US Debt Quiz

The central bank of the United States is known as the Fed or the _________________________.

• Federal Reserve

• National Bank of America

• GDP (Gross Domestic Product)

Once a year, the Federal Government is required to

• have a deficit.

• spend all it's revenue.

• create a budget.

The federal government obtains most of its revenue from

• Oil

• taxes and fees

• stock market

How much is the current national debt?

• 27.2 trillion dollars

• 28.2 trillion dollars

• 28.2 billion dollars

• 27.2 million dollars.

Some state governments have passed a law requiring a ___________________________, which is a law saying you can’t spend more money than you get in.

• Budget Deficit

• Budget Surplus

• Balanced Budget

The federal ______________is a plan for spending by the government.

• Budget

• Economy

• Government

The federal government borrows money from

• individuals

• foreign countries

• Both A and B

___________________ is all the money has borrowed over the years and has not paid back.

• Expenses

• Budget Surplus

• National Debt

______________________ is a shortfall; or when you don't have enough revenue to pay for all the expenses.

• Fiscal Responsibility

• Budget Surplus

• Budget Deficit

Currently the U.S. Congress keeps raising the _________________________, which is a law saying the federal government can only borrow so much money.

• Mandatory Spending

• Debt Ceiling

• Budget Surplus