Unit 5. Government Budgeting Flashcards
________________ is the critical exercise of allocating revenues and borrowed funds to attain the economic and social goals of the country.
Government budgeting
It also entails the management of government expenditures in such a way that will create the most economic impact from the production and delivery of goods and services while supporting a healthy fiscal position.
Government budgeting
Government budgeting is the critical exercise of allocating _____________ and ________________________ to attain the economic and social goals of the country
revenues; borrowed funds
Government budgeting is the critical exercise of allocating revenues and borrowed funds to attain the __________ and __________ goals of the country.
economic; social
Government budgeting is important because it enables the government to ________ and __________ its financial resources to support the implementation of various programs and projects that best promote the development of the country.
plan; manage
Government budgeting is important because it enables the government to plan and manage its ____________________ to support the implementation of various programs and projects that best promote the development of the country.
financial resources
Government budgeting is important because it enables the government to plan and manage its financial resources to support the implementation of various ___________ and __________ that best promote the development of the country.
programs; projects
Government budgeting is important because it enables the government to plan and manage its financial resources to support the implementation of various programs and projects that best promote the _______________ of the country.
development
Through the ___________, the government can prioritize and put into action its plants, programs and policies within the constraints of its financial capability as dictated by economic conditions.
budget
Through the budget, the government can __________ and ____________ its plants, programs and policies within the constraints of its financial capability as dictated by economic conditions.
prioritize; put into action
Through the budget, the government can prioritize and put into action its _________, ___________ and _________ within the constraints of its financial capability as dictated by economic conditions.
plants; programs; policies
Through the budget, the government can prioritize and put into action its plants, programs and policies _______________________ of its financial capability as dictated by economic conditions.
within the constraints
Through the budget, the government can prioritize and put into action its plants, programs and policies within the constraints of its _____________________ as dictated by economic conditions.
financial capability
Through the budget, the government can prioritize and put into action its plants, programs and policies within the constraints of its financial capability as dictated by _______________________.
economic conditions
In general, a ___________________ is the financial plan of a government for a given period, usually for a fiscal year, which shows what its resources are, and how they will be generated and used over the fiscal period.
government budget
In general, a government budget is the ________________ of a government for a given period, usually for a fiscal year, which shows what its resources are, and how they will be generated and used over the fiscal period.
financial plan
In general, a government budget is the financial plan of a government for a given period, usually for a ____________, which shows what its resources are, and how they will be generated and used over the fiscal period.
fiscal year
In general, a government budget is the financial plan of a government for a given period, usually for a fiscal year, which shows what its resources are, and how they will be _________ and ___________ over the fiscal period.
generated; used
In general, a government budget is the financial plan of a government for a given period, usually for a fiscal year, which shows what its __________ are, and how they will be generated and used over the fiscal period.
resources
The __________ is the government’s key instrument for promoting its socio-economic objectives.
budget
The budget is the government’s key instrument for promoting its _____________ objectives.
socio-economic
The budget is the government’s _______________ for promoting its socio-economic objectives.
key instrument
The ________________ also refers to the income, expenditures and sources of borrowings of the National Government (NG) that are used to achieve national objectives, strategies and programs.
government budget
The government budget also refers to the ___________, _____________ and _______________ of the National Government (NG) that are used to achieve national objectives, strategies and programs.
income; expenditure; sources of borrowings
The government budget also refers to the income, expenditures and sources of borrowings of the ___________________ that are used to achieve national objectives, strategies and programs.
National Government (NG)
The government budget also refers to the income, expenditures and sources of borrowings of the National Government (NG) that are used to achieve national _________, ____________ and ____________.
objectives; strategies; programs
The government budget also refers to the income, expenditures and sources of borrowings of the National Government (NG) that are used to achieve national _________, ____________ and ____________.
objectives; strategies; programs
The Budgeting Process (4)
- Budget Preparation
- Budget Authorization / Legislation
- Budget Execution / Implementation
- Budget Accountability
The Budgeting Process (4)
- Budget Preparation
- Budget Authorization / Legislation
- Budget Execution / Implementation
- Budget Accountability
The _____________ phase starts with the Development Budget Coordination Committee (DBCC).
budget preparation
It is headed by the DBM Secretary, and its members are the Secretary of Finance, the NEDA Director-General, and the Bangko Sentral Governor, with the Office of the President for general oversight.
Development Budget Coordination Committee (DBCC)
The budgeting preparation phase starts with the _____________________________.
Development Budget Coordination Committee (DBCC)
DBCC is headed by the _______________.
DBM Secretary
Who are the members of the DBCC (including its head)?
- DBM Secretary
- DOF Secretary
- NEDA General-Director
- BSP Governor
- Office of the President
What is the meaning of the ff: DBM, DOF, NEDA, and BSP?
DBM - Department of Budget and Management
DOF - Department of Finance
NEDA - National Economic and Development Authority
BSP - Bangko Sentral ng Pilipinas
The ______________ provides the over-all macro-economic assumptions with which budgetary levels are to be determined.
National Economic and Development Authority (NEDA)
NEDA involves what parameters in providing the overall macro-economic assumptions? (7)
- the projected Gross National Product (GNP) real growth rates
- inflation rates
- 91-day treasury bill rates
- the London Interbank Offered Rates (LIBOR) rates
- foreign exchange rates
- population growth
- and other economic parameters.
These four departments/bureau help the DBCC in determining the sources of financing. They project the revenues that will be generated for the budget year as well as the borrowings that may have to be tapped.
