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CDFM Module 1 Exam Questions with 100% Correct Answers | Verified for Latest Update |100% Solved *How many branches of Government did the Constitution establish? - ✔✔Three - Legislative Branch (Article I), Executive Branch (Article II), and Judicial Branch (Article III) *What was the predecessor to the Constitution? - ✔✔Articles of Confederation *Where are all Federal-level laws enacted? - ✔✔Congress *In which article of the Constitution is the power to raise taxes found? - ✔✔Article I *What occurs when Congress is not in session and the President does not sign a properlypresented, enrolled bill within 10 days? - ✔✔Pocket Veto
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*How many branches of Government did the Constitution establish? - ✔✔Three - Legislative Branch (Article I), Executive Branch (Article II), and Judicial Branch (Article III) *What was the predecessor to the Constitution? - ✔✔Articles of Confederation *Where are all Federal-level laws enacted? - ✔✔Congress *In which article of the Constitution is the power to raise taxes found? - ✔✔Article I *What occurs when Congress is not in session and the President does not sign a properly- presented, enrolled bill within 10 days? - ✔✔Pocket Veto *How frequently does Congress review the DoD budget request? - ✔✔Annually *Approximately what percent of total federal spending is discretionary spending? - ✔✔Thirty percent (30%) *Which branch of Government implements laws? - ✔✔Executive Branch
*Which branch of Government is authorized to raise taxes and borrow money? - ✔✔Legislative Branch (Congress) *Which committee attempts to resolve differences between the House and Senate version of a bill? - ✔✔Conference Committee, sometimes referred to as "the Third Chamber" *Which agency issues directions for use by other agencies in submitting their budget estimates? - ✔✔Office of Management and Budget (OMB) *What type of legislation provides an agency with budget authority? - ✔✔Appropriation Acts provide budget authority *What term is used to describe a subdivision of an apportionment - ✔✔Allotment *What agency issues apportionments? - ✔✔Office of Management and Budget (OMB) *Which branch of Government conducts hearings on the effectiveness of Government programs?
*Article 1, Section 8, Clause 1, of the U.S. Constitution empowers which branch of the Federal Government to Collect Taxes? - ✔✔The Legislative Branch *Where can the rules for calculating FTE employment be found? - ✔✔OMB Circular A- 11 *What term is used to refer to the totality of units in a DoD component? - ✔✔Force Structure *What term is used to refer to the authorized and programmed strength at the end of the fiscal year for the active forces, the Selected Reserve, and appropriated-fund civilian employees in the FYDP? - ✔✔Peacetime Strength *What process involves assembling, organizing, and using manpower and material resources in preparation for war or other emergency? - ✔✔Mobilization *What is the maximum number of days that units of the Selected Reserve and the Individual Ready Reserve who may be ordered to active duty (other than for training) without the consent of Congress? - ✔✔365 days *What is the maximum number of members of the Selected Reserve and the Individual Ready Reserve who may be on duty at any one time? Of these, what is the maximum number who may be members of the Individual Ready Reserve? - ✔✔200,000; 30,
*What term is used to describe a civilian who could be deployed to a crisis area? - ✔✔Emergency Essential Employee *What types of activities are excluded from competition under OMB Circular A-76? - ✔✔Inherently Governmental *How frequently must federal agencies compile lists of activities that are not inherently governmental? - ✔✔Annually *What kind of activity is so intimately related to the public interest as to mandate performance by federal employees? - ✔✔Inherently Governmental Activity *What is one of the exceptions to the ban on gifts from outside sources? - ✔✔The value of the gift is $20 or less *What is the name of the Department's internal control effort? - ✔✔Manager's Internal Control Program (MICP) *The purposes of the Federal Managers' Financial Integrity Act of 1982 are to prevent waste or misuse of agency funds or property and to assure the accountability of what - ✔✔Assets
*How many components are there in the GAO Standards of Internal Control? - ✔✔Five *For what program is the full scope of management responsibility defined in DoD Instruction 5010.40? - ✔✔DoD's Manager's Internal Control Program (MICP) *When a DoD component head provides a Statement of Assurance that the component's controls are in place and achieving their intended objectives, is this a statement of absolute assurance or reasonable assurance? - ✔✔Reasonable Assurance *What is the term for the probable or potential adverse effects from inadequate internal control that may result in the loss of Government resources or cause an agency to fail to accomplish significant mission objectives through fraud, wasted, or mismanagement? - ✔✔Risk *What kind of a weakness significantly impairs the fulfillment of a DoD component's mission? - ✔✔Material Weakness *True or False: the July 15, 2016 updated version of OMB Circular A-123 requires CFO Act Agencies to hire a Chief Risk Officer for the purpose of establishing an Enterprise Risk Management capability within the agency. - ✔✔False
