12th Grade Budget Preparation Quizzes, Questions & Answers

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United States Budget Process! Trivia Questions Quiz

Explore the intricacies of the U.S. budget process with this trivia quiz. Test your knowledge on tax systems, budget compilation, federal debt, and government borrowing. Ideal for learners interested in government operations and...

Questions: 10 | Attempts: 114 | Last updated: Mar 18, 2025

Sample Question 1
A progressive income tax system requires the wealthiest people to

Pay taxes according to howmuch they consume

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

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

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

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

Sample Question 2
Which of the following institutions is responsible for compiling the president's budget proposal?

Department of the treasury

Congressional budget office

Senate appropriations committee

Office of management and budget

Council of economic advisers

Sample Question 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

II only

IV only

I and II only

II and III only

I, III, and IV only