Understanding Government Budget Terms

Understanding Government Budget Terms

12th Grade

77 Qs

quiz-placeholder

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Understanding Government Budget Terms

Understanding Government Budget Terms

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

C.J. Schmidt

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77 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an outlay?

An expense or "outflow" of money

An intake of money from taxes

The amount a government spends over what it takes in

The amount extra that the government has after outlays are paid

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a receipt?

An expense or "outflow" of money

An intake of money from taxes

The amount a government spends over what it takes in

The amount extra that the government has after outlays are paid

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a deficit?

An expense or "outflow" of money

An intake of money from taxes

The amount a government spends over what it takes in

The amount extra that the government has after outlays are paid

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a surplus?

An expense or "outflow" of money

An intake of money from taxes

The amount a government spends over what it takes in

The amount extra that the government has after outlays are paid

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a balanced budget?

An expense or "outflow" of money

An intake of money from taxes

The amount a government spends over what it takes in

One in which outlays equal receipts

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an economic function of the government?

Safeguarding competition and the market system

Promoting private monopolies

Increasing inflation

Reducing public services

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the roles of the government in the economy?

Providing public goods and services

Limiting public goods and services

Promoting harmful externalities

Reducing economic stability

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