United States Budget Process! Trivia Questions Quiz

10 Questions | Total Attempts: 61

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United States Budget Process! Trivia Questions Quiz

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Questions and Answers
  • 1. 
    A progressive income tax system requires the wealthiest people to
    • A. 

      Pay taxes according to howmuch they consume

    • B. 

      Pay the same amount in taxes as people in other income brackets

    • C. 

      Pay taxes at the same rate as people in other income brackets

    • D. 

      Pay taxes at a higher rate than people in other income brackets

    • E. 

      Pay taxes at a slightly lower rate than people in the middle income brackets

  • 2. 
    Which of the following institutions is responsible for compiling the president's budget proposal?
    • A. 

      Department of the treasury

    • B. 

      Congressional budget office

    • C. 

      Senate appropriations committee

    • D. 

      Office of management and budget

    • E. 

      Council of economic advisers

  • 3. 
    Which of the following are accurate statements about the federal debt? I.  The rising cost of public education has contributed significantly to the federal debt II.  The debt shifts the cost of current policies onto the shoulders of future generations III. President Reagan's major tax cuts in the 1980s caused the national debt to grow to an unprecedented size IV.  The government will erase the national debt as soon as it succeeds in balancing the fiscal budget
    • A. 

      II only

    • B. 

      IV only

    • C. 

      I and II only

    • D. 

      II and III only

    • E. 

      I, III, and IV only

  • 4. 
    Which of the following is considered an uncontrollable expenditure?
    • A. 

      National security

    • B. 

      Federal subsidies for public education

    • C. 

      Entitlement programs

    • D. 

      Highway systems

    • E. 

      Energy research

  • 5. 
    All of the following are steps in the budgetary process EXCEPT
    • A. 

      The Congressional Budget Office works closely with the president to finalize the budget that he will propose to Congress

    • B. 

      The House Ways and Means committee and the Senate Finance committee work together to write the tax codes

    • C. 

      The Office of Management and Budget reviews and assesses the budget proposals submitted by each agency

    • D. 

      Congress passes a budget resolution to set a cap on expenditures for the fiscal year

    • E. 

      The Appropriations Committee decides how to divide federal resources among the departments and agencies

  • 6. 
    The federal government borrows money from citizens through
    • A. 

      Income taxes

    • B. 

      Bonds

    • C. 

      Social Security

    • D. 

      Authorization bills

    • E. 

      Entitlement programs

  • 7. 
    Which of the following programs account for the largest chunk of the federal budget?
    • A. 

      Bridges and highways

    • B. 

      Welfare and unemployment

    • C. 

      Law enforcement and corrections

    • D. 

      Social Security and Medicare

    • E. 

      Foreign aid and espionage

  • 8. 
    The government receives most of its revenues from
    • A. 

      Excise taxes

    • B. 

      Social income taxes

    • C. 

      Personal income taxes

    • D. 

      Public bonds

    • E. 

      Sales taxes

  • 9. 
    Which of the following is a tax expenditure?
    • A. 

      The Social Security trust fund

    • B. 

      Deductions for interest paid on home mortgages

    • C. 

      Social insurance taxes

    • D. 

      The interstate highway system

    • E. 

      The war in Iraq

  • 10. 
    The federal debt
    • A. 

      Is the difference between teh amount of annual trax receipts and government expenditures

    • B. 

      Consists of all the money borrowed over the years by the national government and still outstanding

    • C. 

      Is money owed to foreign nations by the US government when it imports more goods than it exports

    • D. 

      Is money owed by taxpayers to the US government, but never paid

    • E. 

      Is all money borrowed over the yeras by the federal government and owed to state governments