Government Revenue
What is government revenue?
all money received by the government
What is government expenditure?
All the money spent by the government.
True or False? Most government programs are meant to be temporary.
True
What is National Debt?
total amount the federal government has borrowed to cover the outstanding balance of expenses incurred over time
How many types of government revenue are there?
2
How many types of government expenditures are there?
2
What / Who funds all government programs?
Taxes / Taxpayers
Expenditures > Revenue
What are the 2 types of Government Revenue?
Current and Capital
Current and Capital
If you quit your job, can you file for unemployment?
No, it's for adults who have lost their job through no fault of their own.
What was one of the three main drivers of our growing national debt that we discussed in class?
Demographic (age), Rising Healthcare Costs, Inadequate Revenue.
We discussed 3 types of budgets in class. What was one of them?
Budget Deficit
Budget Surplus
Balanced Budget
What is infrastructure?
the basic facilities, structures, and services needed for a country to function.
What are the 3 levels of programs that we talked about in class?
Federal, State, and Local
What is one major event in History that has increased the National Debt?
Wars, Covid 19, or Recessions
Give one example of current revenue and one example of capital revenue:
Income Tax, Corporation Tax, Sales Tax, etc.
Sale of state-owned companies, Borrowing Money, Grants
Give one example of current expenditures and one example of capital expenditures:
Social Protection, Healthcare, Education, Justice, Agriculture, Defense, Transport, and Tourism.
Public Transport, Health, Education
Which is designed to provide adults over the age of 65 with health insurance? Medicare or Medicaid?
Medicare
What is one long-term negative effect of increasing National Debt?
Less resources available to invest in a stronger, and more resilient future.