The National Debt

A deficit is

• when the government spends more than it collects in taxes and borrows to cover the difference.

• the sum of all of the money owed by the government.

• a very, very, very bad thing to have in government

• okay to have.

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

• deficit

• surplus

• IOU

• interest

Revenue means this:

• Credit

• Income

• Taxes

• Bankruptcy

Fees for the support of government required to be paid by people and businesses.

• Grants

• Mortgage

• Taxes

• Income

The federal program of disability and retirement benefits that covers most working people

• Title IX

• Social Security

• Medicare

• Welfare

A federal program of health insurance for persons 65 years of age and older

• Medicare

• Social Security

• Medicaid

• Loans

When the US is is making more money than it is spending, it is operating in a

• deficit

• suprlus

• interest

• IOU

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

• other countries

• citizen taxes

• the president

• new legislation

• business taxes

_________________ is a possible side effect of having a high national debt.

• unemployment

• inflation

• increasing the size of the military

• lower taxes

One thing that the government might do to reduce the national debt is ________________________.

• reduce taxes

• start a war

• increase taxes

• raise unemployment