Federal Budget

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.

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

Government spending that is required in order to fund programs such as Social Security, Medicare, and other programs created in the past. ​ (a)  

• Mandatory Spending

• Discetionary Spending

• Expenses

• Budget

The federal budget is massive and over 2200 pages in length.

• True

• False

Describe if the federal government has been running deficits or surpluses over the last decade and how they have impacted the national debt. (Minimum 3 complete sentences)

What is the role of the Office of Management and Budget?

• Writing the budget-deciding what money is allocated to each government agency

• Increasing the national debt

• Approves the budget written by Congress

• Appointing the Board of Governors of the Federal Reserve System

What makes up the largest area of government spending?

• Food Stamps

• Medicare

• Social Security

• Interest payments

The federal budget is primarily used to allocate funds for various government activities. Which of the following is NOT a major category of federal spending?

• A) Defense

• B) Education

• C) Entertainment

• D) Healthcare

Which branch of the government is responsible for approving the federal budget?

• A) Executive

• B) Legislative

• C) Judicial

• D) Federal Reserve

What is the term for the difference between the government's expenditures and its revenues?

• A) Budget Surplus

• B) Budget Deficit

• C) National Debt

• D) Fiscal Policy