Which of the Following Steps in the Budgetary Authority Process

question 48

Multiple Choice

Which of the following steps in the budgetary authority process occurs when the Office of Management and Budget establishes the quarterly amount available to a federal agency for spending?

• A) Apportionment
• B) Appropriation
• C) Allotment
• D) Obligation

---

Definitions:

Financial Instruments

Contracts that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial Markets

Platforms or systems that facilitate the buying, selling, and trading of financial securities, commodities, and other fungible items of value at low transaction costs and at prices that reflect supply and demand.

Money Markets

Financial markets for short-term borrowing and lending, dealing with assets that mature in less than one year.

Capital Markets

Financial markets where debt or equity securities are traded, providing a mechanism for companies to raise long-term funds and investors to purchase securities.