Shared Flashcard Set

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EDFMT
EDFMT
48
Finance
Graduate
12/08/2009

Additional Finance Flashcards

 


 

Cards

Term
Which branch of government can raise taxes?
Definition
Legislative (Congress)
Term
All bills for raising revenues shall orginate from the?
Definition
House of Representatives
Term
Which branch of government executes laws?
Definition
Executive
Term
What is the term used when a resolution passes from one house to another?
Definition
Engrossment
Term
What is the term used when a bill leaves Congress en route to the President?
Definition
Enrollment
Term
Where do all bills orginate?
Definition
House of Representatives
Term
If Congress is adjourned and the President fails to sign a bill during the 10-day period, that bill does not become law and is called a?
Definition
Pocket Veto
Term
This IMB issued document can change funding for individual programs, reduce or increase overall funding for the Agency or direct additional funding be added to specific programs within existing agency funding levels. Can be appealed to the President by the Agency Head?
Definition
The OMB Passback
Term
Which circular established the format for the budget and guidance for submitting budget estimates?
Definition
OMB Circular A-11
Term
When does the President transmits the budget to Congress?
Definition
No later than the first Monday in February prior to the budget year.
Term
Which branch of the government appropriates?
Definition
Legislative (Congress)
Term
The first concurrent resolution (from Congressional Budget Office) must be adopted NLT?
Definition
April 15
Term
The second resolution allows Congress to set ceilings for budget authority (debt) and floors for revenue (taxes), this is due NLT?
Definition
September 15
Term
_________ are requested to provide funds in addition to amounts already appropriated for the ongoing budget year?
Definition
Supplementals
Term
_________ considers disagreements between the two Houses, and makes recommendations to resolve differences?
Definition
Conference Committee(s)
Term
A __________ provides funding for a specific period of time until appropriation bills are approved by Congress and the President?
Definition
Continuing Resolution
Term
Define a full time permanent?
Definition
A position normally filed on a permanent basis and having a regular schedule.
Term
Fund allotments place operational obligation authority at the lowest level to increase effective management. What level are funds allotted?
Definition
Agency
Term
The amount of money available that an organization can obligate is?
Definition
Budget authority
Term
Funds legally reserved for a specific purpose are?
Definition
Obligations
Term
Funds that have actually been disbursed from the Treasury are?
Definition
Outlays
Term
What is the SF 133, Report on Budget Execution?
Definition
Must be submitted quarterly. Covers each open fiscal year for each account, status of budgetary resources for each year, amount obligated, disbursed on a cumulative basis for the current fiscal year.
Term
Funds appropriated, but not apportioned by OMB are?
Definition
Unallotted apportionments
Term
Funds obligated, but not yet outlayed are?
Definition
Unliquidated obligations
Term
When transferring funds from planned requirements to unfunded requirements, the requirement must?
Definition
1-be unanticipated
2-higher priority than a funded requirement
Term
What is reprogramming of funds?
Definition
A shift of funds from one purpose to another within the same appropriation
Term
Transfers occur between appropriations and require what?
Definition
Statutory authority from the Armed services and appropriations committees
Term
What is the last phase of the budget process?
Definition
Performance Review and Audit
- Congress thru GAO audits
- DoD internal controls
Term
The 1993 Government Performance and Results Act (GPRA) requires?
Definition
- strategic planning
- development of performance plans
- goal setting
- performance reporting
Term
On the spending side, the federal budget represents what % of the Gross Domestic Product?
Definition
20%
Term
What is the authority for annual mandatory expenditures found in a permanent statutes?
Definition
Direct (Mandatory) Spending
Term
Military departments (Army, Navy and Air Force) are responsible for organizing, training, supplying, and equipping forces for assignment to the?
Definition
Unified Combatant Commands
Term
The Budget Enforcement Act divides spending into two types, which are?
Definition
1 - direct (mandatory (64%))
2 - discretionary (13 annual appropriations bills (36%))
Term
Who acts as resource consultant and advisor to Secretary of Defense, as well as manager and arbiter of the Defense resource management process?
Definition
Under Secretary of Defense (Comptroller) AKA Chief Financial Officer (Defense)
Term
The 1947 National Security act establishes a civilian Secretary of Defense responsible for?
Definition
- cabinet level position
- principal advisor to the President and is responsible for the formulation of general defense policy
-exercises authority, control and direction over DoD
Term
Which act redesignated the National Military Establishment as the Department of Defense?
Definition
The National Security Act Amendment of 1949 (10 USC 111)
Term
What act established the National Security Council?
Definition
The National Security Act of 1947
Term
By law, statutory members of the National Security Council (NSC) are?
Definition
President
Vice President
Secretary of Defense
Secretary of State
Term
National Security Council (NSC) statutory advisory includes?
Definition
- Director of National Intelligence
- Chairman Joint Chiefs of Staff
Term
The Office of the Secretary of Defense consists of?
Definition
Under secretaries for:
Acquisition, Technology and Logistics;
Comptroller/Chief Financial Officer;
Intelligence;
Personnel and Readiness;
Policy; and
Director of Defense Research and Engineering
Term
The Chairman of the Joint Chiefs of Staff (JCS) is the principal advisor to the?
Definition
President, National Security Council and SECDEF
Term
Which act identified the Chairman of the JCS as the senior ranking member of the Armed Forces?
Definition
Goldwater Nichols DoD Reorganization Act of 1986
Term
The Under Secretary of Defense Comptroller/CFO is the principal advisor to the SECDEF on financial matters to include?
Definition
- Resource allocation
- Financial management and accounting
- Budget formulation and execution
Term
________ are military commands with broad continuing missions?
Definition
Unified Combatant Commands
Term
True or false? The operational chain of command runs from the President to the SECDEF to the commanders of the Unified Combatant Commands.
Definition
True
Term
Whose functions within the chain of command by transmitting to the Commanders of the Unified Combatant Commands the orders of the President or SECDEF?
Definition
Chairman of Joint Chief of Staff
Term
When is the President's budget submitted to Congress?
Definition
On or before the first Monday in February
Term
Which CCOMs are borderless?
Definition
- Joint Forces Command
- Special Forces Command
- Strategic Command
- Transportation Command
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