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CGFM > Test 1 > Flashcards

Test 1 Flashcards

1
Q

Anti-Deficiency Act

A

Officials can be fined or jailed if they obligate the government to spend funds beyond the legally authorized purpose, time or amount

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2
Q

Apportionment

A

OMB’s approval to use a portion of the legislatively approved budgetary authority

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3
Q

Appropriated budget

A

Budget that has been passed by the legislative branch; has effect of law

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4
Q

Appropriation

A

A legislative enactment that creates spending authority to incur expenses and spend money

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5
Q

Block grant

A

A formula grant that combines several service categories into one grant allowing maximum flexibility to use the funds to meet local needs (unlike a categorical grant)

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6
Q

Capital budget

A

Forecasts and controls spending for big ticket items acquired and used over several years such as construction projects and major equipment purchases

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7
Q

Capital lease

A

A lease of real property meeting defined criteria requiring the government to report the property as if it were purchased with the proceeds of long term debt

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8
Q

Cash-flow budget

A

Used to project the timing and amount of cash flows for a period of time

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9
Q

Categorical grant

A

A formula grant that can be used only for a narrowly defined purpose (unlike a block grant)

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10
Q

Central management agencies

A

Provide central management services to other components. An example would be a Human Resources office or Office of Management and Budget

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11
Q

Certificate of Excellence in Accountability Reporting (CEAR)

A

AGA program that helps agencies produce effective high quality performance and accountability reports and agency financial reports

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12
Q

Certificate of participation

A

Form of shared government financing where typically several financial institutions share in a loan arrangement with a government entity

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13
Q

Charter

A

Local government form of a constitution. States may provide for the establishment of local governments through charters.

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14
Q

Checks and balances

A

Flows from separation of powers. One branch of government can constrain actions of the other branches.

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15
Q

Chief Financial Officer (CFO) Act

A

1990 law that requires major executive branch agencies to have a CFO that prescribes duties and reporting requirements and requires audited financial statements

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16
Q

Commission

A

Government component established by law (permanent or temporary) that may have greater autonomy and authority than administratively established government components. Example is the Federal Communications Commission.

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17
Q

Component

A

Organized unit of government such as an agency, office or department found in all branches of government at all levels. Example is that the Fish and Wildlife Service is a component of the US Department of the Interior.

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18
Q

CAFR

A

Financial report that includes an MD&A, basic financial statements, footnotes, and RSI as well as an introductory section and additional financial information and a statistical section

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19
Q

Conflict of interest

A

When one has a personal interest in matters relating to official duties or activities. Such conflicts can destroy objectivity and independence and prevent the exercise of due care.

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20
Q

Consumption tax

A

A broad category tax that includes sales, use, excise and value-added taxes

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21
Q

Continuity of operations

A

Efforts to ensure the organization can sustain essential operations, regardless of planned or unplanned incidents or disruptions

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22
Q

Covenant (bond)

A

Legal requirements pertaining to a specific bond issue defining the maturity date, revenue stream used to repay the debt, interest rate, and repayment schedule. May require a sinking fund and may specify conditions that must be met while the bonds are outstanding and/or before new debt can be used.

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23
Q

Credit-rating agency

A

Independent organization that assesses the credit worthiness of a borrower. Three major rating agencies are Standard & Poors, Moody’s Investor Service and Fitch Ratings

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24
Q

Data mining

A

Using special computer-based techniques to extract meaningful information from large bodies of data

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25
Q

Debt

A

Money owed by the entity usually as a result of planned borrowing to finance government objectives

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26
Q

Dedicated collections

A

Taxes levied or other revenues collected to finance a specific activity. Proceeds are deposited into an account restricted to that activity. Also referred to as earmarked or restricted taxes

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27
Q

Deficit

A

Occurs when government expenditures for a specific fiscal period exceed revenues or other financial resource inflows

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28
Q

Diligence

A

Pursuing an event, action or assignment to a timely and sufficient end or close

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29
Q

Discretionary grant

A

Is a Project grant

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30
Q

Donation

A

Voluntary construction that confers no rights or benefits to the giver

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31
Q

Due care

A

To discharge professional responsibilities with competence and diligence, to the best of one’s ability, and with the same level of ability and skill as others in similar positions. It also means to act in the best interest of those served.

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32
Q

Earmarking

A

Revenue from specific taxes or other sources set aside for specific activities. Also called Dedicated Collections.

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33
Q

Enterprise resource planning (ERP) system

A

Major end-to-end computer system that links many functions and departments. Used to simplify and streamline financial management, and to integrate operations with financial management.

