1. What it is and from where it came.

2.  Grade 9 Economics  6.1.9.D  6.2.9.H  6.2.9.J  6.2.9.L  6.3.9.E

3.  Grade 12 Economics  6.1.12.D  6.2.12.F  6.2.12.H  6.2.12.J  6.2.12.L  6.3.12.E

4.  Civics and Government  5.3.C.A  5.3.C.B  5.3.C.C  5.3.C.D

5.  Grade 12 Civics and Government  5.3.12.A  5.3.12.C  5.3.12.D

6. 1. January 1 to December 31 2. July 1 to June 30 3. October 1 to September 30 4. September 1 to October 31

7. 1. Statement of federal profit and loss 2. Statement of federal expenditures and revenues 3. Statement of federal income tax revenues 4. Statement of liability of federal borrowing

8. 1. True 2. False

9. 1. Is balanced 2. Has a budget surplus 3. Has a budget deficit 4. Needs Congressional approval

10. 1. Is the result of all the yearly budget deficits 2. Is the direct liability of the US Government 3. Is largely the result of war, recession and inflation 4. All of the above

11. 1. Confiscation 2. Cutting non-war spending 3. Printing money 4. Borrowing 5. Increasing Taxes

12. 1. True 2. False

13. 1. Selling Treasury Bills (T-Bills) - sold for 1 year or less; they do not pay interest until maturity and are sold at a discount of par value 2. Selling Treasury Bonds (T-Notes) - mature in 1 to 10 years, have a coupon payment every six months, and have denominations of $1,000coupon payment 3. Selling Savings Bonds (T-Bonds) - maturity from 20 to 30 years, have a coupon payment every six months like T-Notes, and are commonly issued with maturity of 30 years.coupon payment

14. 1. Social Security and Medicare Trust Funds and Federal Reserve = 41% 2. China + Japan = 15% 3. Other countries and organizations http://www.facethefactsusa.org/facts/who-holds-the-note-look-in-the- mirror-infographic/

15. A: Here is a pie chart showing the makeup, or ownership, of the National Debt as of December 1998.

16. 1. True 2. False

17. 1. True 2. False

18. 1. 1940-1945 2. 1965-1970 3. 1985-1990 4. 2000-2005

20. 1. Yes 2. No

21. 1. True 2. False

22. 1. True 2. False

23. 1. The US would not be able to pay its bills. 2. The US would not be able to use borrowed funds to pay its bills. 3. The US may default on its credit obligations. 4. Nothing

24. 1. True 2. False

25. 1. Yes 2. No

26. 1. True 2. False

27. 1. The War for Independence 2. The Civil War 3. World War I 4. World War II

28. 1. The Federal Government takes over the debts of the states 2. The states take over the debts of the Federal Government 3. Individuals who buy bonds take over the national debt 4. Printing money to pay off debt

29.  www.usdebtclock.org

30.  What would you do?  www.nathannewman.org/nbs/ www.nathannewman.org/nbs/  www.marketplace.org/topics/economy/budget-hero