National Debt?

• It doesn't

• It gives tickets to the next upcoming Commanders season.

• The deficit is added to the US debt each year.

When was the last time the Federal Budget was balanced?

• 2001

• 1842

• 1965

• 1777

The federal government levies a tax on personal income to provide for 

• national defense and law enforcement
• veterans and foreign affairs
• social programs like food and housing assistance and college grants
• All answers shown

This month Michael’s expenses are greater than his income. What are two actions Michael can take in order to balance his budget?

• Increase expenses and decrease income

• Decrease expenses and decrease income

• Decrease expenses and increase income

• Increase expenses and increase income

Serena makes $100,000 a year and pays 41% income taxes while Tom makes $55,000 a year and pays 37% income taxes. This is an example of what type of tax?

• Progressive

• Regressive

• Proportional

• Flat

A sale tax that is the same for both rich and poor people is typically considered a...

• regressive tax

• progressive tax

• proportional tax

• fair tax