Pad 743 Midterm

44 Questions

Settings
Please wait...
Economics Quizzes & Trivia

.


Questions and Answers
  • 1. 
    Definition of budgeting #1.
  • 2. 
    Definition of budgeting #2. 
  • 3. 
    Definition of budgeting #3. 
  • 4. 
    Six concepts of American financial public sector management.
  • 5. 
    Official actors in the budget process
  • 6. 
    Unofficial actors in the budgeting process
  • 7. 
    Define line item (incremental) budgeting
  • 8. 
    An expenditure description at the most detailed level. Objects of expenditure are broken down into specific items.
    • A. 

      Line item (incremental) budgeting

    • B. 

      Income statements

    • C. 

      Budget execution

    • D. 

      Federalism

  • 9. 
    Budgeting and its relationship to economics
  • 10. 
    Budgeting and its relationship to law
  • 11. 
    Define asset.
  • 12. 
    Anything of value that can be converted into cash.
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Revenue

    • D. 

      Surplus

  • 13. 
    Define liability
  • 14. 
    Legal financial debts or obligations.
    • A. 

      Liability

    • B. 

      Debt

    • C. 

      Deficit

    • D. 

      Expense

  • 15. 
    Define expense.
  • 16. 
    The cost of goods received or services rendered whether cash payments have been made or not.
    • A. 

      Expense

    • B. 

      Liability

    • C. 

      Revenue

    • D. 

      Equity (fund balance)

  • 17. 
    What is a balance sheet?
  • 18. 
    Reports a company's assets, liabilities, and shareholders' equity at a specific point in time.
    • A. 

      Balance sheets

    • B. 

      Income statements

    • C. 

      Operating budget

    • D. 

      Deficit

  • 19. 
    Define capital budgets
  • 20. 
    Budgets that identify and balance revenues or other financial resources and spending for the acquisition or construction of major capital projects or assets. It involves raising large sums of money and results in the acquisition or construction of long-lived & expensive capital assets.
    • A. 

      Capital budgets

    • B. 

      Operating budgets

    • C. 

      Budget review

    • D. 

      Income statements

  • 21. 
    What is an operating budget?
  • 22. 
    A detailed projection of all estimated income and expenses based on forecasted sales revenue during a given period.
    • A. 

      Operating budget

    • B. 

      Capital budget

    • C. 

      Budget review

    • D. 

      Balance sheet

  • 23. 
    What is the fiscal cliff?
  • 24. 
    A situation in which a particular set of financial factors causes a sudden and severe economic decline.
    • A. 

      Fiscal cliff

    • B. 

      Impoundment

    • C. 

      Budget cycle

    • D. 

      Fiscal year

  • 25. 
    What is impoundment?
  • 26. 
    An act by a president of not spending money that has been appropriated by Congress.
    • A. 

      Impoundment

    • B. 

      Sequestration

    • C. 

      Appropriation

    • D. 

      Liability

  • 27. 
    What is an appropriation?
  • 28. 
    Confers a legal authorization to incur expenditures/spend money.
    • A. 

      Appropriation

    • B. 

      Sequestration

    • C. 

      Impoundment

    • D. 

      Expenditure

  • 29. 
    What do GAAP (generally accepted accounting principles) standards do?
  • 30. 
    Define funds to be interrelated accounts that record assets (revenues) and liabilities (expenditures/obligations) related to a specific purpose.
    • A. 

      GAAP standards

    • B. 

      Impoundment

    • C. 

      Sequestration

    • D. 

      Fiscal cliff

  • 31. 
    What are grants?
  • 32. 
    A sum of money given by an organization, especially a government or a foundation, for a specific purpose. 
    • A. 

      Grants

    • B. 

      Budget cycle

    • C. 

      Impoundment

    • D. 

      Appropriation

  • 33. 
    Define categorical grant
  • 34. 
    Finance specific and narrowly defined programs, usually limited to spending for certain activities, which may be formula, project, or project/formula.
    • A. 

      Categorical grant

    • B. 

      Block grant

    • C. 

      Impoundment

    • D. 

      Sequestration

  • 35. 
    Define block grant.
  • 36. 
    Usually distributed to general-purpose governments according to a statutory formula to finance activities in a broad functional area.
    • A. 

      Block grant

    • B. 

      Categorical grant

    • C. 

      Accrual

    • D. 

      Surplus

  • 37. 
    Define equity/fund balance
  • 38. 
    The excess of an entity's assets over its liabilities.
    • A. 

      Equity (fund balance)

    • B. 

      Asset

    • C. 

      Revenue

    • D. 

      Deficit

  • 39. 
    Define expense
  • 40. 
    The cost of goods received or services rendered whether cash payments have been made or not.
    • A. 

      Expense

    • B. 

      Liabilities

    • C. 

      Assets

    • D. 

      Revenue

  • 41. 
    Define revenue
  • 42. 
    Income received by the city in support of a program or services to the community.
    • A. 

      Revenue

    • B. 

      Expense

    • C. 

      Asset

    • D. 

      Liabilities