Federal Budget Analysis
Fiscal Year
Oct.1 - Sept.30 (2018 fy budget begins in 2017)
Gross Domestic Product (GDP)
Total value of all FINAL economic activity - GDP is a measure of the wealth of a country
Identify the FOUR federal departments that will receive the most "discretionary" funds in the 2018 budget request.
1. Defense- 574.5 2. Veteran Affairs-78.8 3. Health and Human Resources 65.3 4. Education - 59.0 (IN Billions)
Identify the top four sources of federal government receipts (revenue) in 2018.
1. Individual Income Taxes- 1,836 2.Social Security Payroll Taxes- 892 3. Corporation Income Taxes- 355 4.Medicare Payroll taxes- 270 (IN Billions)
Identify the three countries with the 2nd, 3rd, 4rth, highest GDP in the world.
1. United States 18,569,100 2. China - 11,199,145 3. Japan- 4,939,384 4. Germany - 3,466,756
U.S Estimated GDP 2018
20,014 (In Billions)
U.S Gross Federal Debt 2018
21,093
Give the amount of total receipts (income) projected to be received by the federal government in 2018.
3,654 (In Billions)/ 3.7Trillion
Total amount of net interest expense that is budgeted to be pain on the national debt in 2018.
315
Give the total dollar amount of outlays (expenditures) budgeted for 2018
4,094 (In Billions)
Give the dollar amount of the projected budge (deficit or surplus) for 2018
440 (In billions)
Calculate the percentage of the total budget outlay represented by the combined mandatory costs of Social Security and Medicare for 2018.
?38.76%
Explain what GDP stands for and how it is a measure of a nation's economic activity. Briefly describe how the GDP of a country is determined.
GDP stands for Gross Domestic Product and refers to the market value of all final goods and services produced in a country in a given period. It is used to measure the size of nation's economy and when compared with the GDP of other nations can be used as a measure of a country's standard of living.
Which source of the federal revenue represents the largest portion of federal budget receipts in 2018. - calculate the percentage that it represents of the overall total amount of receipts
Individual Income Tax -50.25%?
Explain what the term fiscal year means, why it is used, and how it differs from a calendar year in terms of financial record keeping
A fiscal year is a 12-month period over which businesses and organizations budget their spending and report their financial status. A fiscal year does not always coincide with the calendar year. It can be any 12-month period. Not using the actual calendar year allows many organizations to do their financial planning and reporting at a time that is most convenient for them based on the seasonality of their business or organizational activity.
Identify the single largest "mandatory" federal outlay budgeted for 2018.
Social Security- 1,005 (IN Billions)
