The Budget Control Act of 2011 Purported to

question 99

Multiple Choice

The Budget Control Act of 2011 purported to

• A)reduce the deficit by $1 trillion over 10 years.
• B)balance the budget in the short term.
• C)start paying off the total national debt.
• D)dramatically reduce social spending.

---

Definitions:

Profits

The financial gain made in a transaction or operation, calculated as the difference between revenue and costs.

Compounded Annually

This refers to the process where interest is added to the principal sum, so that from that moment on, the interest that has been added also earns interest, being calculated and added to the account annually.

Simple Interest

Interest calculated on the principal amount of a loan or deposit, without compounding over time.

Savings Account

A deposit account held at a bank that provides interest on the funds deposited.