Final answer:
Government-wide financial statements are aimed at assessing financial responsibility. Many of the provided true or false statements regarding U.S. government finances are incorrect based on actual economic data.
Step-by-step explanation:
Government-wide Financial Statements (FS) are indeed designed to assist in assessing financial responsibility. They provide an overview of the government's financial position and the results of its operations. These statements are typically used to understand the government's ability to finance its services and meet its financial obligations.
When looking at the provided true or false statements regarding U.S. government spending and revenue:
- Federal spending has increased in nominal dollars but not necessarily as a share of the GDP.
- The U.S. government does not control a larger share of the economy compared to other countries.
- A majority of federal revenue comes from individual income taxes, but payroll taxes and corporate income taxes are also significant sources.
- Education spending is substantially higher at the state and local level compared to the federal level.
- State and local government spending has increased about 50% as a share of GDP.
Therefore, many of the statements provided are incorrect when considering the actual data.