Budgeting in the Government Sector, Internet Research
Similar to companies, the U.S. government must prepare a budget each year. However, unlike private, for-profit companies, the budget and its details are available to the public. The entire budgetary process is established by law. The government makes available a considerable amount of information concerning the federal budget. Most of this information can be found on the Internet. Using Internet resources (e.g., consider accessing the Office of Management and Budget at www.whitehouse.gov/omb), answer the following questions:
Required:
1.
Explain the timing of preparation of federal budget.
Federal Budget:
It is the budget prepared by the government of a country in which government spending in various sectors is proposed for the coming year.
Federal budget is prepared before commencement of the fiscal year...
2.
Explain the authority responsible for preparation of federal budget.
3.
Explain the procedure of creation of the final budget.
4.
Find out the percentage of GDP represented by the federal budget.
5.
Identify the revenue sources for the federal budget. Also, identify the percentage contribution of each of the revenue sources.
6.
Compare the government spending of UNSA with other countries, as a percentage of GDP.
7.
Explain the manner in which deficits are financed.
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