1. What is the Federal Budget?
2. Explain the process used by the government to create the budget. How does this process differ from the process described by your interviewee who you interviewed in week three?
3. How is the Federal Budget monitored?
4. In 2009, 2013, 2017, 2021 and 2022, what percentage of the gross domestic product (GDP) did spending for federal programs represent? What percentage did state and local government spending represent? What percentage did defense and international spending represent? Provide the figures for each of the three categories for each of the years.

Year	GDP (%)
2009
2013
2017
2021
2022

5. What was the amount of total receipts for 2009, 2013, 2017, 2021and 2022? Where did they come from? What is the estimated amount of total receipts for 2023? Where will they come from?

6. What was the amount of total outlays for 2009, 2013, 2017, 2021 and 2022? Where did they go? What is the estimated amount of total outlays for 2023? Where will they go?

7. What is meant by a surplus? A budget deficit? Why is a budget deficit important? Why is a budget surplus important?

8. What was the budget deficit/surplus for 2009, 2013, 2017, 2021 and 2022? What is the estimated budget deficit/surplus for 2023?

9. dentify the last five years of a budget surplus. Who served as president during each of the five years you identified? Which president was responsible for developing the budget during each of the five years you identified?

10. According to the World Bank, list in rank order the world's top five richest countries by GDP. What is the value of each of the five countries, you listed? You may access this data at the World Bank's website: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD

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According to the information on the Federal Budget the budget process and some historical data 1 Federal Budget The Federal Budget is a financial plan ... View the full answer