Unit 9 quiz 6 Gov't & Economics

Maintaining a competitive business environment is an important role of __________ in the economy.

• corporations

• government

• the banking system

• colleges and universities

The largest source of federal revenue are __________ taxes.

• excise

• payroll

• corporate income

• personal income

Government spending that Congress makes choices about during the budget process is called __________ spending.

• mandatory

• discretionary

• secondary

Which of the following is NOT an example of mandatory spending?

• Medicare

• military

• Social Security

A Congressional budget resolution provides __________.

• feedback about the president’s requested budget

• a summary of expert testimony about the budget

• a road map to use when creating actual spending bills

Duties of Congress in the budget process include all of the following EXCEPT:

• approving government spending

• listening to expert testimony

• submitting a proposed budget

• creating a budget resolution

Congress and the president work to have the new budget enacted by the end of September so __________.

• they are ready for the work break Congress takes every October

• they can work on political campaigns throughout October

• government employees will receive their October paychecks

• the budget is ready for the start of the new fiscal year on October 1

An important difference between the federal government’s budget and a personal budget is that only the government’s budget involves __________.

• making spending decisions in the national interest

• balancing many needs and wants

• two categories of spending

A document showing the government’s promise to pay back the money it borrowed plus interest is a __________.

• stock

• confirmation document

• certificate of deposit

• bond

All the money the government owes to its bondholders is called the __________.

• national debt

• budget deficit

• spending gap

• tax burden