What are the steps involved in creating the federal budget in their correct order from start to finish?

Answer 1

Calculate Income

Categorize and List your expenses - Include a plan for "savings" in this

Total Up Spending

Determine If Spending / expenses are Below Income

Reduce expenses in flexible categories if necessary

Answer 2

1. Budget centers are needed to be established.
2. A clearly defined organizational chart is required to be prepared which will state, for each member of the management team, the functional responsibilities.
3. A budget manual is needed to be prepared.
4. A budget committee is required to be formed.
5. The limiting factor or key factor is needed to be determined.
6. The budget period is to be selected.
7. Objectives which are to be reached by the end of the period of the budget are to be set.
8. Forecast for the period is needed to be prepared.
9. The policies of the enterprise e.g. range of product, distribution channels, per week normal hours of work, appropriation of research & development, stocks, investments etc. are needed to be determined.
10. The requirements in terms of economic quantities which are needed to meet the objectives while complying with the policies are required to be computed from the forecasts & subsequently these quantities are to be converted into monetary values. Thus this will result in an initial provisional budget.
11. With respect to the planned budget, initial budget is to be reviewed & until an acceptable budget emerges, the objectives or policies or both needs to be reviewed repeatedly.
12. The budget when gets formally accepted becomes the master budget & as such is an executive order.

Answer 3

The president first has to submit a budget request. Congress then passes the budget resolutions. Then congress "marks up" appropriation bills. Finally congress votes on the bill and makes final alterations.

Answer 4

The Office of Management and Budget (OMB) prepares a budget proposal.The president submits a budget proposal to Congress.Congress decides on the overall level of spending and taxation and passes specific spending bills.The president signs the spending bills into law.Final step
The Office of Management and Budget (OMB) prepares a budget proposal.

The president submits a budget proposal to Congress.

Congress decides on the overall level of spending and taxation and passes specific spending bills.

Thepresident signs the spending bills into law.