True or False 1.Budgeting for the government is far more complicated, the federal government has hundreds of revenues raising tools and thousands of programs on which to spend this revenue * 2.The government’s deficit, in contrast, is the amount by which its spending has exceeded its revenues in any given year * 3.Entitlement spending refers to funds for programs for which funding levels are automatically set by the rules set by Congress and by the number of eligible recipients *
True or False
1.Budgeting for the government is far more complicated, the federal government has hundreds of revenues raising tools and thousands of programs on which to spend this revenue *
2.The government’s deficit, in contrast, is the amount by which its spending has exceeded its revenues in any given year *
3.Entitlement spending refers to funds for programs for which funding levels are automatically set by the rules set by Congress and by the number of eligible recipients *
4.The most important federal entitlement programs are Social Security, which provides income support to the elderly, and Medicare, through entitlement programs *
5.A law forcing a given government to balance its budget each year (spending = revenue) balance budget requirement *
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