
U.S. Budget Process and Concepts
Interactive Video
•
Economics, Social Studies, Business
•
7th - 12th Grade
•
Hard

Amelia Wright
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between debt and deficit?
Debt and deficit are the same thing.
Debt is the amount of money the government has, while deficit is the amount it needs.
Debt is the difference between revenue and spending in one year, while deficit is the total amount borrowed over all years.
Debt is the total amount borrowed over all years, while deficit is the difference between revenue and spending in one year.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who creates the first rough draft of the federal budget?
The House of Representatives
The President and the OMB
Congress
The Senate
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of Congress in the budget-making process?
To approve the President's budget without changes
To create the first draft of the budget
To review, modify, and approve the budget
To manage the Office of Management and Budget (OMB)
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which step involves the House and Senate subcommittees setting funding for each program?
The President submits a budget request to Congress
The President signs the budget into law
Subcommittees set funding through appropriation bills
Lawmakers set overall spending levels
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a budget deficit?
The difference between revenue and spending in one year
The total amount of money borrowed over all years
The amount of money the government has saved
The total amount of money the government has
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the government typically create new debt?
By increasing taxes
By cutting government spending
By selling securities like Treasury bills, notes, and bonds
By printing more money
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Treasury bill?
A short-term loan, typically one year
A type of tax
A medium-term loan, typically 1-10 years
A long-term loan with a high interest rate
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