Federal Budget

The federal budget process starts with

• Congress.

• The Department of Defense.

• The President's Office.

• None of the above.

The federal budget is created through a long negotiation process in which the President's office and different political parties in congress all fight to fund their desired programs.

• True

• False

Once a year, the federal government is required to

• spend all of its revenue.

• create a budget.

• have a deficit.

• All of the above.

The federal government obtains most of its revenue from

• oil.

• taxes and fees.

• imports.

• All of the above.

Which of the following is the single largest federal expenditure?

• national defense

• Social Security

• interest

• Medicare

When looking at "discretionary spending" by our Federal Government, which category receives the most funding?

• National Defense/ Military

• Education

• Veterans' Pensions

• National Parks

An example of a discretionary item in the federal budget is

• interest on the public debt

• spending on national parks

• Social Security payments

• veterans' pensions

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

• surplus

• revenue

• defecit

• appropriations

A budget deficit occurs when...

• The government brings in more revenue than it spends for a given year

• The government spends more money than it brings in for a fiscal year

What means the funds Congress sets aside for a given law or program

• revenue

• surplus

• appropriations