PA581 Final Exam Study Guide

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PA581 Final Exam Study Guide
Concentrates on the authority for federal, state and local powers for budgeting and fiscal affairs…

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PA581 Final Exam Study Guide

PA581 Final Exam Study Guide

20 Pages Answers Prepared Based on Study Guide

(TCO A, B) concentrates on the authority for federal, state and local powers for budgeting and fiscal affairs, the federal budget cycle, generic budget cycle, and budget formats. Know the essential information for each of these topics

Three levels of government are crucial in public finance and budgeting. These include the federal, state, and local government…

(TCO H) concentrates on capital projects, the differences between a capital project budget and an operating budget, the difference between capital outlay and a capital project, the steps in the capital budgeting process. 

The capital budget focuses on the attainment and maintenance of long-term assets, such as roads, highways, bridges, roads, schools…

(TCO G) concentrates on Pareto Improvement. Be sure to know its importance, making the calculations, doing the analysis, and drawing conclusions and recommendations.

Pareto improvement is an economic activity, which ensures that no involved party sustains any loss and in which…

(TCO D) concentrates on property taxes, their particular importance to local government, assessed values, assessment ratios, mil rates, circuit breakers, and tax deferrals. Know the process for assessing property, and calculating and levying property taxes. Also, have a good understanding of the upsides and downsides (complaints) relevant to property taxes.

In the U.S., property tax matters have a long history, which began in the colonial period when activities…

(TCO A) concentrates on the steps and stages of the budget execution process; budget authority and the five different types of budget authority, and Congress’ make responsibilities and actions regarding the federal budget process.

The budget execution process begins after a legal appropriation. It consists of recording the bill from the appropriations bill, monitoring …

(TCO C) concentrates on quarterly appropriation allotments and monitoring and controlling the budget. Be prepared to read and analyze the budgetary status of an agency with quarterly allotments, expenditures, encumbrances, and unencumbered balances. This process will include doing calculations, analyzing the figures, and making recommendations.

Quarterly appropriation allotments in budgets are used in order to monitor and control spending, as they limit the amount of appropriations to certain allocations…

(TCO F) concentrates on government debt, deficits, and phases of budget cycles. Know reasons why governments incur debt. Ensure that you have an understanding of municipal bonds, corporate bonds, net interest cost, true interest cost and its relationship to capital project financing. Finally, be prepared to talk about the five principles of good debt management.

Debt financing is money acquired through loans or debts and is used to build or obtain capital assets or for other purposes.  Local governments…

(TCO A) concentrates on the importance of budget cycles and their four phases; governmental accounting principles, practices, and funds; and, federal laws for controlling and preventing deficits. 

The purpose of budgeting is to allocate scarce resources to the many public demands so that goals and objectives of the government for…

(TCO D) concentrates on the purpose of a tax system and the standards used to evaluate that system.

The purpose of a tax or revenue system is to enable the government to carry out its role of providing goods and…

(TCO I) concentrates on calculating sales tax rates for two individuals, determining whether they are regressive, and deciding which of two major products should be taxed in order to be equitable.

In Illinois, sales taxes are made up of several tax acts, including occupation taxes that are imposed on retailers’ receipts and use taxes, which…

PA581 Final Exam Study Guide

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