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US Federal Budget Process: A Comprehensive Q&A Guide, Exams of Business and Labour Law

Heriot-Watt UniversityBusiness and Labour Law

A comprehensive set of questions and answers covering the intricacies of the us federal budget process. it delves into key aspects such as budget formulation, congressional action, and budget execution, providing detailed explanations of each stage. The questions are designed to test understanding of the roles of various government bodies, including congress, the president, and the omb, in the budgetary process. valuable for students studying american government, public administration, or related fields, offering a structured approach to understanding complex budgetary mechanisms and procedures. it is particularly useful for those preparing for exams or seeking a thorough understanding of the subject matter.

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2024/2025

Available from 05/26/2025

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CERTIFIED DEFENSE FINANCIAL MANAGER (CDFM) 2025
COMPREHENSIVE EXAM QUESTIONS WITH DETAILED
VERIFIED AND 100% CORRECT ANSWERS BRAND NEW
EXAM ALREADY GRADED A+!!
What was the predecessor to the Constitution? - ANSArticles of Confederation
Where are Federal-Level laws enacted? - ANSCongress
What Article, Section and Clause empowers Congress to collect taxes - ANSArticle 1,
Section 8, Clause 1
What occurs when the President does not sign an enrolled bull within 10 days? - ANSPocket
Veto
Which branch of government implements laws? - ANSExecutive
Approximately what percent of federal spending is discretionary? - ANS30%
How frequently does congress review the DoD budget request? - ANSAnnually
Who attempts to resolve differences between the House and Senate versions of a bill? -
ANSConference Committee
Which agency issues direction for submitting budget estimates? - ANSOMB
What type of legislation provides an agency with budget authority? - ANSAppropriation Acts
What term is used to describe a subdivision of an apportionment? - ANSAllotment
What agency issues apportionments? - ANSOMB
Which branch of government conducts hearings on the effectiveness of government
programs? - ANSLegislative
In the federal budget process, who is responsible for submitting budget estimates? -
ANSAgencies
What is the largest source of federal government tax revenue? - ANSIndividual Income
Taxes
What are requests for funds in addition to amounts already appropriated? - ANSSupplemental
What financial control document is issued by the Treasury Department following signature of
the Appropriations Act? - ANSAppropriations Warrant
What term describes a postponement in the use of appropriated funds? - ANSDeferral
What term describes a cancellation of appropriated funds? - ANSRescission
After the DoD Appropriations Bill is signed into law, what does DoD request from OMB? -
ANSApportionment
A legal reservation of funds in known as what? - ANSObligation
What term is used to identify a certification provided to a KO from the comptroller
authorizing Purpose, Time and Amount? - ANSFiduciary Certification
A fiduciary certification is the basis for what? - ANSCommitment
Define Budget Authority - ANSAmount of money available to an organization for obligation
Define Outlays - ANSFunds that have actually been moved from the Federal Treasury
Monitoring requirements in budget execution involves: - ANS1. Administrative control of
funds
2. Reporting results
3. Assessment of applicability of results
4. Supply of financial info to DoD managers
Who conducts both financial and program audits to ensure the integrity of programs? -
ANSGovernment Accountability Office (GAO)
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COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

VERIFIED AND 100% CORRECT ANSWERS BRAND NEW

EXAM ALREADY GRADED A+!!

