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CGFM Exam 2 - Section 3 Questions with correct Answers
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CGFM Exam 2 - Section 3 Questions with correct Answers
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CGFM Exam 2 - Section 3 Questionswith correct Answers
Formulation of the President's Budget
Congressional action on budget
Budget execution - Answers -Phases of budget process
Four - Answers -Budget covers how many years following the budget year to show
effect of budget decisions long term
Actual amounts for previous year and estimated amounts for current year - Answers -
What is presented for comparison of budget
1. Budget and fiscal policy guidelines provided to agency
2. Agencies confer with OMB and Executive Office of President and prepare agency
requests
3. Agency requests submitted to OMB
4. OMB analyzes requests, identified issues and confers with officials to resolve issues
5. Agency proposals finalized and comprehensive package prepared
6. President's budget submitted to Congress - Answers -Steps of budget formulation
phase
Circular A-11 - Answers -Provides requirements, formats, due dates, and process of
submission for budget
Economic and technical assumptions - Answers -Executive branch decision makers
must consider the effect of what on budget estimates
Growth in GDP
Shares of wages and salaries in GDP
Rate of inflation
Unemployment rate
Interest rates - Answers -Budget estimate key assumptions
Budget Enforcement Act of 1990 - Answers -Limited changes affecting receipts and
outlays in effort to reduce deficits
Budget and Accounting Act of 1921 - Answers -Specifies that president is to transmit
proposed budget of estimated expenditures to Congress no later than first Monday in
Feb of each year for following FY
,Authorization and Appropriation - Answers -Ability fir program to operate entails which
two steps
Congress establishes and sets requirements fit program or activity. Authorization itself
does not provide ability to incur obligations - Answers -What is authorization
Required in order for agency to begin spending - Answers -What is appropriation
Congressional Budget and Impoundment Control Act of 1974 - Answers -Requires
Congress arrive at budget resolution before beginning appropriations
In total and by functional cateogry - Answers -How does budget resolution set levels for
total receipts and for budget authority and outlays
No. And it is not submitted to president for approval - Answers -Is budget resolution a
law
Budget resolution - Answers -Provides framework within congressional committees
prepare appropriation bills and other spending and receipts legislation
Two - Answers -How many appropriation committees are required to allocate amounts
of budget authority and outlays among respective subcommittees
Budget authority - Answers -Authority provided by law to incur financial obligations that
will result in outlays for fed gov funds
MD&A - Answers -Which part of consolidated financial statements addresses significant
trends that present challenges for the nations
Financial Report of US Government (formerly Citizen's Guide) - Answers -Presents
current year financial position of US gov and available at fiscal.treasury.gov
Submission of closing package - Answers -What is required to be submitted with
consolidated financial reports
Verifying entities - Answers -Entities for which audit coverage is essential to complete
gov wide audit
MD&A - Answers -Which part of consolidated financial statements addresses significant
trends that present challenges for the nations
Financial Report of US Government (formerly Citizen's Guide) - Answers -Presents
current year financial position of US gov and available at fiscal.treasury.gov
Submission of closing package - Answers -What is required to be submitted with
consolidated financial reports
, Verifying entities - Answers -Entities for which audit coverage is essential to complete
gov wide audit
House - Answers -Where appropriation bills are traditionally initiated
Two bodies form conference committee to resolve differences - Answers -What
happens if Senate disagrees with House
Continuing resolution - Answers -Enacted if appropriations are not enacted by Oct 1
True - Answers -Congress must present continuing resolution to president for approval
or veto. T/F
Permanent laws - Answers -Established in authorizing legislation, used to control
spending
Mandatory soending - Answers -Spending from programs subject to permanent law is
referred to as
Reconciliation process - Answers -Mechanism Congress uses to implement constraints
on revenue and spending
Reconciliation - Answers -Two step process designed to bring existing law governing
mandatory spending in conformity with most recently adopted concurrent resolution on
budget
Congressional Budget and Impoundment Control Act of 1974 - Answers -Established
reconciliation to provide streamlined way to improve budget by decreasing spending or
increasing taxes with limited debate
20 hours - Answers -Bills considered through reconciliation process may not be debated
more than how many hours
No - Answers -Are bills considered through reconciliation process subject to filibuster
Yes - Answers -Is reconciliation process limited to certain types of bills
First step of reconciliation process - Answers -Language found on concurrent resolution
on budget instructing House and Senate committees to determine and recommend
changes in laws/bills that will achieve constraints established in concurrent resolution of
budget
Second step of reconciliation process - Answers -Involves combination of various
instructed committees recommendations into omnibus reconciliation bill
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