Federal Budget Deficits and Surpluses

Benjamin has just finished calculating his monthly expenses. He realizes that he has some money left over after paying all his bills. What does this situation represent?

• Having a budget surplus

• Not having enough revenue to pay all expenses

• Borrowing money to pay bills

• Creating a balanced budget

Henry, Mason, and Priya are discussing their school's financial situation. What would they consider a budget deficit for their school?

• Having money left over after paying all expenses

• Not having enough revenue to pay all expenses

• Borrowing money to pay bills

• Creating a balanced budget

In a class discussion, Evelyn asks whether the federal government typically runs surpluses or deficits each year. What is the correct answer?

• Surpluses

• Deficits

• Balanced budgets

• No consistent pattern

Rohan, Ava, and Emma are discussing the country's economy. Rohan asks, 'What is the national debt?'

• Money left over after Ava's family pays all their expenses

• Money borrowed by the federal government that has not been paid back

• Money borrowed by Emma's neighbors and foreign governments

• Money borrowed from trust funds that Rohan's parents have

Samuel, Avery, and Hannah were discussing the national debt at the end of 2022. How much was the national debt at that time?

• $30

• $30,000

• $30,000,000

• $30,000,000,000,000

What is key to a healthy budget?

To pay off the national debt how much would each person have to pay?

• $75,000

• $85,000

• $95,000

How much interest did the U.S. pay on the national debt in 2022?

• $275 billion

• $375 billion

• $475 billion

• $575 billion

The federal government borrows money from many different sources. Two important

sources are ​ (a)   and ​ (b)  

• individual citizens
• foreign governments
• individual banks
• state governments

The following two countries are the biggest holders of U.S. debt ​​ (a)   and ​ (b)  

• Japan
• China
• India
• Great Britain
• Saudi Arabia