*What are the two major categories of control areas included in GAO's Federal Information System Controls Audit Manual (FISCAM)? - ✔✔General and Business Process Application Controls What are the law-making powers of Congress granted in Article I? - ✔✔Raise taxes Borrow money Regulate commerce Conscript forces Declare war Raise and support armies What is a bill? - ✔✔A legislative proposal of a general nature originating in the House or Senate What are the three types of Resolutions? - ✔✔Joint, Concurrent, and Simple. What three common ways can legislation originate? - ✔✔Recommended by the President; Introduced by Members; Introduced by Committees What are the three distinct phases of the Federal budget cycle? - ✔✔1. Budget Formulation - the phase in which organizations draft their budgets and each agency consolidates and prepares the budget for the President and Congress
The 1974 Congressional Budget Act requires that the President submit to Congress the proposed budget for the next fiscal year (FY) by when? - ✔✔The first Monday in February What changes resulted from the Congressional Budget and Impoundment Control Act of 1974 (as amended by the Gramm, Rudman, Hollings Budget Control Act and its amendments)? - ✔✔Congress focuses on overall budget totals and relates individual appropriation actions to one another within a general set of spending priorities; A new budget committee was established in each house and a new, professionally staffed Congressional Budget Office (CBO) was also established; The fiscal year shifted from July 1 through June 20 to October 1 through September 20. This action was designed to give congress additional time to complete action on the Federal budget The Congressional Budget Office provides support to the various committees by its ___________ responsibilities. - ✔✔Scorekeeping - the process of estimating the budgetary effects of pending legislation and comparing them to a baseline such as a budget resolution or to any limits that may be set in law. What is the end product of the budget resolution phase of Congressional Action (second phase of Federal budget process)? - ✔✔Concurrent Budget Resolution (CBR) - a very high-level overall budget plan for the Federal Government, including revenue and spending. The resolution fixes new budget authority and outlay targets and establishes targets for the Gross National Debt, revenues, and surplus/deficit.
By law, the CBR is to be completed by April 15. This resolution does not require the signature of the President. What is a Continuing Resolution (CR)? - ✔✔A temporary appropriations act.
Unapportioned appropriations - ✔✔Funds appropriated but not yet apportioned by OMB Unallotted apportionments - ✔✔Funds apportioned but not allotted by the agency Unobligated allotments - ✔✔Funds allotted but not yet obligated Unliquidated obligations - ✔✔Funds obligated but not yet outlayed Expended appropriation - ✔✔Portion of the total appropriation for which goods and services are received or benefits provided. Subsequent payment to the vendor is called a disbursement or outlay What must be submitted to OMB quarterly? - ✔✔SF 133 - the Report on Budget Execution Budget Authority - ✔✔The amount of money available that an organization can obligate Outlays - ✔✔Payment to liquidate an obligation (other than the repayment of debt principal). Primary measure of Government spending. Outlays generally equal to cash disbursements but also are recorded for cash-equivalent transactions, such as the subsidy cost of direct loans and loan guarantees, and interest accrued on public issues of the public debt (OMB Circular A-11).
For budget purposes, outlays may be displayed as "gross outlays" or "net outlays" - the net of disbursements and offsetting collections or offsetting receipts. Funds that have actually been moved from the federal treasury. Monitoring requirements in budget execution involves: - ✔✔- Administrative control of funds
Expenditure - ✔✔Occurs when a check is issued (or funds are transferred electronically) in response to an invoice/payment request for costs incurred, services rendered, products delivered, etc. Fiscal Year - ✔✔Any yearly accounting period without regard to a calendar year. Mandatory Spending - ✔✔Spending that is controlled by laws other than appropriations acts (including spending for entitlement programs and spending for the food stamp program). Sequestration - ✔✔According to the Congressional Budget Office, sequestration refers to automatic spending cuts that occur through the withdrawal of funding for certain (but not all) government programs. The budget sequestration in 2013 refers to the automatic spending cuts to federal government spending in particular categories of outlays that were intially set to begin on January 1, 2013, as an austerity fiscal policy as a result of Budget Control Act of 2011 (BCA), and were postponed by two months by the American Taxpayer Relief Act of 2012 until March 1 when this law went into effect. Spending Authority from Offsetting Collections - ✔✔Includes payments and repayments authorized by law to be credited to an appropriation or fund account. Payments and repayments consist of reimbursements, advances, refunds, and other income. Payments from Federal sources are from another Federal Government account, while those from non-Federal sources are form outside the Federal Government, for example, a State, local, tribal, or foreign Government.
Surplus - ✔✔The amount by which receipts exceed outlays in a fiscal year. It may refer to the on-budget, off-budget, or unified budget surplus. The Budget Enforcement Act divides spending into two types: - ✔✔- Direct (Mandatory) Spending (MS)
(Amended by the 2010 GPRA Modernization Act) - ✔✔- Changed the way budgets are to be justified and managed
2011 Budget Control Act - ✔✔- Solved the 2011 debt ceiling crisis