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Review Part 16 The Federal Budget

Review Part 16 The Federal Budget. 1) Which of the following institutions is given specific constitutional power of the purse? a. Office of Management and Budget b. President c. Congress d. Special interest groups e. Executive agencies.

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Review Part 16 The Federal Budget

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  1. Review Part 16 The Federal Budget

  2. 1) Which of the following institutions is given specific constitutional power of the purse? a. Office of Management and Budget b. President c. Congress d. Special interest groups e. Executive agencies

  3. 1) Which of the following institutions is given specific constitutional power of the purse? a. Office of Management and Budget b. President c. Congress d. Special interest groups e. Executive agencies

  4. 2) If Congress does not pass a budget by the beginning of the fiscal year, then which of the following takes place? a. The president can impose a budget to keep the government running b. The Courts can step in and create a temporary budget c. The Congress must pass a continuing resolution d. Government offices are automatically shut down e. A contingency budget goes into effect

  5. 2) If Congress does not pass a budget by the beginning of the fiscal year, then which of the following takes place? a. The president can impose a budget to keep the government running b. The Courts can step in and create a temporary budget c. The Congress must pass a continuing resolution d. Government offices are automatically shut down e. A contingency budget goes into effect

  6. Explanation A continuing resolution prevents the government from shutting down if final passage of specific budget items are not approved by October 1st. Neither the president nor the Courts can intercede in this situation.

  7. 3) The federal government may borrow money from all the following EXCEPT a. Trust funds b. Foreign investors c. Commercial banks d. Money market funds e. The United States Treasury

  8. 3) The federal government may borrow money from all the following EXCEPT a. Trust funds b. Foreign investors c. Commercial banks d. Money market funds e. The United States Treasury

  9. 4) As a result of President Nixon’s practice of cutting off funds for programs he felt would increase the budget, a. Congress passed the line item veto b. Congress passed the Congressional Budget and Impoundment Control Act c. The Supreme Court ruled the practice unconstitutional d. A balanced budget amendment was passed e. The Gramm-Rudman-Hollings Emergency Deficit Control Act was passed

  10. 4) As a result of President Nixon’s practice of cutting off funds for programs he felt would increase the budget, a. Congress passed the line item veto b. Congress passed the Congressional Budget and Impoundment Control Act c. The Supreme Court ruled the practice unconstitutional d. A balanced budget amendment was passed e. The Gramm-Rudman-Hollings Emergency Deficit Control Act was passed

  11. Explanation The Congressional Budget and Impoundment Control Act was passed in 1974 in order to stop the president from doing away with approved programs in the name of deficit reduction. It also streamlined the entire budgetary process. The line item veto was approved by both houses of Congress in 1995 but stalled in conference. The Supreme Court never ruled on the legality of Nixon’s actions.

  12. 5) Which of the following components was part of President Reagan’s 1981 tax bill? a. A significant increase in the number of tax deductions allowed b. A decrease in the number of tax brackets c. A decrease in the deficit d. A larger tax cut for the lower class than the upper class e. An increase in the capital gains tax

  13. 5) Which of the following components was part of President Reagan’s 1981 tax bill? a. A significant increase in the number of tax deductions allowed b. A decrease in the number of tax brackets c. A decrease in the deficit d. A larger tax cut for the lower class than the upper class e. An increase in the capital gains tax

  14. Explanation Reagan’s historic tax plan resulted in a decrease of the number of tax brackets. It increased the deficit significantly. It also gave the upper class a disproportionate tax savings compared to the lower class.

  15. 6) Over the past 20 years which of the following areas has shown the greatest increase in budgetary spending? a. The defense budget b. Federal operations c. Federal grants d. Discretionary spending e. Entitlements

  16. 6) Over the past 20 years which of the following areas has shown the greatest increase in budgetary spending? a. The defense budget b. Federal operations c. Federal grants d. Discretionary spending e. Entitlements

  17. 7) All the following areas gives the federal government the greatest amount of income? a. Income taxes b. Social Security and Payroll taxes c. Corporate taxes d. Luxury taxes e. Money collected from tariffs

  18. 7) All the following areas gives the federal government the greatest amount of income? a. Income taxes b. Social Security and Payroll taxes c. Corporate taxes d. Luxury taxes e. Money collected from tariffs

  19. 8) All the following are attempts at lowering the nation’s deficit EXCEPT a. The attempt to pass a balanced budget constitutional amendment b. A change in the welfare system forcing people to work c. The proposal to institute means testing in order to get Social Security d. The proposal to institute means testing for Medicare e. The creation of the National Service Program

  20. 8) All the following are attempts at lowering the nation’s deficit EXCEPT a. The attempt to pass a balanced budget constitutional amendment b. A change in the welfare system forcing people to work c. The proposal to institute means testing in order to get Social Security d. The proposal to institute means testing for Medicare e. The creation of the National Service Program

  21. 9) According to many pollsters, a defining event that voters remembered during the 1992 presidential campaign was a. President Bush’s no new tax pledge b. President Bush’s handling of the Gulf War c. President Bush’s success in vetoing Democratic spending proposals d. President Bush’s proclamation that the cold war was over e. President Bush’s agreements with Russia to destroy nuclear weapons

  22. 9) According to many pollsters, a defining event that voters remembered during the 1992 presidential campaign was a. President Bush’s no new tax pledge b. President Bush’s handling of the Gulf War c. President Bush’s success in vetoing Democratic spending proposals d. President Bush’s proclamation that the cold war was over e. President Bush’s agreements with Russia to destroy nuclear weapons

  23. The End

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