Question : In the United States, the budget is prepared by:
Option 1: The President
Option 2: The Congress
Option 3: The Treasury Department
Option 4: The Federal Reserve
Correct Answer: The President
Solution : The correct answer is (a) The President.
In the United States, the budget is prepared by the President of the United States. The President is responsible for submitting a budget proposal to Congress, which outlines the government's revenue and expenditure plans for the upcoming fiscal year. The budget proposal includes details on various government programs, policies, and funding priorities. While the President prepares the budget, it is ultimately Congress that has the authority to approve, modify, and pass the budget through the legislative process.
Question : The government agency responsible for preparing the federal budget in the United States is the:
Option 1: Federal Reserve
Option 2: Treasury Department
Option 3: Office of Management and Budget
Option 4: Internal Revenue Service
Question : What is the purpose of the Congressional Budget Office?
Option 1: To develop and implement the federal budget
Option 2: To provide economic analysis to Congress
Option 3: To manage the federal debt
Option 4: To regulate the banking industry
Question : Which of the following is not a type of treasury bill?
Option 1: 14-day treasury bill
Option 2: 28-day treasury bill
Option 3: 91-day treasury bill
Option 4: 365-day treasury bill
Question : Which two superpowers were primarily involved in the Cold War?
Option 1: United States and China
Option 2: Soviet Union and United Kingdom
Option 3: United States and Soviet Union
Option 4: France and Germany
Question : Which of the following is an example of an automatic stabilizer in the federal budget?
Option 1: Unemployment insurance
Option 2: Military spending
Option 3: Social security
Option 4: All of the above
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