Chapter 14

Question 0

Balanced budget

Answer 0

A situation in which the government’s spending is exactly equal to the total taxes and other revenues it collects during a given period of time

Question 1

Government budget deficit

Answer 1

An excess of government spending over government revenues during a given period of time

Question 2

Government budget surplus

Answer 2

An excess of government revenues over government spending during a given period of time

Question 3

Public debt

Answer 3

The total value of all outstanding federal government securities

Question 4

Gross public debt

Answer 4

All federal government debt irrespective of who owns it

Question 5

Net public debt

Answer 5

Gross public debt minus all government interagency borrowing

Question 6

Entitlements

Answer 6

Guaranteed benefits under a government program such as Social Security, Medicare, or Medicaid

Question 7

Non-controllable expenditures

Answer 7

Government spending that changes automatically without action by Congress