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34
Q

Estate tax

A

Form of wealth tax. Levied on estate of the deceased person before their assets are distributed to heirs.

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35
Q

Ethics

A

A complex system of discipline that civilized societies impose on themselves through laws, customs, social etiquette, to govern moral conduct

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36
Q

Excise tax

A

Form of consumption tax. Levied on the consumption of a particular type of good or participation in a certain type of activity. Whereas general sales taxes are broad-based, excise taxes are more narrowly targeted.

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37
Q

Executive order

A

Order issued by the president, governor, or local chief of staff that does not violate laws or statutes, and had a substantial impact on policy and procedures of government. Carries less weight than a law because it can be overturned.

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38
Q

Fair

A

Free from self-interest, prejudice or favoritism. Implies an elimination of one’s own feelings, prejudices and desires so as to achieve a proper balance of conflicting interests.

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39
Q

Federal Accounting Standards Advisory Board (FASAB)

A

Defined GAAP for entities of the federal government

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40
Q

Federalism

A

Government authority and responsibility is shared among different levels of government

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41
Q

Financial Accounting Standards Board (FASB)

A

Defines GAAP for private sector entities

42
Q

Financial management system

A

Organized means for the collection, processing, transmission and dissemination of financial information. Includes policies and procedures and trained personnel, as well as any applicable computer hardware and software.

43
Q

Financial report

A

External report that depicts financial position and financial results of an entity

44
Q

Formula grant

A

A type of intergovernmental grant that includes both categorical and block grants in which the amount of the grant is based on a formula, contained in law or regulation that determines the total amount each recipient will receive, if basic eligibility requirements are met.

45
Q

Forensic auditing

A

Forensic implies that the results will be admissible as legal evidence. Combines the skills of auditors and accountants with investigative techniques, useful for both detection and prevention of fraud.

46
Q

General Assembly

A

Name often applied to the legislative branch at the state level

47
Q

General obligation bonds

A

Form of government debt that is backed by the full faith and credit of the government. Contrasts with revenue bonds.

48
Q

General-purpose government

A

Entity at the national, state or local level that provides a broad range of services

49
Q

Generally Accepted Government Auditing Standards (GAGAS)

A

Issued by the Government Accountability Office (GAO) to define the expected level of performance for the conduct of an audit or attestation. Also called the Yellow Book.

50
Q

Government corporation

A

Quasi-government entity formed to support businesslike functions where most, if not all, operating expenses are expected to be covered through revenues and fees rather than from appropriated budget

51
Q

Government Performance and Results Act (GPRA)

A

U.S. law passed in 1993 requiring federal agencies to create long-term strategic plans followed by annual performance plans and reports.

52
Q

Grant

A

Funds transferred from one level of government to another for specific or broad purposes

53
Q

Impartial

A

Lack of favoritism. The absence of favor or prejudice. Not partial or biased. Treating or affecting all equally.

54
Q

Income tax

A

Tax based on income and levied on individuals or corporations.

55
Q

Independence

A

Free of relationships that may impair, or appear to impair, one’s ability to act with objectivity - free of any obligation to particular parties or interests.

56
Q

Inheritance tax

A

Form of wealth tax. Levied on the person receiving the bequest.

57
Q

Initiative

A

Process that enables citizens to present their view of a problem and a proposed solution rather than depending on a solution devised and enacted by the legislature. Allows direct citizen action to affect laws.

58
Q

Intangibles tax

A

Form of wealth tax. Applied to intangible assets such as stocks and bonds, savings accounts, trademarks and accounts receivable.

59
Q

Internal controls

A

Designed to ensure programs achieve their intended results without fraud or waste

60
Q

Judicial review

A

Judicial branch may review actions by the legislative and executive branches. Flows from separation of powers.

61
Q

Lease-purchase

A

When a government entity assumes a long-term lease on a capital asset and at the end of the lease period the asset may transfer to the government. Usually do not require voter approval.

62
Q

License fee

A

Fee paid to the government for a specific privilege, often related to an activity.

63
Q

Line-item veto

A

Authority that allows the chief executive such as the governor or mayor to strike individual line items from the budget without vetoing the entire budget bill. U.S. presidents do not have line-item authority.

64
Q

Lottery

A

State-controlled gambling, used by many states as a source of revenue.

65
Q

Management cycle

A

Sequence of activities entailed in managing a government and/or its operations. Includes planning, programming, budgeting, operations, accounting, reporting and auditing.

66
Q

Mediation

A

Form of conflict resolution that involves an objective third-party mediator who tries to bring the disputants closer together. Unlike arbitration, mediation is usually voluntary and non binding.

67
Q

Note

A

Form of government debt used as a short-term financing source. Principle and interest typically retired at same time.

