(1) Among the most important factors driving budget activity is the calendar. Explain what is meant by this statement. (2) Briefly, but completely, describe the key features of "object budgets," "program budgets," and "performance budgets." How does each one contribute to the achievement of certain important financial management objectives (i.e., planning, control, management)? List some advantages and disadvantages of each form. (3) Explain as best that you can the differences between the concepts of appropriations, "expenditures, expenses," "costs, and disbursements (or outlays). As mentioned in class, these are terms of art in finance and accounting; take care to clearly distinguish them from one another. (4) Describe the logic of the two capital budgeting methods known as Net Present Value, and "Internal Rate of Return. How do they work? What is their relation to one another? What are their implicit assumptions? And, finally, what are their weaknesses? (5) Discuss the meaning of Generally Accepted Accounting Principles (GAAP) in governmental financial accounting and reporting. How are accounting standards set, and by whom? Distinguish between cash accounting, accrual accounting, and modified accrual accounting. (6) Define the "Elements of Nonappropriability," according to Mikesell. In terms of this framework, what are the defining characteristics of a "pure public good"? "Pure private good"? Give examples of each, as well as of the so-called "intermediate goods" which are captured by Mikesell's framework. (7) "Under conditions of 'simple majority rule,' the median voter is the only individual who gets her 'most preferred political outcome'." Comment on this statement. In your response, be sure to explain the significance of the concept of "political equilibrium," as well as the notion of "political externalities