- Department of Finance
- Bureau of Treasury
- Bureau of Internal Revenues
- Bureau of Customs
The ________________ determines the overall economic targets, expenditure levels, the revenue projection, deficit levels and the financing plan.
Development Budget Coordination Committee (DBCC)
What are to be submitted by the DBCC to the President and the Cabinet for approval?
What are to be submitted by the DBCC to the President and the Cabinet for approval? (5)
- overall economic targets
- expenditure levels
- revenue projection
- deficit levels
- financing plan
Once these are approved, the DBM issues the ____________.
Budget Call
This requires agencies to prepare their budgets in accordance with the said guidelines, macro-economic assumptions, and ceilings.
Budget Call
The _________ spells out guidelines, procedures, and timetables.
Department of Budget and Management (DBM)
The DBM then conducts _________________ where agencies defend and justify their proposals. Organizational and budgetary issues are clarified.
technical budget hearings
The DBM then conducts technical budget hearings where agencies defend and justify their proposals. _______________ and _____________ issues are clarified.
Organizational; budgetary
The DBM consolidates the budget proposals and then submits them to the __________ where the budget is discussed with the President.
Cabinet
The DBM consolidates the budget proposals and then submits them to the Cabinet where the budget is discussed with the ___________.
President
Once the budget is approved by the President and the Cabinet, the ____________ submits it to Congress. This must be done no more than thirty days after the opening of its regular session, as required under the Constitution.
President
Once the budget is approved by the President and the Cabinet, the President submits it to ___________. This must be done no more than thirty days after the opening of its regular session, as required under the Constitution.
Congress
Once the budget is approved by the President and the Cabinet, the President submits it to Congress. This must be done ___________ thirty days after the opening of its regular session, as required under the Constitution.
no more than
Once the budget is approved by the President and the Cabinet, the President submits it to Congress. This must be done no more than _______ days after the opening of its regular session, as required under the Constitution.
thirty (30)
The (first or last) step of Budget Preparation is when the President submit the proposed budget to the Congress.
last
At the start of Budget Legislation/Authorization, what does the President submits to Congress? (3)
- the National Expenditure Program (NEP)
- the Budget of Expenditures and Sources of Financing (BESF)
- the President’s Budget Message.
The ___________ is the document which reflects the annual budget and the estimates and sources of financing.
Budget of Expenditures and Sources of Financing (BESF)
This document is presented by the Executive branch to the Legislative branch.
Budget of Expenditures and Sources of Financing (BESF)
The BESF is presented by the Executive branch to the ___________ branch.
Legislative
The proposed budget is first reviewed by the __________________________ of the House of Representatives.
Committee on Appropriations
The Committee summons the agencies to justify their budgets, with the ________ assisting and providing technical inputs.
DBM
The Appropriations Committee then presents to the ________ body the proposed budget and passes it at the Third Reading.
House
This then goes to the _____________ for another round of hearings and deliberations.
The Committee presents the proposed amendments to the ______________ to the Senate for approval.
Senate Finance Committee; House Budget Bill
Then a ____________________, composed of members of both Houses, is convened to resolve differences.
Bicameral Conference Committee
The committee arrives at a common version, and it is then submitted to the ____________.
President
If there are items which he/she disagrees with, then the President can exercise _________________.
line-item veto power
The President then signs it into law as the _______________________.
General Appropriations Act
The ______________________ is the legislative authorization that contains the new appropriations in terms of specific amounts for salaries, wages and other personnel benefits; maintenance and other operating expenses; and capital outlays authorized to be spent for the implementation of various programs/projects and activities of all departments, bureaus and offices of the government for a given _______.
General Appropriations Act (GAA); year
It is at the ________________ stage that the expenditure program is implemented.
Allotments are issued, chargeable against the regular agency budgets.
budget execution
It is also at this stage where agencies may submit requests for availment from SPFs (Special Purpose Fund).
Budget execution
Agencies are often required to submit additional reports and documents to support their requests for ___________.
Special Purpose Fund (SPFs)
The ______________ phase is the final phase of the budget process.
accountability
This is when the agencies report their actual physical and financial performance.
Budget Accountability
The assessment of the physical achievements of an agency is aided by ______________________.
These are yardsticks for determining how well an agency has accomplished its objectives.
They measure outcome, output, process efficiency and client satisfaction.
They may be quantitative or qualitative in nature.
performance indicators
At this phase, the Commission on Audit (COA) figures prominently in the assessment of agency performance.
Budget Accountability
At then accountability phase, the _______________________ figures prominently in the assessment of agency performance.
Commission on Audit (COA)
The ________ is the government body tasked with looking at the legality, propriety and accuracy of government financial transactions.
It has auditors assigned to each government agency and it has regional offices to review these transactions.
COA
(T or F) Those that are considered excessive, inappropriate or illegal are not passed in audit.
True
(T or F) COA can recommend means for setting them right, if such is still possible.
True
______________ of agencies, which are submitted to DBM and COA on a quarterly and annual basis, report how agencies use up their allotments and cash allocations.
Trial balances
Trial balances of agencies, which are submitted to ____ and ______ on a quarterly and annual basis, report how agencies use up their allotments and cash allocations.
DBM; COA
Trial balances of agencies, which are submitted to DBM and COA on a _________ and __________ basis, report how agencies use up their allotments and cash allocations.
quarterly; annual
