CGFM - Exam 1 Government Environment Latest Update 2024 -2025 250 Questions and 100% Verified Correct Answers Guaranteed A+ "Power of the Purse" - CORRECT ANSWER: Executive branch components can only spend what has been authorized and appropriated by the legislative branch. (Budget) Appropriation - CORRECT ANSWER: A part of the congressional budgeting process that involves determining how many dollars will be spent in a given year on a particular set of gov't activities. 3 Branches - CORRECT ANSWER: 1) Legislative 2) Executive 3) Judicial 3 Levels - CORRECT ANSWER: 1) National 2) State 3) Local The primary purpose of each is to provide services to citizens. Separate and distinct, yet they may coordinate their efforts. Ability to Pay - CORRECT ANSWER: Principle of taxation in which those with higher incomes pay more taxes than those with lower incomes, regardless of the number of government services they receive. Accomplishments - CORRECT ANSWER: Part of SEA reporting. The outputs and outcomes as a result of operations. Account Structures - CORRECT ANSWER: Limit and classify gov't spending. May be based on program or object class. Accountability - CORRECT ANSWER: A gov'ts responsibility to its population, usually by periodic popular elections and by parliament's having the power to dismiss the government by passing a motion of no confidence.The major actions taken by government must be known and understood by the c itizenry. Accounting - CORRECT ANSWER: Used by gov't as a form of control., Planning, recording, analyzing, and interpreting financial information. Inhibit fraud and ensure funds are available when bills come due. Advanced Refunding - CORRECT ANSWER: The proceeds from the new debt issue are not directly applied to the old debt. Rather, the new debt proceeds are used to buy securities that are placed in escrow; interest from the escrow acct is used to retire the old debt. AICPA - CORRECT ANSWER: The American Institute of Certified Public Accountants. Establishes GAAS. Apportionments - CORRECT ANSWER: Dispersal of budgetary authority to an agency or program by the central management agency --OMB --to support approved programs. Appropriated Budget - CORRECT ANSWER: Provides legal authority to spend as well as a legal constraint on government spending. Appropriations - CORRECT ANSWER: Budget laws passed by Congress. Areas of Overlap in Governmental Responsibilities - CORRECT ANSWER: Nat'l and state gov'ts exercise authority in civil defense and the Nat'l Guard. For example, during peacetime, Nat'l Guard units fall under the direction of state governors and meet the needs of the state. During nat'l emergencies, these units are under co mmand of the President, Commander in Chief. State and local gov'ts have some responsibility for traffic safety. All 3 levels impact public education. Article I - CORRECT ANSWER: Defines powers of the legislative branch. Power to enact law, collect taxes, coin money, raise armies and declare war. Article II - CORRECT ANSWER: Defines the role and power of the presidency and executive branch. Power to command armed forces, grant pardons for offenses against the U.S., and to appoint ambassadors and Supreme Court judges with the advice and consent of the Senate. Article III - CORRECT ANSWER: Defines power of judicial branch. Power over legal cases arising under the U.S. Constitution and related to treaties and ambassadors; controversies between two or more states; and controversies between citizens of different states. Attestation Engagements - CORRECT ANSWER: Examining, reviewing, or performing agreed -upon procedures on a limited subject matter, or an assertion about a limited subject matter (financial or nonfinancial), and reporting on the results. Auditing - CORRECT ANSWER: Final phase of gov't management cycle. Provides information that is used to hold gov't accountable and revise priorities during future planning efforts. Balanced Budget - CORRECT ANSWER: Annual budget in which expenditures equal revenues. BANs - CORRECT ANSWER: Bond Anticipation Notes. Short -term financing for capital projects. Benchmarking - CORRECT ANSWER: Comparing indicators, such as ratios, across entities or across different fiscal years. Benefit of Sustainability Assessment - CORRECT ANSWER: Alerts public officials and citizens to the need for policy changes before the "fix" becomes too costly to implement.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Tutordiligent. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
