Is the statement of budgetary resources of unique for federal entities?

1. An agency has an appropriation for $500,000, and obligates for $550,000 citing the appropriation. Is the spending allowable? Why or why not?
2. An agency has a single year appropriation for Fiscal Year 2016 (ending September 30, 2016), and obligates on December 29, 2016. Is this allowable? Why or why not?
3. Which branch of the government rules on the constitutionality of laws?
4. Is the statement of budgetary resources of unique for federal entities?
5. IRS Tax Code is a source of policy for federal operations (internally). T/F
6. The Statement of Changes in Net Position is unique for federal entities, and does not have a similar statement in the for-profit realm.
7. Executive is part of the federal budget cycle. T/F
8. There are five parts of the federal budget cycle. T/F

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