Which of the following is true of the federal budget? a. The federal budget is a...
Which of the following is true of the federal budget?
a. The federal budget is a plan that describes a government’s fiscal policy for the current financial year.
b. The federal budget is a plan that describes the president’s take on the economy.
c. The federal budget is a plan for federal government outlays and revenues for a specified period, usually a year.
d. The federal budget is a plan that describes the eligibility criteria of the major entitlement programs taken up by Congress for the current financial year.
e. The federal budget is a plan that describes a government’s monetary policy for the current financial year.
Homework Answers
Option C is correct, The federal budget is a plan for federal government outlays and revenues for a specified period, usually a year.
A budget focuses on what would be the sources on cash inflow for the government and what would be the sectors where it will spend this revenue. It is a plan for the future and it pertains mostly for a year but can be for any other period of time.
- Option e is incorrect because the government controls the fiscal policy and not the monetary policy, which is controlled by the Federal reserve.
- Option a is wrong because the budget is for the future period and not the current financial year
- For the same reason, option d is also dismissed
- Budget is not the take of the President, budget is the plan for what will government spend on and where will it get that inflow so option b is also wrong
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