Federal Budgeting and Financial Reporting

Question 1

What is the Federal Credit Reform Act of 1990?

Answer 1

It governs federal credit programs making direct loans and loan guarantees.

Question 2

Loan Guarantee

Answer 2

Arises when the federal government assumes the default risk associated with loans provided by lending institutions to certain classes of individuals or entities.

Question 3

Outlay

Answer 3

A payment to liquidate an obligation (other than the repayment of debt). Outlays are a measure of government spending.

Question 4

Obligation

Answer 4

A binding agreement that will result in outlays, immediately or in the future. Budgetary resources must be made available before obligations can be incurred legally.

Question 5

Budgetary Resource

Answer 5

Amounts available to incur obligations in a given year. The term comprises new budgetary authority and unobligated balances of budget authority provided in previous years.