What was the predecessor to the Constitution? - ANSArticles of Confederation Where are Federal-Level laws enacted? - ANSCongress What Article, Section and Clause empowers Congress to collect taxes - ANSArticle 1, Section 8, Clause 1 What occurs when the President does not sign an enrolled bull within 10 days? - ANSPocket Veto Which branch of government implements laws? - ANSExecutive Approximately what percent of federal spending is discretionary? - ANS30% How frequently does congress review the DoD budget request? - ANSAnnually Who attempts to resolve differences between the House and Senate versions of a bill? - ANSConference Committee Which agency issues direction for submitting budget estimates? - ANSOMB What type of legislation provides an agency with budget authority? - ANSAppropriation Acts What term is used to describe a subdivision of an apportionment? - ANSAllotment What agency issues apportionments? - ANSOMB Which branch of government conducts hearings on the effectiveness of government programs? - ANSLegislative In the federal budget process, who is responsible for submitting budget estimates? - ANSAgencies What is the largest source of federal government tax revenue? - ANSIndividual Income Taxes What are requests for funds in addition to amounts already appropriated? - ANSSupplemental What financial control document is issued by the Treasury Department following signature of the Appropriations Act? - ANSAppropriations Warrant What term describes a postponement in the use of appropriated funds? - ANSDeferral What term describes a cancellation of appropriated funds? - ANSRescission After the DoD Appropriations Bill is signed into law, what does DoD request from OMB? - ANSApportionment A legal reservation of funds in known as what? - ANSObligation What term is used to identify a certification provided to a KO from the comptroller authorizing Purpose, Time and Amount? - ANSFiduciary Certification A fiduciary certification is the basis for what? - ANSCommitment Define Budget Authority - ANSAmount of money available to an organization for obligation Define Outlays - ANSFunds that have actually been moved from the Federal Treasury Monitoring requirements in budget execution involves: - ANS1. Administrative control of funds

  1. Reporting results
  2. Assessment of applicability of results
  3. Supply of financial info to DoD managers Who conducts both financial and program audits to ensure the integrity of programs? - ANSGovernment Accountability Office (GAO)

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

VERIFIED AND 100% CORRECT ANSWERS BRAND NEW

EXAM ALREADY GRADED A+!!

The Government Performance and Results Act requires budget formulation be based on what? - ANSPerformance planning/reporting The 1921 Budget and Accounting Act was was responsible for the creation of what? - ANSOMB, GAO and the Comptroller General What Act requires the President to submit an annual budget proposal to Congress? - ANS1921 Budget and Accountability Act What act established sequestration? - ANS1985 Balanced Budget and Emergency Deficit Act What Act established the pay-as-you-go (PAYGO) for entitlements - ANS1990 Budget Enforcement Act What are the 1985 and 1987 Balanced Budget Acts ofter referred to as? - ANSGramm- Rudman-Hollings Acts GPRA requires what three things? - ANSStrategic Planning Performance Planning and Goal Setting Performance Reporting An administrative reservation of funds is known as what? - ANSCommitment What establishes the DoD policy and procedures of administrative controls? - ANSDoD FMR 7000.14R, Volume 14, Chapter 1 What gives a Federal Agency the legal authority to operate a program? - ANSAuthorization Date for the: Articles of Confederation Ratification of the Constitution Implementation of the Constitution - ANSMarch 1, 1781 June 1788 March 4, 1789 What Amendment provided the Bill of Rights - ANS10th What did the 17th Amendment allow? - ANSSenators to be elected by the people of the state instead of appointed by the legislature of the state. When was the practice of "Line Item Vetoing" found unconstitutional by the supreme court? - ANS Where does the Supreme Court not have jurisdiction? - ANSMatters involving ONLY violation of state law Congress has been meeting ______ times per year since ________. - ANSOnce, 1789 What article and section assigned responsibility for making laws to conress? - ANSArticle 1, Section 1 What is a Bill? - ANSLegislative proposal of a general nature that can address either a private or public nature How would bill 100 be numbered in the Senate/House? - ANSHouse H.R. 100 Senate: S. 100 Are proposed Amendments presented to the President? - ANSNo Who must ratify amendments to the consitution? - ANSThe States (Proposal routed through Administrator of General Services) How are Concurrent Resolutions designated? - ANSHouse: H. Con. Res

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

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EXAM ALREADY GRADED A+!!

What changes can be made through the passback? - ANSFunding for individual programs Reduce or increase Agency funding Direct that additional funding be added to specific programs within existing Agency funding levels. What are the three major processes associated with the Congressional Action phase? - ANSBudget Resolution Process Authorization Process Appropriation Process How many appropriations are there? - ANS12; One from each Agency What date should the House and Senate Budget Committee receive reports from all other congressional committees? - ANSMarch 15th The congressional budget office provides support to the various committees through ____________? - ANSscorekeeping Define scorekeeping? - ANSProcess of estimating the budgetary effects of pending legislation and comparing them to a baseline such as budget resolution or limits set in law. By law the Concurrent Budget Resolution must be completed by what date? - ANSApril 15th Does the Concurrent Budget Resolution require the president's signature? - ANSNo The output of the authorization process may be considered _________ or __________ legislation, which also provides _________ _________ legislation. - ANSenabling or organic appropriation authorization How often and by what means must the DoD be authorized? - ANSAnnually through the National Defense Act Who manages the authorization process for DoD? - ANSHouse and Senate Armed Services Committess When do hearings before the HASC and SASC begin? - ANSAfter the Presidents State of the Union What are the six defense-related House and Senate Authorization Committees? - ANS1. Armed Services (Senate and House)

