The Federal Budget Is _____

question 116

Multiple Choice

The federal budget is _____

• A) submitted by Congress to the president and contains proposals for tax increases.
• B) submitted by Congress to the president and contains proposals for government expenditures.
• C) submitted by the president to Congress and contains spending proposals.
• D) equal to government purchases plus cash and in-kind transfer payments.
• E) usually planned for the calendar year, which starts in January.

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Definitions:

Accounting Records

Documents that businesses use to track their financial transactions and maintain financial accountability.

Journal

A record where all financial transactions are initially noted before they are posted to individual accounts in the ledger.

Revenues

The total amount of money received by a company for goods sold or services provided during a specific period.

Net Income

The remaining profit of a company after it has paid all operational expenses and taxes from its revenue.