U.S. Economic Budget Review

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

• deficit

• surplus

• IOU

• interest

On which of the following does the government spend the largest portion of its budget?

• Medicare

• Defense

• Social Security

• Education

Spending required by law

• discretionary spending

• mandatory spending

• federal spending

• surplus spending

discretionary spending is

• congress's choice

• required by law

• requested by the president

• All of the above

A plan for how much will be spent on various things.

• surplus

• budget

• deficit

• securities

On which of the following does the federal government spend the largest portion of its budget?

• Medicare
• Defense
• Social Security
• Education

What is a federal budget deficit?

• All the debt owed by the federal government.

• When government spends more than it brings in.

• When government spends the same amount it brings in.

• Value of all goods and services produced in a country.

What is spending that is greater than revenue?

• balanced
• suplus
• deficit

What is spending that equals revenue?

• balanced
• surplus
• deficit

This is the top source of revenue for the federal government.

• individual income taxes
• corporate income taxes
• customs duties
• FICA