Q The Final Essay Exam consists of five (5) multi-part essay questions (8 points per question) examining some of the broader issues in public budgeting and finance relative to a specific budget of your choosing. INSTRUCTIONS • Select a budget from a state or local government entity (ex: City of Whitney (Links to an external site.) - do not use this one) and use it as your case study to answer the questions below. • As you answer each essay question, in addition to the course readings, you will reference your specific budget and, if necessary, other resources related to your selected budget (i.e., county/city website). • Responses to each of the questions should be approximately 1 – 1 .5 pages single-spaced in length. • REQUIRED: A title page, internal citations, and a reference list. • The exam will OPEN at 11:59 p.m. Friday of Week 7 and will be due by 11:59 p.m. CT Saturday of Unit 8. [Please note that a maximum of 40 points may be earned, and the exam comprises 20% of your final grade for the course.] 1. Briefly describe the budget process of the federal government, and the typical generic budget process of your selected state or local governments. What similarities do you observe between the federal government and your selected government entity? In what ways are they different? What are the primary priorities of each and how or where are they reflected in your budget specifically? 2. Describe the framework of your selected budget relative to the federal budget. How are they related in terms of revenues and expenditures? How are they different? Provide specific examples from your budget 3. In terms of economic policy in the United States, describe the difference between fiscal policy and monetary policy. Then describe the relationship of each to your selected budget. 4. Describe various types of financial aid flowing from the federal government to the your selected governmental entity. In addition to direct financial aid, what other intergovernmental devices are employed? How and where is this reflected in your budget? Describe the changes that have been occurring on the intergovernmental fiscal landscape relative to your specific governmental entity and your predictions for future funding. Where possible, provide specific examples from your selected budget. 5. Why are ethical guidelines important in public budgeting and accounting? How are they directly related to your selected budget? Provide examples of some of the major guidelines utilized by government budget offices and identify those that would govern your selected budget. Include at least one example of where these guidelines have been violated (at your selected level of government specifically).