Government Budget and Fiscal Policy Flashcards
7 cards from real Government and Civil Service practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Government Budget and Fiscal Policy flashcards as text
The US federal government's fiscal year runs from:
Answer: October 1 to September 30
The federal fiscal year begins on October 1 and ends on September 30 of the following calendar year.
The federal budget process officially begins when:
Answer: The President submits the annual budget request to Congress
By law, the President must submit a budget proposal to Congress by the first Monday in February to formally begin the budget process.
A continuing resolution (CR) is used to:
Answer: Fund government operations when regular appropriations bills have not been enacted
A continuing resolution temporarily funds government agencies at current or specified levels when regular appropriations have not been passed by the start of the fiscal year.
Which of the following best describes 'discretionary spending' in the federal budget?
Answer: Spending controlled by annual appropriations acts passed by Congress
Discretionary spending is funded through annual appropriations bills and includes programs like defense, education, and transportation that Congress actively chooses to fund each year.
Which office is primarily responsible for preparing the President's annual budget submission to Congress?
Answer: Office of Management and Budget (OMB)
The Office of Management and Budget (OMB) coordinates the preparation of the President's annual budget request and oversees its implementation across the executive branch.
The Congressional Budget Office (CBO) is best described as:
Answer: A nonpartisan agency that provides independent economic and budget analysis to Congress
The CBO is a nonpartisan congressional agency that provides independent economic and budget projections to help legislators evaluate fiscal legislation.
In federal budgeting, 'sequestration' refers to:
Answer: Automatic, across-the-board spending cuts triggered when statutory spending limits are breached
Sequestration is an automatic budget enforcement mechanism that imposes across-the-board cuts to both defense and nondefense discretionary spending when statutory limits are exceeded.
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