  1. Permanent Select Committee on Intelligence (House)
  2. Select Committee on Intelligence (Senate)
  3. Energy and Natural Resources (Senate)
  4. Energy and Commerce (House)
  5. Environment and Public Works (Senate) Who manages the appropriation process for the entire federal government? - ANSHAC and SAC Are the appropriation committees required to follow the lead of authorization committee decisions? - ANSNo What are the three appropriations subcommittees in each house that directly impact DoD? - ANS1. Defense
  6. Military Construction/Veterans Affairs
  7. Energy and Water Development How often is DoD funding subject to review? - ANSAnnually

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

VERIFIED AND 100% CORRECT ANSWERS BRAND NEW

EXAM ALREADY GRADED A+!!

What reference provides guidance and procedures for appealing to Congress? - ANSDoD FMR 7000.14R, Volume 2A, Paragraph 010406 Who presents the DoD's position on appeals to congress? - ANSSecretary of Defense Appealing Congressional Actions can be done through a package submitted to the appropriate committee by ___________ or ____________. - ANSUnder Secretary of Defense (Comptroller) or DoD Chief Financial Officer (CFO) What are the two conferees in the appeals process? - ANSAuthorization and Appropriation What is a Budget Amendment? - ANSA request to amend (revise) budget estimates transmitted previously and on which Congress has not completed action. What is a Supplemental Request? - ANSA request for funding in addition to amounts already appropriated What step within the Federal Budget Process provides Budgetary Authority? - ANSStep 3: Appropriation What OMB Circular governs the performance on contractual requirements? - ANSOMB Circular A- 76 What authorizes the president to activate reserve military outside of wartime? - ANS10 USC 12304 What office was created through the Congressional Budget and Impoundment Act of 1974? - ANSCongressional Budget Office What bill was the catalyst for shifting the Fiscal Year? - ANSCongressional Budget and Impoundment Act of 1974 US Code for Purpose, Time and Amount - ANSPurpose: 31 USC 1301 Time: 31 USC 1502 Amount: 31 USC 1341/1342/ Budget Authority is distributed to agencies by OMB as a part of what? - ANSApportionment Process What form is the apportionment issued on? - ANSSF- 132 Under whose authority and on what form is the Appropriation Warrant issued on? - ANSDepartment of Treasury (FMS Form 6200) OMB has how many days after appropriations act passage to effect apportionment? - ANS days What for dos OSB use to report expenditures to OMB - ANSSF- 133 What is the first legal action after the president signs the apportionment bill into law? - ANSAppropriation Warrant Annually, agencies submit initial apportionment requests to OMB via ________ within ____ days after approval of the act providing new budget authority. - ANSSF-132, 10 Days The impoundment Control Act of 1974 prohibits the President from doing what? - ANSWithholding funds without sufficient reason Where can the rules for calculating FTE employment be found? - ANSOMB Circular A- 11 What term is used to refer to the totality of units in a DoD component? - ANSForce Structure

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

VERIFIED AND 100% CORRECT ANSWERS BRAND NEW

EXAM ALREADY GRADED A+!!

What is the formula for turnover rate? - ANSEmployees that left position over the last year / number of positions What is the formula for fill rate? - ANSAvg. number of days to fill position / workdays in a year What is the formula for a lapse rate? - ANSTurnover Rate * Fill Rate (TR x FR) What is the formula to calculate the number of positions to budget? - ANSTotal Positions - [Total Positions x Lapse Rate] What Title and section of the USC authorizes SECDEF to establish early retirement/buyout programs? What are they called? - ANS5 USC 9902(f) VSIP and VERA The DoDo is permitted no more than ________ buyout separations per year under 5 USC 9902, however, this does not include those buyouts subject to __________ or __________ employees. - ANS25, Base Realignment and Closure "or" NAF An employee accepting a buyout cannot be rehired for how may months? - ANS What act requires provides guidance on identifying activities that are not inherently governmental? - ANSFederal Activities and Reform Act of 1998 When are lists identifying non-inherently governmental activities due, and who are they sent to? - ANSNot later than the end of the third quarter Director of OMB What are the two categories of Inherently Governmental Functions - ANS1. Act of Governing

