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13 Cards in this Set

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A state legislature establishes limits on the amount of money that can be spent on salaries, equipment, utilities, supplies, and travel. The legislature is imposing what kind of accounting controls?
Object class controls. Other categories of control include programs and funds.
What is the primary financial control device used in government?
An appropriated budge with an accompanying system of budgetary accounting. The budget is law.
What is the primary reason for establishing a special fund?
a. To prevent earmarked revenues from being applied to the special program.
b. To ensure earmarked funds can be integrated with general revenue funds.
c. To ensure that authorized budgets are not exceeded.
d. To segregate specific resources from other resources.
d. To segregate specific resources from other resources.
Which purpose is NOT supported by the budget process?
a. Establishing government priorities
b. Communicating public values and policies
c. Reporting results of government operations
d. Planning future government expenditures
c. Reporting results of government operations
Describe the relationship among appropriations, apportionments and allotments at the national level.
Appropriations aaare budget laws passed by Congress. After appropriations are passed, the OMB apportions budgetary authority to major departments and components of government. The major department or component further distributes the budgetary authority within its own organization (*down the chain*) by issuing allotments to its organizational units.
What is meant by reprogramming?
a. The executive branch asks the legislative branch for approval to move funds line item to another.
b. The executive branch asks the judicial branch for approval to move funds from one program to another.
c. The legislative branch directs the judicial branch to move funds from one program to another.
d. The judicial branch directs the legislative branch to move funds from one object to another.
a. The executive branch asks the legislative branch for approval to move funds line item to another.
Which is not a phase in the government financial management cycle?
a. Auditing
b. Reprogramming
c. Reporting
d. Operations
b. Reprogramming
What limits the practice of government borrowing at various levels of government?
At the national level, the debt limit can only be raised by an act of Congress, which occurs frequently. The national government borrows for both operational and capital expenses. Most state constitutions and local charters limit borrowing to capital improvement projects; most state and local entities cannot borrow to cover operational expenses. (There are a few exceptions, such as revenue anticipations notes.) In many cases, a proposed government debt issue must be put before voters in a referendum; that is, it must be approved by voter before borrowing can take place. Also, many bond covenants limit future borrowing by the entity until the debt issue associated with the covenant is paid off.
Which objective is least likely to be achieved through the budet process?
a. Priortize government expenditures.
b. Allocate financial resources to various programs
c. Guide operations of organizational units
d. Raise ceiling on debt
d. Raise ceiling on debt
Which is most likely to provide prelimary budget targets to executive agencies?
a. Government Accountability Office
b. Legislative Services Agency
c. State Auditing Agency
d. Office of Management and Budget
d. Office of Management and Budget
Which of the following is least likely to be an outcome of the budget process?
a. Ensure operating results are presented according to GAAP.
b. Establish broad goals to guide decision-making within agencies.
c. Develop approaches to achieve goals with available resources.
d. Make funding adjustments based on past performance
a. Ensure operating results are presented according to GAAP.
At some level, all phases of the government financial managment cycle are being addressed throughout the year, and the various phases should be integrated. But there is a recognizable sequence in the management cycle. Where does budgeting fall in the cycle?
After programming and before operations.
What is the relationship between the strategic plan and the budget?
The strategic plan is a longer-term document (usually 3 to 6 years). The budget reflects teh current plans for achieving long-term goals. The strategic plan should always be integrated with the budget.