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 finance and service it outstanding debt?What is a federal deficit? How is it managed?
- Suppose that an estimate of U.S. federal spending showed that 46% was for entitlements, 18% was for defense, 15% was for grants to states and localities, 14% was for interest on debt, 6% was for other federal operations, and 1% was for deposit insurance. Construct a pie chart to show this information.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.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.
- In the issuance of treasury bills (T-bills) the government is the a. Debtor b. Creditor c. Guarantor d. StockholderWhich of the following statements is false? Unmatured principal installments and accrued interest which is due shortly after year end are required to be reported as liabilities in the debt service fund at year end. An encumbrance in a capital project fund is created when the contract for the work is signed or issued. Premiums generated from the issuance of bonds for a capital projects fund are generally transferred to the Debt Service Fund. If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are recognized as revenues of the Debt Service Fund.What is a federal budget deficit or surplus? How does this affectinterest rates?