  1. Monetary transactions and entitlements OMB Circular A-76 defines activities into two categories: - ANSCommercial and Inherently Governmental The determination of agency policy, such as determining the content and application of regulations among other things is what kind of activity? - ANSInherently Governmental Command of Military Forces, Control of Prosecutions, and Direct Conduct of Investigations are examples of what type of activity? - ANSInherently Governmental What Act/Public Law sets the statutory requirements pertaining to performance of commercial activities - ANSFederal Activities Inventory Reform Act of 1998, P.L 105- 270 OMB Circular A-76 is not designed to simply contract out, but to: - ANS1. Balance interests of parties to make or buy cost comparison
  2. Provide level playing field in public/private sector competition
  3. Encourage competition and choice in the management and performance of commercial activities In regards to OMB Circular A-76, it is the policy of the government to: - ANS1. Achieve Economy and Enhance Productivity
  4. Retain Governmental Functions In-House
  5. Rely on the Commercial Sector The Government Performance and Results Act (GPRA) of 1993 madates what: - ANSPerformance Measurement by the Federal Government

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

VERIFIED AND 100% CORRECT ANSWERS BRAND NEW

EXAM ALREADY GRADED A+!!

What are the 6 Key Elements of OMB Circular A- 76 - ANS1. Conversion to Contract

  1. Conversion to In-House
  2. Commercial Source
  3. Cost Comparison
  4. Most Efficient Organization (MEO)
  5. Performance Work Statements (PWs) What does a PWS state: - ANSTechnical, Functional and Performance characteristics of the work to be performed If a Commercial Activity provides critical or sensitive services, the PWS shall include sufficient _________ _________ and _________ _________ to prepare a plan for expansion in emergency situations. - ANSIn-House Organization "and" Commercial Sources Who gets notified first in the Cost Competition Process? - ANSCongress The ______ is the basis of the Government estimate? - ANSMEO/PWS The MEO must reflect only _________ resources for which the CA has been authorized? - ANSapproved Under OMB Circular A-76 "Cost Comparison", Commercial Activity bids must be at least _____% below In-House personnel-related cost? - ANS Under OMB Circular A-76 "Cost Comparison", the standard competition is _____ months, extendable to ____ months with approval. - ANS12 and 18 Under OMB Circular A-76 "Cost Comparison", the time limit for a "streamlined" procedure is ____ days, extendable another ____ days with approval? - ANS90 and 45 Under OMB Circular A-76 "Cost Comparison", the streamlined process can be used if the competition involves 65 full time equivalent employees or fewer. - ANS Under OMB Circular A-76 "Cost Comparison" streamlined process the ________ does not apply. - ANS10% rule DoDI 4100.33 requires what two notifications to be made? - ANSCongressional Notification DoD Employee Notification DoDI 4100.33 requires Congressional Notification be made when doing a cost comparison consisting of _____ or more civilian personnel. - ANS Which public law requires reports and certifications are completed prior to DoD public- private competitions. - ANSP.L. 111-84. Section 325 The OMB Circular A-76 moratorium does not apply to competition where the work is currently being done by the ____________ and the competition could potentially bring the work __________________. - ANSPrivate Sector In-House Private-Public competitions are also known as what? - ANSReverse A-76's DoD implements the ethics provisions of ___ CFR _____ through the Joint Federal Regulations DoD _________. - ANS5 CFR 2635 DoD 5500.7-R How many general principles are broadly defined under 5 CFR 2635.101? - ANS Eployees shall not use their position for what purpose? - ANSPersonal Gain

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

VERIFIED AND 100% CORRECT ANSWERS BRAND NEW

EXAM ALREADY GRADED A+!!

