Government and Civil Service Government Budget and Fiscal Policy

Question 1

The US federal government's fiscal year runs from:

Accepted Answer

October 1 to September 30

Answer

January 1 to December 31

Answer

April 1 to March 31

Answer

July 1 to June 30

Question 2

The federal budget process officially begins when:

Accepted Answer

The President submits the annual budget request to Congress

Answer

Congress passes a budget resolution

Answer

The Treasury Department issues spending projections

Answer

The Office of Management and Budget finalizes agency accounts

Question 3

A continuing resolution (CR) is used to:

Accepted Answer

Fund government operations when regular appropriations bills have not been enacted

Answer

Permanently extend the national debt ceiling

Answer

Authorize new federal programs not covered by existing law

Answer

Rescind previously appropriated but unspent funds

Question 4

Which of the following best describes 'discretionary spending' in the federal budget?

Accepted Answer

Spending controlled by annual appropriations acts passed by Congress

Answer

Spending required by existing law regardless of annual appropriations

Answer

Emergency spending approved outside the normal budget process

Answer

Spending by independent agencies not subject to congressional oversight

Question 5

Which office is primarily responsible for preparing the President's annual budget submission to Congress?

Accepted Answer

Office of Management and Budget (OMB)

Answer

Congressional Budget Office (CBO)

Answer

Government Accountability Office (GAO)

Answer

Department of the Treasury

Question 6

The Congressional Budget Office (CBO) is best described as:

Accepted Answer

A nonpartisan agency that provides independent economic and budget analysis to Congress

Answer

A presidential advisory body that reviews agency budget requests

Answer

An auditing office that reviews federal agency financial statements

Answer

A joint executive-legislative board that approves major expenditures

Question 7

In federal budgeting, 'sequestration' refers to:

Accepted Answer

Automatic, across-the-board spending cuts triggered when statutory spending limits are breached

Answer

The transfer of unspent appropriations back to the Treasury at year end

Answer

The process of consolidating multiple appropriations bills into an omnibus package

Answer

Congressional approval of emergency supplemental appropriations