Term
| "Federal" means that power is distributed amoung different levels of governments and no one level of government has complete authority over all areas of public policy. |
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Definition
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Term
| The Constitution established the national government but does not provide for the establishment of state governments. |
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Definition
| False: Also establishes for state governments. |
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Term
| The first 10 amendments to the Constitution are known as the "Bill of Rights" |
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Definition
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Term
| Several states have given the execution branch line-item veto items in bills passed by legislation. |
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Definition
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Term
| The U.S. Supreme Court does not have the authority to rule on provisions of state constitutions. |
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Definition
| False: They do have authority. |
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Term
| The U.S. Census Bureau delineates five types of local governments--county, municipality, township, school district and special-purpose district. |
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Definition
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Term
| A quasi-government entity blends characteristics of government and for-profit organizations. |
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Definition
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Term
| A government-approved budget is not a legal document. |
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Definition
| False: It is generally a legal document. |
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Term
| In a democracy the people hold final authority over the government and public policies. This concept is known as supreme sovereignty. |
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Definition
| False: Called popular sovereignty. |
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Term
| The government budget may be viewed as a financial plan. |
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Definition
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Term
| The primary purpose of the budget process is to prioritize government expenditures and to allocate the financial resources to be raised to finance those expenditures. |
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Definition
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Term
| A budget law is an appropriation that provides legal authority to incur expenses and spend money. |
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Definition
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Term
| Outputs and outcomes are used to measure and evaluate government performance. |
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Definition
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Term
| ERP's are designed to integrate the finance and accounting operations of an organization. |
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Definition
| False: ERP's are designed to integrate all the major functions of an organization. This includes finance and accounting but also other functions such as human resources, acquisition, and operations |
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Term
| COOP planning refers to efforts to prevent planned or unplanned disruptions of normal operations. |
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Definition
| False: COOP planning refers to a program to minimize the impact of plannned of unplanned disruptions and restore normal operations. |
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Term
| Planning is often called the keystone in the arch of public management. |
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Definition
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Term
| Programming and budgeting have something in common: both are derivatives of the planning phase. |
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Definition
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Term
| The most familiar budget is the capital budget. |
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Definition
| False: The operating budget is most familiar. |
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Term
| Internal controls are critical during the operations phase. |
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Definition
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Term
| The GASB establishes generally accepted accounting standards for all levels of government. |
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Definition
| False: GASB establishes GAAP for state and local governments only. |
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Term
| Managerial accounting standards are also established by GASB |
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Definition
| False: There are no externally established GAAP for managerial accounting. |
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Term
| There are three organizations that establish GAAP in the United States: GASB, FASB and FASAB |
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Definition
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Term
| Evaluation of government performance requires information on outputs and outcomes and the efficiency and effectiveness with which they were achieved. |
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Definition
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Term
| Two main types of audits are financial and performance. |
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Definition
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Term
| One of the most important functions of government is determining how to finance specific activities. |
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Definition
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Term
| For local governments, property taxes are typically the major form of government revenue. |
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Definition
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Term
| Income taxes are a major source of revenue for each level of government. |
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Definition
| False: It is a not major source for local state government. |
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Term
| Local governments are funded mainly through real property taxes. |
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Definition
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Term
| Excise taxes are sometimes referred to as "luxury taxes" or even "sin taxes." |
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Definition
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Term
| Accountability is a keystone of democratic governments |
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Definition
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Term
| In financial management, the concept of public accountability means that public officials are held responsible for the assets at their disposal. |
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Definition
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Term
| Accountability is established in constitutions and charters. |
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Definition
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Term
| Government Officials are accountable to citizens, investors and creditors. |
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Definition
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Term
| Accountability is ultimately assessed when officals stand for elections. |
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Definition
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Term
| One of the major tools for assessing accountability is audit results. |
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Definition
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Term
| Adherence to a code of ethics encourages public confidence and demonstrates that such confidence is well founded. |
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Definition
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Term
| When it comes to maintaining integrity, compromise is always the best solution. |
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Definition
| False: Is not always the best. |
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Term
The chief finance officer's (CFO) role is grounded in laws and regulations.
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Definition
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Term
| Successful financial managers create and maintain environments that feature highly motivated employees. |
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Definition
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Term
| One key to ethics is maintaining objectivity and independence. |
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Definition
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