Deck 11: Budget Execution

Question 1

Which of the following is not part of the federal regulation adoption process?

A) Drafting the regulation
B) Reviewing public comments
C) Obtaining OMB approval
D) Obtaining congressional approval

Answer 1

D

Question 2

Which of the following issues presents the greatest challenge to the tax administration process?

A) Tax collection enforcement
B) Setting tax rates
C) Tax withholdings
D) Sales tax calculations

Answer 2

A

Question 3

In addition to taxes, individuals and corporations also may owe what other types of debt to the government?

A) Student loans
B) Crop insurance payments
C) Both student loans and crop insurance payments
D) None of these is correct.

Answer 3

C

Question 4

The time between when checks and currency are received by a governmental agency and when they are deposited is called:

A) flow lag.
B) flow time.
C) float time.
D) yield time.

Question 5

Which of the following is a common financial instrument used by governments to address unforeseen shortfalls in revenues?

A) Authorizations
B) Budget stabilization funds
C) Derivatives
D) Prompt payment laws

Question 6

Which of the following investment periods would tend to have the highest yield rate?

A) Five-year
B) Ten-year
C) Twenty-year
D) Thirty-year

Question 7

The primary purpose of apportionments is to ensure that government agencies spend at a rate that will keep them within limits imposed by their annual appropriations.

Question 8

Central budget offices are often assigned a variety of management-related duties beyond the core activities of assembling proposed budgets and overseeing their execution.

Question 9

The Trump administration has attempted to increase the level of federal regulatory activity, in order to better protect the health and safety of the public.

Question 10

Prompt payment laws mainly focus on making sure that taxpayers pay their taxes on time.

Question 11

States often need to determine the level of resources that they are willing to commit to enforcing different tax laws, such as personal income, corporate income, and motor fuels taxes.

Question 12

If tax laws were simplified, people would have less opportunity to cheat and tax agencies would need to spend far less than current levels on tax administration.

Question 13

Government procurement programs should not be used to assist minority-owned or women-owned businesses or any other special interest group.

Question 14

What is the term for the reassignment of government activities to the private sector?

Question 15

What do we call the process of administering revenues to ensure that they are available to meet expenditure needs and when temporarily not needed, that they are invested at a minimum risk and a maximum yield?

Question 16

What is the term for a procurement official having financial interests in a company competing for a government contract?

Question 17

What are the four subsystems of the budget execution phase?

Question 18

What is meant by the term "enterprise architecture"?

Question 19

What are the four steps in tax administration?

Question 20

What are the two primary objectives of a government procurement program?

Question 21

What are the three types of bidding procedures that are identified and followed at the beginning of the bidding process?

Question 22

What is the first step in risk management planning?

Question 23

What are the four subsystems of budget execution? Describe the purpose of each one briefly, and then choose one of these and identify its principal objectives, benefits, and challenges.