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Stack #2062117

Unit IV: Preparing the Federal Budget

QuestionAnswer
What is the federal government's purpose in creating a federal budget? It enables the government to predict and control revenue and spending for that year
fiscal year 12 month accounting period that extends from Oct. 1-Sept. 30
Which two branches is the federal budget controlled by? Executive and legislative
Purpose of the Budget and Accounting Act of 1921 Stated that President is responsible for directing preparation of budget and ordering budget priorities
Office of Management and Budget confers with President on wide range of matters
uncontrollables expenditures required by law or resulting from previous budgetary commitments Examples include entitlements (SS, Medicare) and interest needed to be payed off in debt
Created by: nnaseem98
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