1. If we "go over the fiscal cliff," what will happen to the national deficit?

   1. It will increase

   2. It will decrease

   3. It will disappear

2. When is the deadline for Congress to reach an agreement?

   1. January 1 2013

   2. January 1 2014

   3. Febuary 1 2013

3. Who will pay more taxes if we go over the fiscal cliff?

   1. Only households that make more than $400,000 a year

   2. Only small business owners

   3. Approximately 88% of households

4. What is Simpson-Bowles?

   1. A Republican pledge to stop the Obama administration from raising taxes

   2. A failed commission report about the debt crisis in 2010, the findings of which are influencing the fiscal cliff negotiations

   3. A report about Obama's expenditures during his first term

5. How much spending will be cut in 2013 if Congress doesn't come to an agreement before the deadline?

   1. $1.6 trillion

   2. $500 million

   3. $110 billion

6. Which of these people is Grover Norquist?

   1. 

      1

   2. 

      2

   3. 

      3

   4. 

      4

7. Where did the term 'fiscal cliff' come from?

   1. A reporter at the Washington Post coined the term in a story about the debt ceiling

   2. Ben Bernanke used the term before the House Financial Services Committee

   3. Obama first used it in his State of the Union address last year

8. What part of the federal budget would take the biggest percentage cut under the automatic spending reductions known as the sequester that begin next year?

   1. Medicare

   2. Student loans

   3. Social security

   4. Defense programs

9. How big is the national deficit?

   1. $100.6 billion

   2. $1.16 trillion

   3. $400 trillion

   4. $750 billion

10. Who said this about the fiscal cliff negotiations: "The president and his allies have taken so many things off the table the only thing left is the varnish"

    1. Grover Norquist

    2. Republican Senator Mitch McConnell

    3. Nancy Pelosi

    4. Alan Simpson and Erskine Bowles

11. What are capital gains?

    1. An increase in the value of your property or investment

    2. Taxes on souvenirs from DC

    3. An increase in income from a promotion or new job

    4. A profit from the sale of property or of an investment.

12. Does Obama want extend the Bush era tax cuts?

    1. Yes, for everyone

    2. No, he wants to get rid of them

    3. Yes, but only for households making less than $400,000 a year

13. What will make it possible for us to avoid "going over the fiscal cliff"?

    1. Raising the debt ceiling

    2. The Republicans and Democrats to agree on taxes, spending and budget cuts

    3. Wiping out social security benefits for seniors

    4. Women taking control of the negotiations

14. Who created the Bush-era tax cuts?

    1. 

       George W Bush

    2. 

       George Bush Sr

15. Which of the following is true?

    1. Small business owners are optimistic about the fiscal cliff

    2. The fiscal cliff was created by Congressional legislation in 2011

    3. The stock market is celebrating the fiscal cliff

    4. The fiscal cliff grew from the election debate

Solutions

1:B, 2:A, 3:C, 4:B, 5:C, 6:B, 7:B, 8:D, 9:B, 10:B, 11:D, 12:C, 13:B, 14:A, 15:B

Scores

1. 0 and above.

   Oh no! Looks like you need to brush up on your fiscal cliff knowledge.

2. 1 and above.

   Yikes. Looks like you could use an explainer.

3. 5 and above.

   You're dangerously close to losing your grip on the fiscal cliff. Read up!

4. 10 and above.

   You've got a pretty good handle on the fiscal cliff but be careful, you could easily lose your grip.

5. 15 and above.

   100% right! Wow. You rule the fiscal cliff. Maybe Congress could learn a thing or two from you?