Passed in 1921, the Budget and Accounting Act required a. ...

[LCritchfi]

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 2

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.

[sokh]

Answer to Question 1

ANS: E

Answer to Question 2

e. The government sold small bonds to ordinary people.

[LCritchfi]

Excellent

[ttt030911]

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