CBA Budget Execution & Performance Monitoring Flashcards
6 cards from real CBA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CBA Budget Execution & Performance Monitoring flashcards as text
What is 'sequestration' in the context of the U.S. federal budget?
Answer: An automatic, across-the-board spending cut triggered when statutory budget limits are exceeded
Sequestration is an automatic enforcement mechanism established by the Budget Control Act that imposes across-the-board cuts when statutory spending caps are breached.
An agency's 'obligation' is formally recorded when:
Answer: A legally binding commitment is made to pay for goods or services
An obligation is recorded at the point when an agency takes a legally binding action—such as signing a contract—that creates a requirement to make a future payment.
What does the 'expired' phase of an appropriation account mean?
Answer: The period has closed for new obligations but unmatured obligations can still be adjusted and paid
During the expired phase (typically 5 years after the period of availability ends), agencies may not incur new obligations but can adjust, liquidate, and pay pre-existing obligations.
Which report produced by the Treasury and OMB provides the definitive end-of-year status of federal budget receipts and outlays?
Answer: Combined Statement of Receipts, Outlays, and Balances
The Combined Statement of Receipts, Outlays, and Balances is the official annual report of the federal government's financial activity, published by the Bureau of the Fiscal Service.
In budget execution, a 'reprogramming' differs from a 'transfer' in that reprogramming:
Answer: Moves funds within an appropriation account, while a transfer moves funds between separate appropriation accounts
Reprogramming reallocates funds among programs, projects, or activities within a single appropriation account; a transfer moves budget authority from one appropriation account to a different one and generally requires statutory authority.
Which OMB circular provides comprehensive guidance to federal agencies on budget formulation, execution, and the preparation of the President's Budget?
Answer: OMB Circular A-11
OMB Circular A-11 is the primary federal reference for budget preparation and execution, covering MAX submissions, performance plans, apportionment procedures, and budget justification requirements.