CSS Budget & Financial Management Flashcards

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

Answer: To justify funding needs and align resources with mission priorities

Federal agencies submit annual budget requests to OMB to justify their funding needs and demonstrate how resources will be aligned with their mission priorities.

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

Answer: The Purpose Statute

The Purpose Statute (31 U.S.C. § 1301) requires that federal agencies use appropriated funds only for the specific purposes for which they were appropriated by Congress.

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

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

A continuing resolution is temporary legislation passed by Congress that allows federal agencies to continue operating at or near prior-year funding levels when a full appropriations bill has not been enacted.

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

Answer: Obligating or spending funds in excess of appropriated amounts

The Antideficiency Act prohibits federal employees from obligating or expending funds in excess of or in advance of the amounts appropriated by Congress.

What is an 'obligation' in federal financial management?

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

In federal financial management, an obligation is a formal commitment (such as a contract or order) that creates a legal liability requiring the government to pay for goods or services.

What is the federal government's fiscal year period?

Answer: October 1 – September 30

The U.S. federal government's fiscal year runs from October 1 through September 30 of the following calendar year.