Cgfm test 1 stuvia - Study guides, Class notes & Summaries

Three Broad Government Spending Purposes - Answer 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - Answer Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 - Answer Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Int...

Federal - Answer refers to national government Federalism - Answer means that power is distributed among different levels of government Sovereignty - Answer government cannot be sued by states or by citizens without its permission Popular Sovereignty - Answer citizens hold the ultimate authority through the ballot and even a sovereign government is accountable to citizens Three levels of government - Answer Federal, State, Local - each may not enact laws that violate the constitution...