CGFM Federal Budget Process and Execution 2

Question 1

What is a 'sequester' in federal budgeting?

Accepted Answer

An automatic, across-the-board spending cut triggered when spending exceeds statutory caps

Answer

A type of supplemental appropriation

Answer

A presidential line-item veto of appropriations

Answer

A transfer of funds between agencies

Question 2

Which federal agency prepares the President's budget and oversees federal agency budget execution?

Accepted Answer

Office of Management and Budget (OMB)

Answer

Government Accountability Office (GAO)

Answer

Congressional Budget Office (CBO)

Answer

Department of the Treasury

Question 3

What is an 'apportionment' in federal budget execution?

Accepted Answer

The OMB's distribution of appropriated funds to agencies in amounts available for obligation in specified time periods

Answer

The division of the budget between mandatory and discretionary spending

Answer

Congressional allocation of funds to committees

Answer

The transfer of unspent funds at fiscal year-end

Question 4

What is an 'obligation' in federal financial management?

Accepted Answer

A legal commitment of the government to make payment, such as signing a contract

Answer

A payment made to a vendor

Answer

A budget request submitted to Congress

Answer

An annual appropriation

Question 5

Under the Antideficiency Act, what is prohibited?

Accepted Answer

Obligating or expending funds in excess of amounts available in an appropriation

Answer

Submitting a budget request late

Answer

Using mandatory spending for discretionary programs

Answer

Transferring funds between fiscal years

Question 6

What is 'reprogramming' in federal budget execution?

Accepted Answer

Moving funds within an appropriation from one purpose to another without changing the total appropriation

Answer

Changing the computer systems used for budget tracking

Answer

Requesting a supplemental appropriation

Answer

Canceling unobligated funds