Issues & Legislation

Do you know details behind the economic recovery effort?

Over the past six months, Congress has passed several pieces of legislation to address the current economic downturn. While these economic recovery efforts have been vital, they have also been extremely complicated. Sound bite driven news coverage has often left citizens thirsty for more information.

Check out the Economic Recovery Reference Guide of the most recent economic recovery legislation and then take the pop quiz below to test your knowledge. If you think you really know your stuff, try to take the test first.

Economic Recovery Quiz

Test your knowledge of economic recovery legislation

1. The American Recovery and Reinvestment Act is commonly referred to by which of the following nicknames?
a) Bailout
b) Appropriations
c) Stimulus
d) Budget

2. True or False: The American Recovery and Reinvestment Act contained an earmark for a project that would build a light rail system from Disneyland to Las Vegas.
a) True
b) False

3. What is the percentage of American families who will receive a tax cut under the American Recovery and Reinvestment Act?
a) 15%
b) 25%
c) 72%
d) 95%

4. The American Recovery and Reinvestment Act provides which of the following tax cuts or benefits?
a) $8,000 tax credit for first time homebuyers
b) $250 to Social Security recipients and disabled veterans
c) $2,500 in tax relief for the American Opportunity Tax Credit for higher education to 74,000 families
d) $400 in tax refunds for individuals and $800 for married couples through The Making Work Pay Tax Credit
e) All of the above

5. True or False: The Fiscal Year 2010 Budget included over 8,000 earmarks.
a) True
b) False

6. Of the 5 spending and budget bills passed in the Senate in the last 6 months, which did Senator McCaskill not support due to the increase in spending and high number of earmarks?
a) Troubled Asset Relief Program
b) Omnibus Appropriations Bill
c) The Budget for Fiscal Year 2010
d) American Recovery and Reinvestment Act

7. The Troubled Asset Relief Program is commonly referred to by which of the following nicknames?
a) Budget
b) Appropriations
c) Bailout
d) Stimulus

8.The investment made to stabilize the financial markets through the Troubled Asset Relief Program would require financial institutions who took advantage of the program, like AIG, Morgan Stanley, and Bank of America, to do what?
a) The financial institutions would all have to pay back the investment with interest.
b) The banks would have to invest the money in the stock market.
c) The bank executives would have to start doing community service.
d) The CEOs would have to testify before a congressional hearing.

9. True or False: The American Recovery and Reinvestment Act contained an earmark to protect a wetlands mouse in San Francisco.
a) True
b) False

10. True or False: The American Recovery and Reinvestment Act, also known as the Stimulus, contained billions of dollars in earmarks.
a) True
b) False

Click here for the Economic Recovery Reference Guide.