Civics Today: Citizenship, Economics, & You

Chapter 25: Government Finances

Government Finances

1
The federal government's fiscal year runs from __________.
A)January 1 to December 31
B)July 1 to June 30
C)October 1 to September 30
D)April 1 to March 31
2
The type of federal spending that does not need approval is called __________.
A)discretionary spending
B)mandatory spending
C)appropriations spending
D)revenue spending
3
Money taken out of a worker's paycheck for Social Security is an example of __________.
A)an income tax
B)an excise tax
C)a payroll tax
D)a sales tax
4
The second largest category of federal spending is __________.
A)education
B)payment on debt interest
C)Social Security
D)national defense
5
When a state government gives money to a local government for education it is an example of __________.
A)contribution revenue
B)intergovernmental revenue
C)federal revenue
D)intragovernmental revenue
6
State programs that provide health, nutritional, or income payments using established eligibility requirements are called __________.
A)entitlement programs
B)eligibility programs
C)public service programs
D)welfare programs
7
The largest category of spending for local governments is __________.
A)fire and police protection
B)providing a water supply
C)sewage and sanitation
D)education
8
When a government spends more than it collects in revenue, there is a __________.
A)surplus
B)deficit
C)stabilizer
D)trough
9
To borrow money, the government __________.
A)makes a loan from the Federal Reserve
B)sells shares of stock on the exchange
C)sells bonds
D)prints more currency
10
Unemployment insurance is an example of __________.
A)debt resolution
B)fiscal responsibility
C)an automatic stabilizer
D)automatic debt resolution
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