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Budget Questions: Test your skill

Budget Questions: Test your skill. What is the size of the 2009-10 General Fund (as measured by revenues and transfers)?. A: $89.5 billion B: $89.5 million C: $102 billion D: $50 billion. A: $89.5 billion. What is the current projected budget gap between now and the end of 2010-11?.

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Budget Questions: Test your skill

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  1. Budget Questions: Test your skill

  2. What is the size of the 2009-10 General Fund (as measured by revenues and transfers)? A: $89.5 billion B: $89.5 million C: $102 billion D: $50 billion

  3. A: $89.5 billion

  4. What is the current projected budget gap between now and the end of 2010-11? A: $10.7 billion B: $20.7 billion C: $6.3 billion D: $14.4 billion

  5. B: $20.7 billion

  6. By what date does the Governor have to submit his initial Budget Summary to the Legislature? A: June 15 B: December 1 C: January 10 D: June 30

  7. C: January 10

  8. By what date is the legislature supposed to pass the budget bill? A: June 15 B: December 1 C: January 10 D: June 30

  9. A: June 15

  10. In which month was the budget passed for 2009-10? A: February B: December C: June D: January

  11. A: February

  12. True or False: As things currently stand, the Governor is legally capable of slashing state workers’ wages to the federal minimum wage if the budget is not passed on time.

  13. TRUE

  14. Which of the following tax changes was NOT a proposal made in the recent Commission on the 21st Century Economy (or, “Tax Commission”)’s report? A: Do away with the state Sales Tax B: Flatten the Personal Income Tax C: Do away with the Child Care Tax Credit D: Do away with Corporate Tax E: Do away with the Renter’s Tax Credit F: Adopt an untested new tax, the “Business Net Receipts Tax”

  15. What taxes were temporarily increased in the budget passed in February? (Pick all that apply.) A: State Sales Tax B: Corporate Income Tax C: Personal Income Tax D: Vehicle License Fee

  16. A: State Sales Tax C: Personal Income TaxD: Vehicle License Fee

  17. When do these temporary tax increases expire? A: Never B: In January C: June 30, 2011 D: After Schwarzenegger leaves office

  18. C: June 30, 2011 D: After Schwarzenegger leaves office

  19. About what % of all General Fund Revenues come from the state’s “big three” taxes (Personal Income Tax, Sales and Use Tax, and Corporate Income and Franchise Tax)? A: 10% B: 100% C: 95% D: 50%

  20. C: 95%

  21. In which fiscal year does the LAO predict that sustained revenue growth will begin again? A: 2010-11 B: 2011-12 C: 2012-13 D: 2013-12

  22. C: 2012-13

  23. True or False We will see “new” revenues beginning in the middle of 2010-11?

  24. True Increase in estate taxes for the state

  25. True or FalseThe bank bailout was part of the $787 billion ARRA recovery act funds.

  26. False • The Recovery Act provided $787 billion for • $288 B (37%) in tax breaks to individuals and business • $154 B (19%) for infrastructure, energy, science • $144 B (18%) in state fiscal relief • $112 B (15%) for healthcare, education & training • $81 B (10%) on support for low income households

  27. Which of the following was an actual statement by the LAO in a recent presentation? A: “The next two years will be better than this year” B: “Who knows what will happen over the next two years?” C: “The next two years will be brutal”

  28. C: “The next two years will be brutal”This was followed by…”We do expect relief after that. Our task – at the state and local level – is to hang on until then.”)

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