Which of the Following Steps in the Federal Budgetary Process

question 11

Multiple Choice

Which of the following steps in the federal budgetary process occurs LATEST?

• A)the agencies work on their budgets
• B)the president consults with the OMB on agency instructions
• C)Congress completes work on the appropriations bills
• D)Congress adopts a budget resolution
• E)the president submits budget proposals to Congress

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Definitions:

Control Perspective

An approach focusing on the monitoring and adjusting of processes and strategies to achieve desired outcomes or objectives.

Revenue Variance

The difference between how much the revenue should have been, given the actual level of activity, and the actual revenue for the period. A favorable (unfavorable) revenue variance occurs because the revenue is higher (lower) than expected, given the actual level of activity for the period.

Cost Variance

The difference between the expected cost of a project or production process and the actual cost incurred.

Labour Efficiency Variance

A measure used in cost accounting to evaluate the difference between the actual hours worked and the standard hours expected to produce a certain level of output.