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# OABPOS1041 Quiz 2

### OAB POS1041 Lesson 2: Federal Budget Analysis

1) Explain what the term fiscal year means, why it is used, and how it differs from a calendar year in terms of financial recordkeeping. (Source for answer: Internet) A fiscal year is a 12-month period over which businesses and organizations budget their spending and report their financial status. A fiscal year does not always coincide with the calendar year. It can be any 12-month period. Not using the actual calendar
Identify the 2020 fiscal year period of the federal government from the answer choices given below. It begins on October 1, 2019 and ends on September 30, 2020
Explain what GDP stands for and how it is a measure of a nation's economic activity. Briefly describe how the GDP of a country is determined. Don't give me the mathematical formula. I'm just looking for a summary explanation. (Source for answer: Internet) GDP stands for Gross Domestic Product and refers to the market value of all final goods and services produced in a country in a given period. It is used to measure the size of nationâ€™s economy and when compared with the GDP of other nations can be used a
Identify the estimated GDP of the United States in fiscal year 2020 and give the dollar amount. (Budget Table) \$22.4 trillion
Identify the three countries with the second, third, and fourth highest GDPs after the United States along with the correct amounts of their GDPs. (PDF of World Bank GDP Rankings) 2nd is China at \$14.2 trillion; 3rd is Japan at \$5.2 trillion; 4th is Germany at \$4.1 trillion
Give the amount of total receipts (income) projected to be received by the federal government in fiscal year 2020. (Budget Table) \$3.6 trillion
Identify the top four sources of federal government receipts (revenue) in 2020 and their associated dollar amounts. Individual income taxes = \$1.8 trillion Security payroll taxes = \$949 billion Corporation income taxes = \$255 billion Medicare payroll taxes = \$289 billion
Related to question #7 about government receipts, identify which source of federal revenue represents the largest portion of federal budget receipts in fiscal year 2020 and calculate the percentage that it represents of the overall total amount of receipt Individual income taxes, 50%
Give the total dollar amount of outlays (expenditures) budgeted for fiscal year 2020 (Budget table). Select the correct answer from the list below. \$4.7 trillion
Give the dollar amount of the projected budget deficit or surplus for fiscal year 2020. Be sure to indicate whether the amount is a deficit or surplus (Budget table). \$1.1 trillion deficit
Identify the four federal agencies or programs that will receive the most "discretionary" funds in the fiscal year 2020 federal budget. Identify each agency or program along with the dollar amount that is budgeted for 2020. (Budget table) Select the corr Defense = \$718.3 billion Health & Human Services = \$89.6 billion Education = \$62.0 billion Veterans Affairs = \$93.1 billion
Identify the largest "mandatory" federal expenditure budgeted for fiscal year 2020 and its budgeted dollar amount. (Budget table) Social Security, \$1.1 trillion
Calculate the percentage of the total budget outlay represented by the combined outlays of Social Security and Medicare for fiscal year 2020. (Budget table) 38%
Give the amount of the gross federal debt projected for fiscal year 2020. This figure represents the total national debt held by the federal government. (Budget table) \$24.1 trillion
Give the amount of the total (net) interest expense that is budgeted to be paid on the national debt in fiscal year 2020. \$479 billion
Created by: PBSC eLearning

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