Which of the Following Statements Best Describes the President's Influence

question 44

Multiple Choice

Which of the following statements best describes the president's influence over agency budgets?

• A) The president has final say over all department budgets, but has no control of the budgets of independent agencies.
• B) The president has final say over the budgets of independent agencies, but has no control of department budgets.
• C) The president has sole authority to determine executive administrative budgets.
• D) The president has no authority in the budgeting process.
• E) The president influences the initial budget proposal, but depends on Congress for appropriations of federal money.

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Definitions:

Accrued Interest

Interest that has been incurred but not yet paid, often associated with bonds and loans.

Note Payable

A financial liability representing a written promissory note to pay a specific sum of money to another entity on a specific future date or on demand.

Debit/Credit

Accounting terms where a debit increases asset or expense accounts, and decreases liability, revenue or equity accounts; a credit does the opposite.

Adjusting Entry

An accounting entry made into a journal at the end of an accounting period to allocate income and expenditure to the appropriate periods.