CGFM Federal Budget Process and Execution

Question 1

What is the start of the federal government's fiscal year?

Accepted Answer

October 1

Answer

January 1

Answer

April 1

Answer

July 1

Question 2

Which law established the modern congressional budget process, including the Budget Committees and the Congressional Budget Office (CBO)?

Accepted Answer

Congressional Budget and Impoundment Control Act of 1974

Answer

Budget and Accounting Act of 1921

Answer

Balanced Budget and Emergency Deficit Control Act of 1985

Answer

Budget Enforcement Act of 1990

Question 3

What is a 'continuing resolution' in the federal budget process?

Accepted Answer

A temporary measure that funds the government when appropriations bills have not been enacted by the start of the fiscal year

Answer

A law permanently authorizing agency spending

Answer

A resolution to reduce the deficit

Answer

A budget plan submitted by the President

Question 4

Which document does the President submit to Congress each year to initiate the federal budget process?

Accepted Answer

The President's Budget Request

Answer

The Budget Resolution

Answer

The Appropriations Bill

Answer

The Continuing Resolution

Question 5

What is the difference between 'budget authority' and 'outlays'?

Accepted Answer

Budget authority is the legal authority to obligate funds; outlays are the actual cash disbursements

Answer

Budget authority is the amount spent; outlays are amounts appropriated

Answer

Budget authority is for mandatory spending; outlays are for discretionary spending

Answer

They are the same thing

Question 6

What is 'mandatory spending' in the federal budget?

Accepted Answer

Spending required by existing law for programs like Social Security and Medicare

Answer

Spending approved annually through appropriations bills

Answer

Spending for defense and national security

Answer

Spending for congressional salaries