What are the three primary ways an employee can deal with a potential conflict of interest? - ANS1. Recuse themselves

  1. Divest interests or request agency waiver
  2. Resign from the conflicting position Agencies may, by supplemental regulation, __________ or___________ the holding of certain financial interests by all employees. Some even extending to employees family members. - ANSprohibit "or" restrict Which Act requires senior officials within the executive, legislative and judicial branches to report their finances and other interests? What forms are used? - ANSEthics in Government Act of 1978 OGE 278e and OGE 278-T Certain, less-senior executive branch employees whose duties involve discretion in sensitive areas such as contracting, procurement, administration of grants and licenses, and regulating or auditing non-Federal agencies are required to report financial information on what form? - ANSOGE 450 Section 1043 of the Internal Revenue Code allows for what? - ANSDeferral of capital gains taxes on assets that must be sold to comply with ethics program requirements. In order to take advantage of the tax deferral mechanism under Section 1043 of the Internal Revenue Code, a __________ ____ ___________ must be obtained from the OGE before the sale occurs - ANSCertificate of Divestiture A blind trust must be approved by whom prior to being executed - ANSDirector of OGE An employee should consider recusing themselves from a matter if they have a ____________ relationship with an involved party. - ANSCovered If an employee received a severance payment in excess of $_______________, and certain other factors are met, then the employee is disqualified for ___ years from participating in any matter in which the previous employer is involved. - ANS$10,000 and 2 years An employee is considered seeking employment if: - ANS1. They are engaged in actual negotiations for employment
  3. An employee reply's to a potential employer with a response other than a rejection.
  4. They have contacted an employer about potential employment An employee is considered no longer seeking employment if: - ANS1. Employee or potential employer have rejected possibility of employment and all correspondence has ceased
  5. Two months have elapsed since resume submittal and no replies have been received 5 USC 501 promulgates the _____________ ____________ which prevents compensation for a lecture, speech or writing. - ANShonoraria prohibition What Supreme Court case removed the honoraria prohibition for government employees below the pay grade of GS-16 (now SES) - ANSUnited States vs National Treasury Employees Union What CFR prohibits government employees from receiving compensation for speaking, teaching or writing that relates to their official duties (exceptions for teaching certain courses)
  • ANS5 CFR 2635.807(a)

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

VERIFIED AND 100% CORRECT ANSWERS BRAND NEW

EXAM ALREADY GRADED A+!!

If an executive branch employee is involved in a matter that is considered personal and substantial, they are barred from representing anyone on that matter to any agency, Federal dept, or court for how long? - ANSForever If an executive branch employee is involved in a matter that is under their official duty during their last year of government service, they are barred from representing anyone on that matter for how long? - ANS2 years Certain high-level officials are subject to a so called "____________________________" which prevents them from making any appearance on behalf of anyone before his former agency in an attempt to influence the agency on any matter for which the member seeks official action. - ANSone year cooling off period What exceptions are provided for executive branch employees representing private interests before the government? - ANS1. Employee

  1. Parent, Spouse or Child
  2. Person for which the employee is a guardian, executor, trustee, etc. An employee cannot be compensated when representing what type of organization before the government - ANSNon-Profit The Federal Gov't operates on a personnel system based on what manual, and who is it issued by? - ANSFederal Personnel Manual OPM Who is key to a successful labor relations program? - ANSUnion Representative Should a gap occur between an employees demonstrated ability and certain tasks that are critical to the organization, the manager should first refer to a what? - ANSLabor Relations Specialist The decision about the qualifications an employee must possess is derived from where? - ANSJob Analysis Process A manager considering implementation of a new policy within a division should do what? - ANSDiscuss policy with union reps and employees Resolution of unsatisfactorily performance includes what? - ANSFormal Opportunity to Improve What is the name of the departments internal control effort? - ANSManagers Internal Control Program The purposes of the Federal Managers' Financial Integrity Act of 1982 are to prevent waste or misuse of agency funds or property and to ensure the accountability of what? - ANSAssets What do internal controls reasonably ensure? - ANS1. Programs achieve intended results
  3. Resources are used efficiently
  4. Programs/resources are protected from waste, fraud, and mismanagement
  5. Laws and regulations are followed
  6. Financial reporting is reliable and accurate What agency issues "Standards for Internal Control in the Federal Government"? - ANSGAO Segregation of Duties is a type of which internal control standard? - ANSControl Activities The Financial Managers Financial Integrity Act report must include agency plans to correct what type of weakness? - ANSMaterial Weakness

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

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EXAM ALREADY GRADED A+!!

