Understanding the Federal Budget
A Grade 10 social studies worksheet on the US federal budget, covering revenue, expenditures, and the budget process.
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Understanding the Federal Budget
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Date:
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Read each question carefully and provide thoughtful answers. Use complete sentences where appropriate.
1. Which of the following is the largest source of revenue for the U.S. federal government?
Corporate income taxes
Individual income taxes
Excise taxes
Customs duties
2. Mandatory spending primarily includes funds for:
National defense and education
Social Security and Medicare
Foreign aid and scientific research
Infrastructure projects and environmental protection
3. The federal budget is primarily divided into two main categories of spending: mandatory spending and spending.
4. When government expenditures exceed revenues, it results in a budget .
5. The President submits a budget request to each year.
6. A balanced budget occurs when government revenues equal government expenditures.
True
False
7. Discretionary spending is determined by existing laws and does not require annual approval.
True
False
8. Briefly explain the difference between a budget deficit and the national debt.
9. Identify two major categories of federal spending and provide an example for each.
The image below provides a visual overview of the U.S. Federal Budget. Refer to it for the following question.
10. Based on the infographic, identify one significant source of federal revenue and one significant area of federal expenditure. How might changes in these areas impact the overall economy?