The public debt is the sum of all previous: Budget surpluses minus the current budget deficit of the Federal government Budget deficits minus any budget surpluses of the Federal government Expenditures of the Federal government Budget deficits of the Federal government
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The public debt is the sum of all previous:
-
Budget surpluses minus the current budget deficit of the Federal government
-
Budget deficits minus any budget surpluses of the Federal government
-
Expenditures of the Federal government
-
Budget deficits of the Federal government
Step by step
Solved in 2 steps
- Arrange the following revenues in the federal government, from greatest to least: -excise taxes -miscellaneous revenue -customs duties -corporate income taxes -social security AND medicare taxes -individual income taxesHow does the federal government aquire debt?What is a federal deficit? How is it managed?
- How does the federal government finance and service it outstanding debt?An expenditure for general obligation long-term debt is always recorded at year-end in the governmental funds fora. accrued interest and accrued principal.b. accrued principal but not accrued interest.c. accrued interest but not accrued principal.d. neither accrued interest nor accrued principal.Which of the following statements is not true for debt service funds? Multiple Choice Interest payable may be reported as a liability of the debt service fund. Special assessment debt for which the government has some obligation is paid through the debt service fund. All tax-supported bond principal is shown as a liability of the debt service fund. Bond principal can be shown as a liability when financial resources dedicated for payment of the principal have been transferred to the debt service fund and payment of principal is due early in the following year.
- What would be the appropriate account title for funds collected by a sales tax custodial fund? A. Sales tax revenue B. Other financing sources C. Additions-tax collections for other governments D. Sales taxes receivableWhich is used by the government to determine eligibility for the Federal GST/HST credit payment? A Total income В Net income Taxable income Net federal tax payableEncumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.
- The FHA implements its programs with which of the following procedures? Providing government bonds as collateral for loans Issuing an insured commitment covering the loan Funding a portion of each loan at closing Guaranteeing a portion of each loan1. How is the annual national budget prepared? 2.Who are the persons/ agency involved in budget preparation?Which of the following is a promise by the Government to pay a stated sum after expiry of the stated period from the date of issue? a. Commercial Papers b. Bankers’ Acceptance c. Treasury Bills d. Bills of Exchange