CGFM Federal Budget Process and Execution

Question 1

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

Accepted Answer

October 1

Answer

The federal government's fiscal year begins on October 1 and ends on September 30 of the following calendar year.

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

The Congressional Budget and Impoundment Control Act of 1974 created the current congressional budget process, Budget Committees in both chambers, and the CBO.

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 continuing resolution temporarily funds government operations when Congress has not passed regular appropriations bills by October 1, typically at prior-year spending levels.

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 President submits a budget request to Congress on the first Monday in February, which proposes spending levels for all federal programs.

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 legal authority granted by Congress to obligate funds, while outlays are the actual payments made when obligations are liquidated.

CGFM - Certified Government Financial Manager Practice Test

CGFM - Certified Government Financial Manager Practice Test

CGFM Federal Budget Process and Execution