How Did the Budget and Accounting Act of 1921 Change

question 85

Multiple Choice

How did the Budget and Accounting Act of 1921 change the budget?

• A)The Bureau of the Budget was created to assist Congress in budget preparation for presentation to the president.
• B)The Bureau of the Budget was created to assist the president in budget preparation and presentation to Congress.
• C)Executive departments began to submit their budget requests to Congress before sharing them with the president.
• D)The Cabinet was granted the formal power of approving the budget prior to the budget being sent to Congress.

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Definitions:

Modern Banking

The contemporary financial system involving banks that offer a wide range of services, including deposits, loans, investment services, and electronic banking, characterized by regulatory frameworks and technological advancements.

Goldsmiths' Receipts

Historical documents representing deposit certificates issued by goldsmiths to denote ownership of gold or silver deposited with them.

Gold Coins

A type of currency made almost exclusively from gold, historically used as legal tender in various transactions.

Financial Transactions

Operations involving the transfer of funds or ownership of financial assets between parties, such as payments, investments, and loans.