Final answer:
The system in question is the budgetary system, which includes the anticipated receipts and expenditures to set financial priorities and manage resources at the federal level, with input from the Congressional Budget Office and oversight from the GAO.
Step-by-step explanation:
The system that records receipts and other collections by source, used by Congress and the Executive Branch to set priorities, allocate resources among alternative uses, finance these resources, and assess the economic implications of Federal financial activity at an aggregate level is the budgetary system. It consists of the anticipated receipts such as taxes and other revenues, and expenditures (outlays), which are what the federal government expects to spend. The Congressional Budget Office is a key player in this process as it scores the spending or revenue impact of all proposed legislation to assess its net effect on the budget. Additionally, the Government Accountability Office (GAO) provides essential oversight, auditing, evaluation, and investigative services to Congress to support this process.