The Budget and Accounting Act created the _____________ to help the White House draw up budget proposals.
a. Bureau of the Budget
b. General Accounting Office
c. Federal Reserve System
d. National Bank
e. Liberty Loan Office
Question -2-Passed in 1921, the Budget and Accounting Act required
a. Congress to pass an annual budget.
b. Congressional approval before the president could accept foreign funds.
c. the government to operate without a deficit.
d. the government to pay off all its debts.
e. the president to submit an annual budget proposal.
Question -3-What new method did the Wilson administration employ to finance war debts?
a. Congress established a national bank.
b. Congress instituted a war-time tax.
c. Congress levied the first federal income taxes.
d. The administration borrowed heavily from foreign investors.
e. The government sold small bonds to ordinary people.
Question -4-Which of the following was
not an economic innovation of the Progressive Movement?
a. A uniform national currency
b. The Sixteenth Amendment
c. The Clayton Antitrust Act
d. The Federal Reserve System
e. The Federal Trade Commission Act
Question -5-In response to the high costs of the Civil War and a shortage of hard currency, Congress passed laws providing for uniform national currency and
a. a federal income tax.
b. a new system of nationally chartered banks.
c. an alternative minimum tax.
d. standard interest rates.
e. the Federal Open Market Committee.
Question -6-After the fall of the second Bank of the United States, banks were supervised by
a. state governments.
b. the federal government.
c. the Federal Reserve Board.
d. the Secretary of the Treasury.
e. the Securities and Exchange Commission.
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