Federal Budget Quiz

Once a year, the federal government is required to

• spend all of its revenue.

• create a budget.

• have a deficit.

• All of the above.

The federal budget process starts with

• Congress.

• The Department of Defense.

• The President's Office.

• None of the above.

The federal government obtains most of its revenue from

• oil.

• taxes and fees.

• imports.

• All of the above.

The two largest expenses for the federal government are

• health programs (Medicaid and Medicare) and Social Security payments.

• education.

• transportation.

• None of the above.

The federal government has a history of creating poor budgets and has been running for

(a)   for years

• large surpluses

• large deficits
• balanced budgets

• None of the above.

Approximately, how much was the national debt in 2022?

(a)  

• $31 million

• $31 billion

• $31 trillion
• None of the above.

The federal government borrows money from

(a)   (b)   (c)  

• individuals.
• foreign countries.
• Itself (trust funds).
• Mrs. Barry's savings account

The key to a healthy budget is to balance revenues (money coming in) with expenses (bills). When these two match, you have what is called

(a)  

• a surplus.

• a deficit.

• a balanced budget.
• Insanity

A plan for spending and savings.​ (a)  

• Budget
• Revenue
• Expenses
• Spending

This is all of the money the federal government has borrowed over the years and has not paid back. ​ (a)  

• National Debt
• Mandatory Spending
• Budget Deficit
• Discretionary Spending