68
Q

Object class

A

A budget or accounting category that defines the resources to be applied to specific types of inputs, such as personnel, travel, tools or supplies.

69
Q

Objectivity

A

Imposes the obligation to be impartial

70
Q

Operating budget

A

Defines level of resources to be applied in providing government programs and services. Usually covers periods of one to two years.

71
Q

Ordinance

A

Law enacted by a legislative body below the state level, such as a county, city or town.

72
Q

Outcome

A

Results of government programs such as the number of gainfully employed graduates or reduction in road accidents. May take many months or years to achieve. Outcomes are often more difficult to measure than outputs.

73
Q

Output

A

The goods or services produced, such as number of students trained or number of road miles repaired.

74
Q

Performance and accountability report

A

A single report that combines financial results and performance results. Recent requirement for federal executive agencies, but may be practiced at other levels of government.

75
Q

Performance report

A

External report that indicates what has been accomplished with the resources consumed by a government

76
Q

Personal property tax

A

Form of wealth tax. Personal property differs from real property in that it is not attached to the ground and can be transferred from one location to another.

77
Q

Popular report

A

Condensed form of external financial report that provides basic financial information and other performance data in a short, easy-to-read format

78
Q

Popular sovereignty

A

Ultimate sovereignty rests with the people

79
Q

Project grant

A

Sometimes referred to as “discretionary grants”. A type of grant that provides funding for specific purposes for limited periods of time. In contrast to formula grants.

80
Q

Quasi-government entities

A

Entities that blend characteristics of governments and the private sector

81
Q

Recall

A

Process that enables voters to remove elected officials from office. Usually involves collecting signatures on a petition. The proposal is then put to a vote.

82
Q

Referendum

A

Process by which certain legislative actions are presented to voters before taking effect

83
Q

Reserved clause

A

10th Amendment to the U.S. Constitution. Powers not delegated to the U.S. by the Constitution or prohibited by states are reserved to the states or to the people.

84
Q

Revenue bond

A

Form of debt that is secured by a specific source of financing such as revenue from the project being funded. Contrasts with general obligation bonds, which are backed by the full faith and credit of the government.

85
Q

Sales tax

A

Form of consumption tax based on individual sales transactions, usually collected at point of sale by the vendor who then remits the tax to the government.

86
Q

Separation of powers

A

Principle that each branch of government possesses certain powers with regard to the other branches and acts in some ways to constrain the other branches. Checks and balances and judicial review flow from this principle.

87
Q

Serial bonds

A

A bond issue featuring maturities, every year, over a period of several years. Contrasts with term bonds in which the entire issue matures on the same date or near the same date.

88
Q

Service efforts and accomplishments (SEA)

A

A generic term for a program to measure performance, including the inputs to government programs and the outputs and outcomes achieved through application of those resources.

89
Q

Shared revenues

A

Usually between state and local governments. Shared revenue funds are provided with few constraints so that local entities can use the funds as needed.

90
Q

Situational leadership

A

Developed by Ken Blanchard and Paul Hersey. Encourages leaders to diagnose developmental level of employees and vary their leadership style accordingly.

91
Q

Sovereignty

A

Means “possessed of supreme power”. The federal government cannot be sued without its permission.

92
Q

Special-purpose government

A

Organized for a single purpose or a few closely related purposes. Examples are school districts or conservation districts.

93
Q

Stewardship

A

Principle that government is accountable for safeguarding assets and promoting long-term economic security of citizens

94
Q

Tax equity

A

Principle that taxes should treat taxpayers fairly.

95
Q

Tax expenditure

A

Provision of tax law that uses tax deductions or credits to encourage certain behavior by individuals or businesses. It achieves through the tax system certain political or social goals that the government would otherwise have to spend money to accomplish.

96
Q

Term bonds

A

A block of bonds in which all bonds on the issue mature on the same date or near the same date, usually many years after issuance. Contrasts with serial bonds.

97
Q

Use tax

A

Tax charged on goods purchased from out-of-state and used within the state. Tax is levied for the right to use the item in the state. One form of consumption tax.

98
Q

User fee

A

Fee imposed on the specific beneficiary of a good or service. User fees range de admission charge for a museum to tuition at a day-care center.

99
Q

Value added tax (VAT)

A

An indirect tax on consumption that resembles a sales tax, but is paid at each stage in the development or process by the person or organization adding value to the product

100
Q

Warrant

A

A negotiable monetary instrument issued by the government

101
Q

Wealth tax

A

Category of taxation that includes real property, personal property, intangibles, estate and inheritance taxes

CGFM (1 decks)

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