The Federal Budget

What is a budget?

• A plan for spending and savings

• A plan for borrowing money

• A plan for investing in stocks

• A plan for starting a business

How often does the federal government create a budget?

• Every month

• Every quarter

• Every year

• Every decade

Where does the federal government obtain most of its revenue from?

• Oil exports

• Foreign aid

• Taxes and fees

• Donations

What are the two largest expenses for the federal government?

• Education and healthcare

• Defense and infrastructure

• Social Security and Medicare

• Welfare and unemployment benefits

What is a budget deficit?

• When the government has more revenue than expenses

• When the government has equal revenue and expenses

• When the government has less revenue than expenses

• When the government has no revenue or expenses

What is the national debt?

• The total amount of money the federal government has borrowed over the years and has not paid back

• The total amount of money the federal government has saved

• The total amount of money the federal government has invested in stocks

• The total amount of money the federal government has spent on infrastructure

Where does the federal government borrow money from?

• Individual citizens

• Foreign governments

• Itself (trust funds)

• All of the above

What is the key to a healthy budget?

• Having a surplus

• Having a deficit

• Having equal revenue and expenses

• Having no revenue or expenses

How much was the national debt in 2022?

• $31 million

• $31 billion

• $31 trillion

• $31 quadrillion

What has been the trend with the federal deficits over the last decade?

• Decreasing

• Increasing

• Staying the same

• Fluctuating