Q 25. Which of the following statements accurately describes the role of a comptroller? A comptroller oversees the Budget Oversight Committee. A comptroller misallocates government funds. A comptroller manages a staff of accountants and makes sure that funds are being spent appropriately. O The Congressional Budget Office hires a comptroller to investigate government agencies.

Q 25. Which of the following statements accurately describes the role of a comptroller? A comptroller oversees the Budget Oversight Committee. A comptroller misallocates government funds. A comptroller manages a staff of accountants and makes sure that funds are being spent appropriately. O The Congressional Budget Office hires a comptroller to investigate government agencies.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter30: Government Budgets And Fiscal Policy

Section: Chapter Questions

Problem 9SCQ: True or False: Federal spending has grown substantially in recent decades. By world standards, the...

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True or False: Federal spending has grown substantially in recent decades. By world standards, the U.S. government controls a relatively large share of the U.S. economy. A majority of the federal governments revenue Is collected through personal income taxes. Education spending is slightly larger at the federal level than at the state and local level. State and local government spending has not risen much in recent decades. Defense spending is higher now than ever. The share of the economy going to federal taxes has increased substantially over time. Foreign aid is a large portion, although less than half, of federal spending. Federal deficits have been very large for the last two decades. The accumulated federal debt as a share of GDP is near an all-time high.
Use the following to answer the following questions. Susan works as a district attorney. She earns, before taxes, around $80,000 each year. Each year, she pays around $15,000 in taxes. She also recently bought a house. She thinks the house is worth $325,000, but Susan still owes $200,000 on the mortgage. Each year she pays around $14,000 in mortgage payments. Additionally, Susan purchased a car. Today the car is worth only $12,000, Susan still owes $7,000 on it, and she makes payments totaling $3,500 on it each year. Susan also has other expenses including $6,000 each year on groceries, $3,000 each year on entertainment, $3,600 each year on household goods, and $1,200 each year on dining out. Which is closest to Susan's total present net worth? (Select the correct answer.) Group of answer choices $210,000 $128,000 $82,000 $44,000
There are several important philosophies regarding budget balances. One way in which they differ is in terms of the time span over which the budget should be balanced. Another difference among budget philosophies involves whether the budget balance is as important as other economic goals. Which of the following budget philosophies advocates keeping the budget in balance every year, except during wartime? a)Annually balanced budget b)Cyclically balanced budget c)Functional finance A major problem with the implementation of this philosophy is that it: a)Magnifies business cycle fluctuations b)Can allow the national debt to burgeon with chronic deficits c)Relies upon government officials to budget for surpluses during boom times in order to cover deficits during recessions
Economists at which of the following government offices help formulate spending plans and regulatory policies? Office of Management and Budget Congressional Budget Office Department of the Treasury The Federal Reserve
41. Which of the following definitions is INCORRECT? Group of answer choices Administrative lag: The time it takes to administer a policy Operational lag: outside lag: The time it takes for policy to be effective. Administrative lag: The time it takes for policy to be effective Recognition lag: the time it takes to recognize that a business cycle has started.
Presidential candidate trump promised in mid 2016 that if he became President, he would never have $400 billion budget deficit. As the President of the US from 2016-2020, he has Group of answer choices Broken his promise since the budget deficit for 2019-2020 is $350 billion. Kept his promise since the budget deficit for 2019-2020 is $984 billion trillion. Broken his promise since the budget deficit for 2019-2020 is $400 billion. Kept his promise since the budget deficit for 2019-2020 is $350 billion
Describe the following term in your own words. Balanced budget
Which of the following statements about state budget is wrong? a. Budget may be annual or biennial b. About half of the states have dual budget system - operating budget and capital budget c. Most operate under the balanced budget requirement d. All governors have item veto power
In 2007, the city of Canfield collected $500,000 in taxes and spent $450,000. In 2007, the city of Canfield had a Group of answer choices budget surplus of $450,000. budget surplus of $5,000. budget deficit of $50,000. budget surplus of $50,000.
Choose the letter of the correct answer. 1. This kind of tax is derived from the individuals, corporate estates, and trusts income. A. Donors tax B. Capital gains tax C. Income tax D. Estate tax 2. This is a kind of tax on the rights of the decreased person to transmit his/ her estate to lawful heirs and beneficiaries at the time of death. A. Donors tax B. Capital gains tax C. Income tax D. Estate tax 3. This is a tax levied on gifts and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. A. Estate tax B. Capital gains tax C. Income tax D. Donor Tax 4. A tax imposed on loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation. A. Documentary tax B. Capital gains tax C. Income tax D. Estate tax 5. A tax levied on the assessed value of land and permanently attached improvements owned by individuals or corporations. A. Property tax B. Capital gains tax C. Income tax…
According to economic theory, a government with a contractionary fiscal policy would decrease taxation, and not increase its spending decrease its borrowing increase its borrowing, and increase its spending increase taxation, and not increase its spending Aladi plc is evaluating whether it should have more decentralisation in its structure. It has identified the following factors which are relevant to the evaluation: (1)The company is increasing in size (2) The Chief Executive has an authoritative leadership style (3) Activities are very varied (4) Upward communication is good but downward communication is generally poor Which of these factors indicate that Aladi plc would benefit from more decentralisation? (1) and (2) only (3) and (4) only (1) and (3) only (2) and (4) only
The table below shows hypothectical figures of revenue and spending for the Canadian government. For simplicity, assume that all of the spending grants to other levels of government were spent in Canada on goods and services. Federal Government's Budget Plan for Fiscal Year ($billion) REVENUES OUTLAYS Personal income taxes $100 Transfers to persons $46 Corporate income taxes 34 Spending grants to other levels of government 38 Other income taxes 7 Public debt charges 35 GST and excise taxes 47 Direct program spending 95 EI premiums 14 Total Outlays 214 Other revenues 18 Projected Budget Plan Surplus 6 Total Revenues 220 a. The projected NTR in this budget plan is $ billion. b. The value of NTR less government spending on goods and services (G) is $ billion. Round your answers to 1 decimal place. c. The percentage of total revenue made up by personal income taxes is %. d. The percentage of total revenue…