The Budget and Accounting Act of 1921 Created

question 37

Multiple Choice

The Budget and Accounting Act of 1921 created:

• A) chaos in the federal budget process
• B) a rift within the Democratic party concerning the budget
• C) an end to states' budgets
• D) a tax to rewrite the budget process
• E) a new Bureau of the Budget to streamline the process of preparing an annual federal budget

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Definitions:

Debt-to-Equity Ratio

A financial metric that shows the balance between the equity provided by shareholders and the debt leveraged to support a company's assets.

Working Capital

The difference between a company's current assets and current liabilities, indicating the liquidity available for its day-to-day operations.

Long-term Liabilities

Financial obligations of a business that are due more than one year in the future, such as bonds payable or long-term loans.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations or those due within one year.