Question 1

According to Allen Schick, there are three purposes of a budget.List these purposes and explain how these purposes shaped the budget's format.

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Question 2

What is the capital budget?

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Question 3

To make the budget process more flexible, the executive and legislative branches engage in certain compromises.Explain how the following compromises work: backdoor spending, reprogramming, transfers, and supplemental appropriations.

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Question 4

Discuss some of the political strategies various agencies, legislators, and interest groups employ during the budgeting process.

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Question 5

What is debt management?

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Question 6

Discuss the pros and cons of the following six revenue sources: personal income tax; corporate income tax; property tax; a estate, inheritance, and gift taxes; sales tax; and user charges.Note: this question can be we formulated in a variety of ways.For example: "Discuss the pros and cons of the following two revenue sources…."

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Question 7

Distinguish accrual accounting from cost accounting.

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Question 8

What are the three criteria a financial manager can use to evaluate his or her revenue options?

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Question 9

What is the difference between the budget deficit and the national debt? How big a problem is the federal deficit?

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Question 10

What is new performance budgeting, and what are some of the difficulties in making it work?

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Question 11

Among other things, auditing seeks to determine whether accounting controls prevent fraud.What are some of the more popular methods that have been used to steal from the government?

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Question 12

Explain the importance of cash management to state and local governments.

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Question 13

Discuss the ways in which policymakers simplify the budget process.

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Question 14

Discuss the various proposals to reform federal taxation.

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Question 15

Explain uncontrollable expenditures.Why are they a problem?

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Quiz 11: Public Financial Management