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66 Cards in this Set
- Front
- Back
Budget execution starts with ________. |
Issuance of treasury warrant |
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The issuance of Treasury Warrants are the _____ ______ action taken after the President signs the bill into law. |
1st legal |
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Continuing resolutions (CRs) initially last _____ days and are designed to avoid violating the ________.. |
30, Anti Deficiency |
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SF-133s are reported _____ to the Office of Management and Budget (OMB) |
quarterly |
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The size and complexity of the budget demand that the President take the recommendations of the ____ . |
Director OMB |
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If Congress and the President do not complete action on all appropriations bills by ____ of September a _____ is passed by both houses to avoid a shutdown of government. |
30th, continuing resolution |
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A Constitutional amendment may be ratified when approved by _____ of the States |
3/4 |
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The U.S. House of Representatives number ____ with a ___ and prefaces them with _____. |
Bills, 1, H.R. |
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The six major steps of the Budget formulation are: |
OMB's guidance, organization develops draft, agency submits to OMB, OMB reviews, President takes action, sent to Congress |
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The Budget formulation phase starts as early as _____ months out. |
21 |
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Legislation in the US Congress can originate by: |
The recommendations of the Pres, Introduced by the members, introduced by Committee |
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The US Senate numbers ____ with a ____ and prefaces them with ___. |
Bills, 1, S |
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The 4 phases of the budget process are: |
Formulation, Congressional Action, Budget Execution, Perf. & Audit |
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The law requires that on or after the 1st Monday in January but no later than the 1st Monday in _____ the President must submit to Congress the proposed budget for the next fiscal year (FY). |
Feb |
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The Federal Budget is the ____ Budget. |
President's |
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In the ______ process the Congress is adjourned and President fails to sign a bill in the 10 day period and the bill does not become law. |
Pocket veto |
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In this process, the President does not favor a bill and returns it to the house of origin without his approval. |
Veto |
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In this process, the president does not return a bill within 10 days. He does not desire to approve it, but is unwilling to veto. This is called______. |
Does not sign but allows to become law |
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In the ________ process, the President signs a bill which is then delivered to the Archivist and designated serially as public law. |
Approval and Signature |
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True or false: Having more conferees in conference committees gives you a greater advantage in Congressional deliberations. |
FALSE |
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There are ____ appropriations bills passed each year. |
12 |
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The US Constitution took effect on _____. |
March 4, 1789 |
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_______ are the totals included in the budget for budget authority, outlays, and receipts. |
Executive |
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The _____ power shall be vested in a President of the United States of America. |
Executive |
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If Congress is not adjourned and a bill is not returned by the President in ___ days it____. |
10, becomes law as if he signed it |
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All bills for raising revenues originate in the ________. |
House of Representatives |
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The Vice President is the President of the ____ and casts a vote___ |
Senate, only when the Senate is equally divided |
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The terms for members of the legislature are ___ for the ___ and ____ for the ___> |
2 years House, 6 years Senate |
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The 1st paragraph of the Constitution is called the _____. |
Preamble |
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True or false? Any yearly accounting period without regard to a calendar year is a fiscal year. |
TRUE |
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The US Constitution was 1st ratified by ____ states in ____. |
9, 1788 |
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The Declaration of Independence was adopted on _____. |
July 4, 1776 |
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In what article of the Constitution is the power to raise taxes found? |
I |
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The document that preceded the US Constitution and was used as a basis for foundation of the US Government was ______. |
The Articles of Confederation |
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The 3 branches of the US government are: |
Executive, Legislative, Judicial |
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Within ___ days of an appropriation bill, each agency negotiates it's apportionments. |
10 |
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The 2 houses of the legislature are the _____ and the ____. |
Senate and House of Representatives |
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The Federal budget represents Approximately ____ of the Gross domestic Product (GDP). |
1/5 |
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Social Security taxes accounts for approximately ____ of the total US revenue. |
35% |
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Corporate Income taxes accounts for approximately____ of the total US revenue. |
12% |
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Individual Income taxes account for approximately ___ of the total US revenues. |
46% |
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The resources used by the Federal Government to pay its bills comes mostly from____. |
Individual taxes |
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The Instructions on Budget Execution, can be found in _______. |
OMB Circular A-11 |
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The Preparation and Submission of Budget Exhibits is found in _____ |
OMB Circular A-11 |
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_______ is the administrative reservation of funds in anticipation of a future obligation. |
Commitments |
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The total of all direct ____ spending is ___ and ____ spending is ____. |
Mandatory, 65%, Discretionary, 35% |
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_______ occurs when a check is issued (or funds are transferred electronically) to a contractor in response to an invoice/payment request for costs incurred, services rendered, products delivered. |
Expenditure |
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The ____ established the discretionary spending limits for FY 1994-1998 |
1993 Omnibus Reconciliation Act |
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The two balanced budget control acts are named after their sponsors ______. |
Gramm-Rudman-Hollings |
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True or false? The two types of spending categories established by the 1990 Budget Enforcement Act are apportioned and mandatory. |
False |
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The ________ divided spending into two major categories: ______ and ______. |
1990 Budget Enforcement Act, mandatory and discretionary |
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The ______ revised sequestration procedures from fixed to adjustable targets. |
FALSE |
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The _______ established deficit reduction goals aimed at a balanced budget and established sequestration procedures when agency budgets exceeded limits. |
1985 Balanced Budget and Emergency Deficit Control Act |
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The ______ revised sequestration procedures from fixed to adjustable targets. |
outlay |
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A/An _______ results from orders placed, contracts awarded/signed services received or similar transactions. This is the legal reservation of funds. |
Obligation |
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The _______ established deficit reduction goals aimed at a balanced budget and established sequestration procedures when agency budgets exceeded limits. |
1985 Balanced Budget and Emergency Deficit Control Act |
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______ is the amount by which the Govt budget outlays exceed its budget receipts for any given period. |
Budget Deficit |
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____ is the authority provided by Congress in an Appropriations Act. It is the authority to enter into obligations. |
Budget Authority |
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The ____ of 1990 specifies organizational and reporting requirements to improve government-wide financial management. |
CFO Act |
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_______ is the shift from one purpose or activity to another within the different appropriations. |
Transfer |
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_______ is the shift from one purpose or activity to another within the same appropriations. |
Reprogramming |
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The concept of fund allotments is to place _______ and _____ authority to the lowest practical level. |
Obligational and operational |
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The _____ is given the power to lay and collect taxes in Article ____ of the Constitution. |
Congress, I |
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A(n) ____ is a general legislative proposal. |
Bill |
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The _____ power of the United States rests with one Supreme Court and in such inferior Courts as Congress may ordain from time to time. |
Judicial |
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A veto by the President can be overturned by ______. |
A 2/3 vote of each House |