Federal Budget Process and Execution Flashcards
6 cards from real CGFM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Federal Budget Process and Execution flashcards as text
What is a 'sequester' in federal budgeting?
Answer: An automatic, across-the-board spending cut triggered when spending exceeds statutory caps
A sequester is an automatic across-the-board spending reduction triggered when spending exceeds statutory limits, as established under the Gramm-Rudman-Hollings Act and later the Budget Control Act of 2011.
Which federal agency prepares the President's budget and oversees federal agency budget execution?
Answer: Office of Management and Budget (OMB)
The Office of Management and Budget (OMB) prepares the President's budget submission and oversees federal agency budget formulation and execution.
What is an 'apportionment' in federal budget execution?
Answer: The OMB's distribution of appropriated funds to agencies in amounts available for obligation in specified time periods
An apportionment is OMB's action distributing appropriated budget authority to federal agencies by time period, program, or activity to prevent over-obligation of funds.
What is an 'obligation' in federal financial management?
Answer: A legal commitment of the government to make payment, such as signing a contract
An obligation is a legally binding commitment that will result in outlays, immediately or in the future, such as entering into a contract or placing an order.
Under the Antideficiency Act, what is prohibited?
Answer: Obligating or expending funds in excess of amounts available in an appropriation
The Antideficiency Act prohibits federal agencies from obligating or expending funds in excess of available appropriations and requires reporting of violations.
What is 'reprogramming' in federal budget execution?
Answer: Moving funds within an appropriation from one purpose to another without changing the total appropriation
Reprogramming is the use of appropriated funds for purposes other than those originally justified to Congress, within the same appropriation account.
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