Government Budget Basics
A worksheet covering fundamental concepts of government budgets, including revenue, expenditure, deficits, and surpluses.
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Government Budget Basics
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Read each question carefully and provide your best answer. For multiple-choice questions, circle the letter next to the correct answer. For fill-in-the-blank questions, write your answer on the line provided. For short-answer questions, write your response in the space provided.
1. Which of the following is NOT a primary source of government revenue?
Income taxes
Sales taxes
Borrowing from other countries
Property taxes
2. When government expenditures exceed its revenues in a given fiscal year, it results in a budget .
3. A budget occurs when government revenues are greater than its expenditures.
4. Government spending on education and healthcare are examples of discretionary spending.
True
False
5. Explain the difference between mandatory and discretionary spending in a government budget.
Match the term on the left with its definition on the right.
6. Fiscal Policy
a. The accumulated sum of past government deficits.
7. National Debt
b. Government decisions about spending and taxation.