  1. Submitted Annually When are Agency Financial Reports due? - ANSNovember 15th ERM involves a ______________ view of risk. - ANSportfolio What established the legal framework for internal controls in the Federal Government - ANSFederal Managers Financial Integrity Act of 1982 What promulgated FMFIA within the Executive Branch? - ANSOMB Circular A- 123 What is the title of OMB Circular A-123? - ANSManagements Responsibility for the Enterprise Risk Management and Internal Control What Act required GAO to establish the Standards for Internal Control in the Federal Government? - ANSFMFIA Standards for the Internal Control in the Federal Government is also knows as what? - ANSThe Green Book DoD established what Instruction to implement the FMFIA and OMB Circular A-123 within the Department of Defense? - ANSDoD Managers Internal Control Program, DoDI 5010. Which Agency promulgates guidance to carry out provisions of law? - ANSOMB Circular A- 123 Federal Managers Financial Integrity Act requires each federal agency to implement and maintain an FM system that comply w/ _____________________ and the ________________________ at the transactional level? - ANSFederal Requirements U.S. Government Standard General Ledger The FMFIA of '82 require Executive Agencies to do these 4 things: - ANS1. Evaluate Internal Controls
  2. Identify track and Control Material Weaknesses
  3. Annually report self-assessment findings
  4. Make annual Agency report public What Agency prescribes standards for executive agency internal accounting and administrative controls and prompt resolution of audit findings? - ANSGAO ________ in consultation with __________ establish guidelines for evaluation by agencies of their system of internal accounting and administrative controls. - ANSOMB; GAO An effective Agency-wide approach to addressing the full spectrum of the organization's external and internal risks by understanding the combined impact of risks as an interrelated portfolio, rather than addressing the risks within silos in known as what? - ANSEnterprise Risk Management Once established, and ERM program should be fully integrated into agency decision making processes, with ___________ leadership support and engagement - ANSActive What are the seven steps on the ERM model? - ANS1. Establish Context
  5. Initial Risk Identification
  6. Analyze and Evaluate Risk
  7. Develop Alternatives
  8. Respond to Risks
  9. Monitor and Review
  10. Continuous Risk Identification

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

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OMB provides guidance concerning the development of a risk profile in the _________________. - ANSERM Playbook The Green Book defines internal control as? - ANSA process effected by an entity's oversight body, management, and other personnel that provides reasonable assurance that objectives are achieved. What are the three categories by which Internal Controls are broadly classified? - ANS1. Operations

  1. Reporting
  2. Compliance What Act requires an annual Statement of Assurance be submitted? What individual is responsible for submitting? - ANSFMFIA; Head of Agency What manual presents a methodology for performing information system control audits of Federal and Governmental entities? - ANSFederal Information System Controls Audit Manual (FISCAM) What are the two types of internal controls? - ANSGeneral and Business Segregation of Duties is a what type of activity? - ANSControl Activity Providing reasonable assurance that all recorded transactions actually occurred (are real), relate to the organization, are authentic, and were properly approved in accordance with managements authorization; and output contains only valid data is know as what type of Business Process Application Control? - ANSValidity Service organization internal controls establish __________________ at the agency receiving services? - ANSuser controls What are three examples of User Agency Controls? - ANS1. Input/Output Controls
  3. Performance Monitoring
  4. Process Controls The Green Books objectives can be broadly classified into what three categories? - ANS1. Effectiveness and Efficiency of Operations
  5. Reliability of Reporting
  6. Compliance with applicable laws and regulations These standards define the minimal level of quality acceptable in the Federal Government? - ANSGAO Standards GAO's Framework for internal controls is made up of what fives components? - ANS1. Control Environment
  7. Risk Assessment
  8. Control Activities
  9. Information and Communication
  10. Monitoring Who is responsible for the implementation of internal controls? - ANSManagement What are the three categories of Internal Control Deficiencies? - ANS1. Control Deficiency
  11. Significant Deficiency
  12. Material Weakness A Significant Deficiency can be corrected at what level? - ANSThe level identified

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

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EXAM ALREADY GRADED A+!!

