Lesson 14 Review

Describe a balanced Federal Budget.

• When the government's total revenue exceeds its total spending for a given period.
• When the government's total revenue is unrelated to its total spending for a given period.
• When the government's total revenue is less than its total spending for a given period.
• When the government's total revenue equals its total spending for a given period.

Describe a federal budget surplus.

• When the government's income is used to pay off it's numerous global conflicts

• When the government's income exceeds its expenditures.
• When the government's income is less than its expenditures.
• When the government's income is equal to its expenditures.

Describe a federal deficit.

• A federal deficit is when the government's expenses are less than its revenue.
• A federal deficit is when the government's expenses are equal to its revenue.
• A federal deficit is when the government's expenses exceed its revenue.
• A federal deficit is when the government's expenses are less than its revenue but it doesn't affect the economy.

Which of the following explains how the national debt increases overtime.

• Printing more money to cover the debt
• Reducing taxes to decrease the debt
• Investing in infrastructure to lower the debt
• Government borrowing to finance budget deficits year after year over time

Which of the following is NOT a source that the government borrows money from?

• Itself
• Foreign governments
• Private Investors

Describe a treasury bond.

• A treasury bond is an IOU from the government to private investors and other countries that if they give the government money, they will pay it back with interest

• A treasury bond is a type of cryptocurrency used for online transactions.
• A treasury bond is a short-term government debt security in which people are paid with tik tok followers

• A treasury bond is a type of stock issued by private companies.

Which of the following describes a progressive tax?

• A tax where the higher tax burden is placed on wealthier individuals

• A tax where the higher tax burden is placed on the economically disadvantaged

Which of the following describes a regressive tax?

• A tax where the higher tax burden is placed on wealthier individuals

• A tax where the higher tax burden is placed on the economically disadvantaged

Which of the following is NOT an example of a progressive OR regressive tax?

• Federal Income Tax

• Sales Tax

• Sin Tax

• Proportional Income Tax

What is a federal budget?

• A plan for how much the government will spend in a year and what they will spend their money on

• A plan for which desserts to invest in from the Olive Garden menu

• A plan for the government's technological advancements in the military with no other components

• A focus on mandatory spending without any further focus in any other areas