The Federal Budget

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 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.

The federal government borrows money from

(a)   (b)   (c)  

• individuals.

• foreign countries.

• Itself (trust funds).

• Mrs. Barry's savings account

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

What is the primary purpose of the federal budget?

• To outline government spending and revenue

• To determine state taxes

• To allocate funds for private businesses

• To set interest rates

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

• Executive

• Judicial

• Legislative

• None of the above