What are the three types of assurances that can be reported on the Statement of Assurance? - ANSUnmodified Statement (no material weakness) Modified Statement (on or more material weakness) Statement of no assurance (pervasive material weakness) What requires Heads of Agency to report whether there is "reasonable assurance" that the Agency's controls are achieving their intended objectives and a report of Agency's material weaknesses? - ANSFinancial Managers Financial Integrity Act DoD components are required to submit their statement of assurance by what date? - ANSOctober 1st Annual Financial Reports are due when? - ANSNovember 15th If an Internal Financial Management System is substantially out of compliance with federal requirements, agency's are required to report what level of assurance? - ANSStatement of no assurance When the level of assurance is "modified" for operations, the format provided by the managers internal control program guiance must include? - ANS1. Uncorrected Material Weaknesses (Current and Prior year disclosures) and the summary of corrective action plans. Summary provides milestone timelines, and current status of in progress corrective action.

  1. Material Weaknesses corrected in the current year (Current and Prior year disclosures). Includes as the last milestone, a validation step that evaluates and certifies effectiveness of corrective action. An explicit level of assurance on the effectiveness of internal controls over financial reporting shall be reported NLT? - ANSJune 30th (DoD/OSD identified in Managers Internal Control Program and FIAR guidance) What is an assessable unit? - ANSsubdivision of an organization that ensures a reasonable level of management control to allow for adequate control analysis Define waste? - ANSUsing or expending resources carelessly, extravagantly or to no purpose Define abuse? - ANSBehavior that is deficient or improper when compared with behavior that a prudent person considers prudent and necessary in operational practice given the facts and circumstances Define significant deficiency - ANSsituation that exists when the design, implementation or operation of a control does not allow management or personnel to achieve control objectives and address related risks US code 31 - ANSMoney and finance Us code 41 - ANSPublic contracts Us code 10 - ANSArmed forces Us code 5 - ANSGovernment organization and employees How many us codes are there? - ANS Circular - ANSHow to implement law that was passed Circular a- 11 - ANSPreparation, submission and execution of the budget Circular a- 76 - ANSPerformance of commercial activity Circular a- 94 - ANSGuidelines on discount rates for benefit-cost analysis of federal programs

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Circular a- 123 - ANSEnterprise risk management and internal controls Circular a- 136 - ANSFinancial management reporting How long between Declaration of Independence and ratification of articles of confederation?

  • ANS5 years (1776-1781) What is the pre-cursor to the us constitution - ANSArticles of confederation When did the us constitution take effect? - ANSMarch 4, 1789 How long between Declaration of Independence (from Great Britain) and us constitution in effect - ANS13 years (1776-1789) How was separation of powers devised? - ANSExecutive branch, legislative branch, judicial branch What is the essential principal of the constitution of the United States - ANSGovernment must be confined to the rule of law Can the constitution be amended - ANSYes but it's very difficult What is the origination clause - ANSArticle 1 section 7 What is article 1 section 7 - ANSAll bills for raising revenue ORIGINATE in the House of Representatives but senate may propose or concur What is needed to override a Presidents veto - ANS2/3 majority vote in Congress (house and senate) How long does President have to approve or veto a bill? - ANS10 days (no including Sunday) Who determines number of federal courts? - ANSCongress Article 1 section 9 - ANSThe congressional power of the purse Power of the purse - ANSNo money shall be drawn from the treasury but in consequence of appropriations made by law Article 2 - ANSThe executive branch The executive branch power - ANSPower and with the advice and consent of the Senate, to make treaties, provided 2/3 of the Senators concur, appoint ambassadors, public consults, judges of the Supreme Court and all other officers of the United States Article 3 - ANSJudicial branch Article 2 Section 2 - ANSRules only On cases involving federal law and constitutional matters (nothing with State law) When does the new Congress convene? - ANSFor 2 years following the November elections. Two sessions. Session 1-November, session 2-January Types of resolutions - ANS1. Joint 2. Concurrrent 3. Simple Where does joint resolution originate - ANSEither in the House of Representatives or in the Senate Joint resolutions become a law? - ANSYes in the same manner as bills Most popular resolution - ANSContinuing resolution How to amend constitution - ANSThrough the joint resolution process What is the Bill of rights? - ANS1st 10 Amendments Steps to amend the constitution - ANS1. 2/3 of Congress must propose the amendment
    1. 3/4 of state legislatures must ratify the amendment Concurrent resolution - ANSAffects operations of both house and senate

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

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EXAM ALREADY GRADED A+!!

