Federal Budget and Government Expenditure

Who prepares the federal budget?

• the Senate

• the House of Representatives

• the President

• the Congressional Budget Office

Which of the following is not a federal government expenditure?

• medicare

• transportation

• Social Security

• higher education

How big is the federal debt?

• thousands of dollars

• millions of dollars

• billions of dollars

• trillions of dollars

Which of the following is an example of an entitlement payment?

• federal money given to a contractor in exchange for military uniforms

• federal money given to a senior American as a Social Security payment

• federal money spent to pay interest on the federal debt

• federal money spent to build a new public highway

A 12-month financial planning period that may or may not coincide with the calendar year.

• fiscal year
• annual period
• budget year
• financial cycle

Law that sets federal money aside for a specific purpose.

• allocation law
• appropriation law
• reserved law
• budget law

Part of economy made up by private individuals and businesses.

• state sector
• government sector
• private sector
• public sector

Constitutional provision that requires a state to hold spending in line with revenues.

• spending limit provision
• revenue constraint provision
• budgetary equilibrium requirement
• balanced budget requirement

Spending more than is collected in revenues.

• surplus
• deficit
• balance
• revenue

Broad social programs designed to provide minimum health, nutritional, and income levels for eligible individuals.

• social safety net programs
• public assistance programs
• government assistance programs
• welfare programs