Reference no: EM133273512

1. In order, identify the five budgetary decision clusters

expenditures, revenue, process, balance, implementation

revenue, expenditures, process, balance, implementation

Process, expenditures, revenue, balance, implementation

revenue, process, expenditures, balance, implementation

2. A(n) ________________ statement is a profit-and-loss statement.

trial balance

balance

financial

income

3. The following are examples of mandatory spending except

New initiatives

Entitlements

Debt repayment

Pensions

4. What is the difference between the national debt and the federal deficit?

Both the federal deficit is the national debt relate to one year's borrowing to cover excess spending.

The national debt is composed of all borrowing to cover the annual federal deficits.

The federal deficit consists of public sector debt while the national debt includes both public and private sector debt.

The national debt includes all funds owed by all levels of government while the federal deficit reflects only what the federal government owes.

5. ___________________ is when the quantity of money seeking to purchase services and good increases faster than quantity of goods offered

deflation

inflation

deflator

Recession

6. Liquidity is measured by dividing the following

current assets/current capital

current assets/long-term liabilities

accounts receivable/current liability

current assets/current liabilities

7.  ________________ and _________________ are the two major types of municipal bonds used by government entities.

revenue, paygo

revenue, general obligation

asset, capital

short term, long-term

8. In a state or local government, the budget for which of the following most likely occurs first?

Governmental appropriations.

Capital expenditures.

Governmental revenues.

Cash receipts.

9. The following are examples of mandatory spending except

New initiatives

Entitlements

Debt repayment

Pensions

10. Budgeting for performance in a governmental entity is:

Always separate from the traditional process of budgeting revenues and expenditures to demonstrate compliance with laws and regulations.

Not evaluated in the GFOA's Distinguished Budget Presentation Award program.

Not required of governmental entities by their state oversight bodies.

Focused on improving efficiency and delivering higher quality services to taxpayers.