The Office of Management and Budget

question 93

Multiple Choice

The Office of Management and Budget

• A)initially was called the Bureau of Budgetary Affairs.
• B)was created to help Congress manage its constitutional mandate.
• C)was created to help the president carry out new responsibilities under the Budget and Accounting Act.
• D)has sole control over congressional spending.
• E)has sole control over executive branch spending.

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Definitions:

Adjustment

A modification made to rectify the balance of an account, to reflect accrued expenses or revenues, or to correct errors.

Balance Sheet

An accounting summary showing the assets, liabilities, and owner's equity of a company on a given date.

Retainer Fee

A payment made in advance to hire or retain professional services, ensuring availability over a specific period.

Earned

Income or revenue that has been generated from business activities or investments, substantiated by the delivery of goods or services.