Agencies submit budget to OMB - ANSSeptember (except dod) Who does DoD submit budget to? - ANSOSD for review at end of December. OSD sends to OMB beginning of January OMB holds hearings on budget - ANSYes except for dod OMB drafts presidents budget - ANSIn January Who conducts the internal review of DoD's budget? - ANSOSD and OMB Internal review of DoD budget - ANS"Fall review" (sept-dec) Term for OMB hearings on budget estimates - ANSPassback Who makes recommendations to president on each agency's budget - ANSOMB Passback changes - ANSCan be appealed by the agency to the President Who makes appeals To budget for DoD to President? - ANSSecretary of Defense OMB - ANSComptroller for fed agencies CBO (congressional budget office) - ANSComptroller for Congress Concurrent budget resolution (CBR) - ANSBudget committees Sets ceilings for each appropriation bill (Jan-April) Congress adopts a CBR by April 15th When is the budget "grace period" - ANSApril-may When does House and Senate revise the CBR? - ANSJune When does Congress pass appropriations - ANSBy September 30th. But only met this date 4 times. Always go into a CR Is the CBR sent to the President - ANSNo Budget resolution process - ANSConfessional budget office (CBO) Works with the house budget committee (HBC) and the senate budget committee (SBC). Each determine "floor" than come up with a HBC/SBC resolution leading to the CBR (concurrent budget resolution) How does the congressional budget office support to various committees - ANSScorekeeping Scorekeeping - ANSTracked by CBO: Budget authority, receipts, outlays, surplus/deficit, public debt limit Appropriation bill can not exceed ceiling set by CBR by - ANS60% If CBR ceiling is exceeded by 60% - ANSNeed majority vote of Congress to approve Total budget outlays - ANS1. Pmts from treasury

  1. Primary measure of govt spending Enabling and organic - ANSGives agency permission and creates authority for programs NDAA - National defense Authorization Act - ANSCan not exceed top line fight. It is not budgetary authority Authorization provides authority to - ANS1. Program to exist
  2. Sets funding ceilings
  3. Set dod policy
  4. Set major defense acquisition program quantities
  5. Sets end strength levels

COMPREHENSIVE EXAM QUESTIONS WITH DETAILED

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EXAM ALREADY GRADED A+!!

Appropriation process - ANS1. HAC/SAC hearings of committees and subcommittees

  1. Mark up session and determine floor
  2. HAC/SAC conference
  3. Floor
  4. President signs
  5. Becomes law Deadline: September 30th How many subcommittees does the HAC and SAC have - ANS12 (one for each appropriation bill) Head of Defense HAC and SAC committee - ANSHAC-D and SAC-D What is in the defense related appropriations act - ANS1. Mostly - Defense
  6. Little - Military construction/VA
  7. Little - energy and water development About $800Billion a year Budget Ammendments - ANSEstimates to Congress amending (revising) budget estimates on which Congress has not completed action Supplemental requests - ANSFunds in addition to appropriated Ie: hurricane Katrina CR - continuing resolution - ANSHas to be passed by Congress and signed by president Two phrases of a CR - ANS1. Keep spending at current rate
  8. No new starts 3 phases of Budget process - ANS1. Budget resolution (HBC and SBC)
  9. Budget authorization (HASC and SASC)(House armed services committee and center armed services committee)
  10. Budget appropriation (HAC-D and SAC-D) Budget resolution committees - ANSHBC and SBC prepare the CBR (concurrent budget resolution) Budget Authorization Committees - ANSHASC and SASC conduct hearing and submit the national defense authorization bill which allows programs to exist Appropriations committee - ANSHAC-D and SAC-D draft and submit the Appropriation Bills that provide the govt budget authority Apportionment form - ANSSF-132 from OMB giving obligation authority Most common apportionment - ANSQuarterly Who issues appropriation warrant - ANSTreasury Who requests apportionment for Defense? - ANSOSD (within 10 days of appropriation act passing) Who allocates to Military Departments? - ANSOSD How do military get their allotments? - ANSVia the FAD Temporary warrants - ANSPrepared by the agency during a CR and submitted to Treasury