Briefly summarize the makeup of federal receipts and federal outlays.
Distinguish between mandatory outlays and discretionary outlays. Briefly summarize the makeup of federal receipts and federal outlays. Choose the correct answer below.
A. Federal receipts come from a combination of individual and corporate income taxes, and federal outlays come from a combination of mandatory and discretionary outlays.
B. Federal receipts come from a combination of excise taxes and FICA taxes, and federal outlays come from discretionary outlays such as defense and homeland security.
C. Federal receipts come from a combination of individual income taxes and FICA taxes, and federal outlays come from a combination of mandatory and discretionary outlays.
D. Federal receipts come from a combination of individual income taxes and FICA taxes, and federal outlays come from mandatory receipts such as Medicaid.
Distinguish between mandatory outlays and discretionary outlays.
Choose the correct answer below.
A. Mandatory outlays are expenses that are paid automatically unless Congress acts to change them. Discretionary outlays are the expenses that Congress must vote on each year and that the President must sign into the law.
B. Mandatory outlays are the expenses that Congress must vote on each year and that the President must sign into the law. Discretionary outlays are expenses that are paid automatically unless Congress acts to change them.
C. Mandatory outlays are expenses that are paid automatically unless Congress acts to change them. Discretionary outlays are the expenses that Congress must vote on each year and that the Senate must sign into the law.
D. Mandatory outlays are expenses that are borrowed automatically unless Congress acts to change them. Discretionary outlays are the expenses that Congress must vote on each year and that the President must sign into the law. Click to select your answer.
Federal Receipts are comprised of Individual income taxes, corporate income taxes, social security taxes, excise taxes, and others, which includes such things are gift taxes and fines collected by the government.
Federal Outlays are comprised of Mandatory outlays and Discretionary outlays
Mandatory outlays (Expenses that will be paid automatically unless Congress acts to change them. Most of the mandatory outlays are for “entitlement” such as Social Security, Medicare and other payments to individuals)
Discretionary outlays (are decided on a year to year basis. The amounts for discretionary programs must be approved by Congress in authorization bills, which then must be signed by the President to become law. Discretionary outlays are subdivided into programs for defense and non-defense.)
Hence, Correct answers are A & A
Get Answers For Free
Most questions answered within 1 hours.