SPEA V-186 Final Exam Questions and Correct
Answers
executive preparation
where the executive branch creates the first draft of the budget
legislative review
The legislature examines the proposed budget
agency execution
government agencies carry out the approved budget
audit
auditors review how money was actually spent
when does the fiscal year start and end
starts on October 1st, ends september 30th
Office of management and budget
builds and manages the president's budget plan
congressional budget office
provides an objective analysis so Congress understands the financial impact of decisions
government accountability office
checks whether money is being used properly and efficiently
joint committee on taxation
focuses on how tax laws affect government revenues
budget and accounting act of 1921
centralized budgeting under the president and improved oversight of federal spending
congressional budget and emergency deficit control act of 1985
introduced automatic spending cuts as a way to control deficits, though it was later weakened
because targets were often unrealistic
budget enforcement act of 1990
shifted from strict deficit goals to practice rules that controlled spending and required fiscal
trade-offs
Answers
executive preparation
where the executive branch creates the first draft of the budget
legislative review
The legislature examines the proposed budget
agency execution
government agencies carry out the approved budget
audit
auditors review how money was actually spent
when does the fiscal year start and end
starts on October 1st, ends september 30th
Office of management and budget
builds and manages the president's budget plan
congressional budget office
provides an objective analysis so Congress understands the financial impact of decisions
government accountability office
checks whether money is being used properly and efficiently
joint committee on taxation
focuses on how tax laws affect government revenues
budget and accounting act of 1921
centralized budgeting under the president and improved oversight of federal spending
congressional budget and emergency deficit control act of 1985
introduced automatic spending cuts as a way to control deficits, though it was later weakened
because targets were often unrealistic
budget enforcement act of 1990
shifted from strict deficit goals to practice rules that controlled spending and required fiscal
trade-offs
