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CSS Budget & Financial Management Flashcards

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  1. Which federal law requires agencies to maintain internal controls to safeguard assets and ensure accurate financial reporting?

    Answer: The Federal Managers' Financial Integrity Act (FMFIA)

    The Federal Managers' Financial Integrity Act (FMFIA) requires federal agencies to establish and maintain effective internal controls to safeguard assets and ensure accurate, reliable financial reporting.

  2. What is a 'reprogramming' action in federal budget management?

    Answer: Shifting funds within an appropriation from one purpose to another

    Reprogramming refers to the shifting of funds within a single appropriation account from one purpose or program to another, often requiring notification or approval from Congress.

  3. What is the role of an agency's Chief Financial Officer (CFO) under the CFO Act of 1990?

    Answer: To oversee financial management systems and produce audited financial statements

    Under the CFO Act of 1990, an agency's Chief Financial Officer is responsible for overseeing financial management systems, improving financial reporting, and ensuring the production of audited financial statements.

  4. What does 'cost-benefit analysis' help civil servants determine when evaluating a program or policy?

    Answer: Whether total benefits justify the total costs of an action or program

    Cost-benefit analysis helps civil servants determine whether the total anticipated benefits of a program or policy are sufficient to justify its total costs.

  5. What is 'sequestration' in the context of the federal budget?

    Answer: Automatic, across-the-board spending cuts triggered by budget law provisions

    Sequestration is the automatic, across-the-board reduction of federal spending triggered when certain budget thresholds are exceeded, as established by laws such as the Budget Control Act.

  6. In federal budgeting, what does 'baseline' refer to?

    Answer: A projection of future spending based on current law and existing programs

    The budget baseline is a projection of future federal revenues and spending based on current law and existing programs, used as a benchmark for measuring the effects of proposed policy changes.