CSS CSS Budget & Financial Management

Question 1

What is the primary purpose of a federal agency's annual budget request submitted to the Office of Management and Budget (OMB)?

Accepted Answer

To justify funding needs and align resources with mission priorities

Answer

To report prior-year expenditures to Congress

Answer

To approve procurement contracts over $250,000

Answer

To certify payroll and benefits for all employees

Question 2

Which principle requires that federal agencies spend appropriated funds only for the purposes authorized by Congress?

Accepted Answer

The Purpose Statute

Answer

The Antideficiency Act

Answer

The Prompt Payment Act

Answer

The Economy Act

Question 3

What does the term 'continuing resolution' mean in the context of federal government budgeting?

Accepted Answer

Temporary legislation allowing agencies to continue operating at prior-year funding levels

Answer

A multi-year spending authorization for major programs

Answer

A resolution to carry over unspent funds into the next fiscal year

Answer

An amendment to an existing appropriations bill

Question 4

Under the Antideficiency Act, what is prohibited for federal civil servants regarding agency spending?

Accepted Answer

Obligating or spending funds in excess of appropriated amounts

Answer

Requesting supplemental appropriations mid-year

Answer

Transferring funds between program accounts without authority

Answer

Submitting budget amendments to OMB

Question 5

What is an 'obligation' in federal financial management?

Accepted Answer

A formal commitment that creates a legal liability to pay for goods or services

Answer

The act of transferring funds from Treasury to an agency account

Answer

A written request to Congress for supplemental funding

Answer

An internal memo authorizing an employee to make purchases

Question 6

What is the federal government's fiscal year period?

Accepted Answer

October 1 – September 30

Answer

January 1 – December 31

Answer

April 1 – March 31

Answer

July 1 – June 30