BCF 110 FORMULATION EXAM: Introduction to Budgeting Exam

FORMULATION EXAM: Introduction to Budgeting Exam 1) In late December, the Components revise their final budgets and begin preparing supporting documentation to incorporate the effects of all Resource Management Decisions (RMDs) for inclusion in the President's Budget. True False 2) Advanced Procurement funding information shown on the P-5 budget exhibit should be consistent with that shown on the _________ budget exhibit. P-10 (Advanced Procurement Requirements Analysis) P-3a (Individual Modification) P-1 (Procurement Program) P-21 (Production Schedule) 3) Which one of the following best describes the purpose of the P-3a budget exhibit? Provide budget justification for a particular Procurement line item Provide detailed information regarding monthly production of ACAT I program items Summarize the funding requirements for a particular Procurement appropriation account Provide budget justification for a particular Procurement-funded weapon system modification program 4) The President's Budget that is submitted to Congress on the first Monday in February is for fiscal year that will begin _____. The current fiscal year Two years out In eight months (i.e., 1 October) Four years out 5) Which one of the following best describes the conditions under which a P-1 budget exhibit is required to be submitted?This study source was downloaded by from CourseH on :14:20 GMT -06:00 When the program element funding is $1 million or more in any budget year covered by the budget request When any funding is requested under a particular Procurement appropriation When the line item funding is $5 million or more in any of the budget years covered by the budget request When it covers a weapon system modification program whose costs exceed $5 million in any year covered by the budget request 6) Which one of the following best describes the conditions under which an R-4 budget exhibit is required to be submitted? When a major program milestone is scheduled to occur during any budget year covered by the budget request When any funding is requested for a project that is part of a program element in RDT&E budget activities 1, 2, or 3 When a project is part of a program element in RDT&E budget activities 4, 5, or 7 and requires $5 million or more of funding in any budget year covered by the budget request When a project is part of a program element in RDT&E budget activities 4, 5, or 7 and requires $1 million or more of funding in any budget year covered by the budget request