Understanding U.S. Federal Budget 2022

What percentage of the U.S. GDP did federal spending account for in 2022?

• 25%

• 30%

• 21%

• 17%

Which category of federal spending does not require annual approval from Congress?

• Mandatory spending

• Discretionary spending

• Interest on debt

• Foreign aid

What is the approximate percentage of federal spending allocated to discretionary spending in 2022?

• 10%

• 50%

• 25%

• 65%

What percentage of federal spending was used for interest payments on the federal debt in 2022?

• 5%

• 10%

• 15%

• 8%

How much of the federal spending was financed by taxes in 2022?

• 75%

• 50%

• 25%

• 90%

What was the primary source of federal revenue in 2022?

• State funding

• Corporate taxes

• Individual income taxes

• Foreign investments

By what means does the government manage federal deficits?

• Selling treasury bonds

• Increasing tax rates

• Reducing public spending

• Printing more currency

What was the percentage of GDP represented by the deficit in 2022?

• 2.5%

• 5.5%

• 3.5%

• 7.5%