Chapter #13 - The Budget Process

A budget deficit occurs when expenditures exceed

• appropriations

• authorizations

• borrowing

• revenue

Which of the following is NOT a major source of federal revenue?

• borrowing

• corporate income tax

• personal income tax

• sales tax

A policy that allocates taxes and expenditures.

• budget

• budget resolution

• continuing resolution

• reconciliatoin

Another term for government spending.

• national debt

• deficit financing

• expenditures

• tax expenditures

Which of the following are financial resources that our government collects as revenue?

• personal income tax

• excise taxes on cigarettes and gasoline

• borrowing money

• all of these

Who pays FICA (Social Insurance) taxes?

• employers

• employees

• both employers and employees

• employers only

What type of note does the Treasury sell to borrow money?

• U.S. Savings Bonds

• Certificates of Treasury

• U.S. Barabonds

• Certificates of Interest

Which amendment to the U.S. Constitution permitted the federal income tax?

• 10th

• 14th

• 16th

• 18th

Which of the following controls the debt ceiling?

• President

• Congress

• Supreme Court

• Congressional Budget Office

A tax system where those who make more money, pay a higher % of tax is known as __________ system.

• flat

• progressive

• regressive

• multiplier