MACRO -Govt Spending Budget - Fall 2024 - Per 1

Front

What means the government has spent more than it has raised?

Back

defecit

Front

What is it called when the government takes in more in revenue than it spends?

Back

surplus

Front

Who proposes the National budget? Options: Congress, President, Justices

Back

President

Front

What we call the planned revenue and spending for the nation

Back

Federal Budget

Front

Where does the budget process start?

Back

The president submits a request to the Congress.

Front

What is the top source of revenue for the federal government? Options: individual income taxes, corporate income taxes, customs duties, FICA

Back

individual income taxes

Front

Spending required by law is known as

Back

mandatory spending

Front

Social Security is the largest portion of which type of spending? Mandatory, Discretionary 

Back

Mandatory

Front

Defense spending is the largest portion of which type of spending?

Back

Discretionary