CGFM Test 1 Exam study guide COMPLETE EXAM
Questions and Answers (Verified Answers) (Latest
Update 2026) UPDATE!!
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Definitions may vary at different levels of government. At the federal level, this
is OMB's approval to use a portion of the legislatively approved budgetary
authority
Choose an answer
1 Allotment 2 Anti-Deficiency Act
3 Apportionment 4 Appropriated Budget
Don't know?
,Terms in this set (142)
Accountability Principle that, in a democracy, government
operates by the consent of the people. Therefore,
it is responsible to, and must answer to, the people
for its actions and results, including the taking and
using of the people's resources
Allotment In the federal government, an agency's distribution
of apportioned budgetary authority to various
components within the agency. After the executive
agency receives its apportionment, it allots
budgetary authority to specific components within
the agency
Anti-Deficiency Act At the federal level, a law stating that officials can
be fined and/or jailed if they obligate the
government to spend funds beyond the legally
authorized purpose, time, or amount
Apportionment Definitions may vary at different levels of
government. At the federal level, this is OMB's
approval to use a portion of the legislatively
approved budgetary authority
Appropriated Budget Budget that has been passed by the legislative
branch (and signed by the chief executive, if
required); has effect of law
Appropriation A legislative enactment (law, statute, or ordinance)
that created spending authority; the legal authority
to incur expenses and spend money
, Attestation Engagement Engagement concerning with examining,
reviewing, or performing agreed-upon procedures
on a limited subject matter, or a limited assertion
about a subject matter, and reporting on the
results. The subject matter may be financial or
nonfinancial
Authorization Legislative enactment that approves programs;
prescribes what activities an agency may pursue if
funding is available
Block Grant One type of formula grant. Block grants combine
several service categories into one grant and, thus,
allow maximum flexibility to the grantee to use the
funds to meet local needs
Capital Budget Forecasts and controls spending for "big-ticket"
items that are acquired and used over a period of
several years, such as construction projects and
major equipment purchases. Used at state and
local levels
Capital Lease A lease of real property that meets defined criteria
requiring the government to report the property as
if it were purchased with the proceeds of long-
term debt
Cash-flow budget Forecasts the timing, as well as amount of cash
flows, for a period. Use to project required cash
levels
Categorical grant One type of formula grant that can be used for a
narrowly defined purpose
Questions and Answers (Verified Answers) (Latest
Update 2026) UPDATE!!
Leave the first rating
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Definitions may vary at different levels of government. At the federal level, this
is OMB's approval to use a portion of the legislatively approved budgetary
authority
Choose an answer
1 Allotment 2 Anti-Deficiency Act
3 Apportionment 4 Appropriated Budget
Don't know?
,Terms in this set (142)
Accountability Principle that, in a democracy, government
operates by the consent of the people. Therefore,
it is responsible to, and must answer to, the people
for its actions and results, including the taking and
using of the people's resources
Allotment In the federal government, an agency's distribution
of apportioned budgetary authority to various
components within the agency. After the executive
agency receives its apportionment, it allots
budgetary authority to specific components within
the agency
Anti-Deficiency Act At the federal level, a law stating that officials can
be fined and/or jailed if they obligate the
government to spend funds beyond the legally
authorized purpose, time, or amount
Apportionment Definitions may vary at different levels of
government. At the federal level, this is OMB's
approval to use a portion of the legislatively
approved budgetary authority
Appropriated Budget Budget that has been passed by the legislative
branch (and signed by the chief executive, if
required); has effect of law
Appropriation A legislative enactment (law, statute, or ordinance)
that created spending authority; the legal authority
to incur expenses and spend money
, Attestation Engagement Engagement concerning with examining,
reviewing, or performing agreed-upon procedures
on a limited subject matter, or a limited assertion
about a subject matter, and reporting on the
results. The subject matter may be financial or
nonfinancial
Authorization Legislative enactment that approves programs;
prescribes what activities an agency may pursue if
funding is available
Block Grant One type of formula grant. Block grants combine
several service categories into one grant and, thus,
allow maximum flexibility to the grantee to use the
funds to meet local needs
Capital Budget Forecasts and controls spending for "big-ticket"
items that are acquired and used over a period of
several years, such as construction projects and
major equipment purchases. Used at state and
local levels
Capital Lease A lease of real property that meets defined criteria
requiring the government to report the property as
if it were purchased with the proceeds of long-
term debt
Cash-flow budget Forecasts the timing, as well as amount of cash
flows, for a period. Use to project required cash
levels
Categorical grant One type of formula grant that can be used for a
narrowly defined purpose
