PADM 462 Quiz Midterm

PADM 462 Quiz: Midterm

Covers the Learn material from Module 1: Week 1 – Module 4: Week 4

1. A________________________ is a listing of categories of all transactions in a financial system.
2. The following are examples of mandatory spending except
3. _____________________expenditures refer to expensive and long-lasting goods.
4. The _______branch of government sets the agenda and established priorities to which the __________________branch of government must react.
5. The largest expenditure for the state of Virginia is
6. Mandatory spending is also known as __________________ .
7. Mandatory spending comprises roughly around _______% of the federal budget. Discretionary spending is ________% of the federal budget.
8. AMTRAK is an example of a __________________________.
9. Virginia’s budget begins on _____________.
10. Zero-based budgeting:
11. In ____________________ budgeting, there is a focus on effectiveness and efficiency.
12. This decision-making cluster deals with questions of whether balance should be achieved by increasing revenues, decreasing expenditures, or both
13. summarize and understand complex governmental budgets by stating how governments use their resources over time.
14. ______________budgets are funded through borrowing rather than tax revenues.
15. _________________funds are used for every day expenses.
16. This level of government is not required to balance its budget every year.
17. This budget format is the oldest used by states and cities
18. Which of the following best defines ‘Revenue’ as a budgetary term?
19. Which of the following is not a function of budgeting?
20. _____________________expenditures refer to expensive and long-lasting goods.
21. _____________budgets establish a budget for day to day expenditures.
22. The _______ orientation or perspective views the budget strictly as a technical document.
23. The actors involved in budgeting have _________________ motivations and goals.
24. What is ‘Rescission’?
25. What is meant by ‘Sequestration?’
26. Which of the following is not true relative ‘Incremental Budgeting?’
27. The scope of the US Budget consists of two types of spending: discretionary and mandatory. Within which category of spending do most entitlement programs fall?
28. Which of the following best identifies the nature of the federal budget as a system or process?
29. The US budget consists of two different types of funds, or accounts. Which of the follow does not represent one of these accounts?
30. What does the congressional budget resolution consist of?
31. Which of the following is not an example of an entitlement program?
32. What is meant by PAYGO, or Pay-As-You-Go?
33. As part of the federal budget process, Congress is authorized to establish budget authority and outlays. What is meant by these terms?
34. What is a regular appropriations bill?
35. The federal budget is first submitted by the President of the United States, and not Congress. When must the President submit his budget by law?
36. Which of the following is not a purpose for the Congressional Budget and Impoundment Control Act of 1974?
37. Congressional structures that provide or mandate budget authority are
38. Reconciliation is also referred to as
39. True of False: More than half of the U.S. Budget consists of entitlements and mandatory spending.
40. What is the purpose of the Office of Management and Budget (OMB)?
41. Explain how the federal budget reflects conflicting commitments.
42. Why is the Federal budgeting process political?

Set 2

1. expenditures refer to expensive and long- lasting goods.
2. A________________________ is a listing of categories of all transactions in a financial system.
3. Virginia’s budget begins on _____________.
4. AMTRAK is an example of a __________________________.
5. The _______branch of government sets the agenda and established priorities to which the __________________branch of government must react.
6. This agency prepares the state of Virginia’s budget
7. Mandatory spending is also known as __________________ .
8. Mandatory spending comprises roughly around _______% of the federal budget. Discretionary spending is ________% of the federal budget.
9. A continuing resolution is necessary when:
10. expenditures refer to expensive and long- lasting goods.
11. A Fund is
12. The _______ orientation or perspective views the budget strictly as a technical document.
13. budgeting focuses on developing measurements to evaluate if inputs produced desired outcomes rather than just increasing spending.
14. This legislation represents a significant constraint on public budgets
15. This level of government is not required to balance its budget every year.
16. One of the advantages of __________ budgeting is the need for a minimal amount of staff in order to create and track a budget
17. _________________funds are used for every day expenses.
18. In ____________________ budgeting, there is a focus on effectiveness and efficiency.
19. budgets establish a budget for day to day expenditures.
20. The actors involved in budgeting have _________________ motivations and goals.
21. A __________________ can provide a uniform definition for all possible financial transactions.
22. Which of the following best defines ‘Revenue’ as a budgetary term?
23. Zero-based budgeting:
24. What is meant by PAYGO, or Pay-As-You-Go?
25. What is the purpose of the Congressional Budget Office (CBO)?
26. A GSE is A Government Sponsored Enterprise typically excluded from the budget. Which of the following is not a GSE?
27. Which of the following was not established through the Budget and Accounting Act of 1921?
28. Congressional structures that provide or mandate budget authority are
29. Which of the following best identifies the nature of the federal budget as a system or process?
30. What is meant by ‘Sequestration?’
31. Which of the following is not a purpose for the Congressional Budget and Impoundment Control Act of 1974?
32. True of False: More than half of the U.S. Budget consists of entitlements and mandatory spending.
33. What is the purpose of the Office of Management and Budget (OMB)?
34. Which of the following is not true relative ‘Incremental Budgeting?’
35. Which of the following is not an example of an entitlement program?
36. Which of the following indicates the existence of a budget deficit
37. As part of the federal budget process, Congress is authorized to establish budget authority and outlays. What is meant by these terms?
38. What is the difference between debt and deficits?
39. Reconciliation is also referred to as
40. The US budget consists of two different types of funds, or accounts. Which of the follow does not represent one of these accounts?
41. Explain how the federal budget reflects conflicting commitments.
42. Why is the Federal budgeting process political?