When a Budget Is Not Approved in Time for Continued

question 155

Multiple Choice

When a budget is not approved in time for continued agency operation,

• A)a continuing resolution is frequently used
• B)a budget resolution must be developed
• C)the agency usually shuts down
• D)the President can force Congress to act
• E)the agency must borrow from the Federal Reserve

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Definitions:

Fair Value Adjustments

Adjustments to the reported value of an asset or liability to reflect its current market value.

Fair Value

The amount one would expect to receive from the sale of an asset or the cost to transfer a liability during a structured transaction among parties in the market as of the valuation date.

Financial Instruments

Contracts that give rise to both a financial asset of one entity and a financial liability or equity instrument of another entity, such as stocks, bonds, or derivatives.

Business Combination

A transaction or event in which an acquirer gains control over one or more businesses, typically through the acquisition of equity interests.