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Fiscal Law 201 Exam Questions and Answers.
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Fiscal Law 201 Exam Questions and AnswersA(n) Commitment is an administrative reservation of funds and a(n) obligation creates a legal liability on
behalf of the government to pay for goods and services ordered or received - Answer -
Commitment/Obligation
The antideficiency act (ADA) prohibits - Answer - involving the government in a contract or obligation
for payment of money before an appropriation is made, unless authorized by law
Where is the authorized purpose of an appropriation found? - Answer - The appropriation act itself and
its legislative history to include authorizing and organic legislature
Fiscal law refers to the body o flaw governing the availability and use of Federal Funds. Which of the
following is NOT a source that forms the basis of fiscal law - Answer - Federal Acquisitions Regulations
Analysis of appropriations uses ______ guidance, including the National defense Authorization Act;
Department of Defense Appropriations Acts; the Federal Acquisition Regulation(FAR); and the
Department of Defense Financial Management Regulation (DoD FMR) - Answer - Authoritative
If an accountable Official provides negligent information, data or services to a certifying officer that
results in an erroneous or illegal payment, the accountable officer may be - Answer - Financially liable
Which of the following is an authority that allows interagency acquisitions - Answer - Economy Act
When employees violate the Antideficiency Act, they may be subject to appropriate administrative
discipline. Which one of the following is an appropriate administrative discipline? - Answer -
Suspension from duty without pay
A(n) ________ is the procedure when one agency needing supplies or services (requesting agency)
obtains them through another Federal Government Agency (Servicing Agency) - Answer - interagency
Acquisition
Appropriations can only be applied to the objects for which the appropriation was - Answer - Purpose
Accountable Officials are designated in WRITING and notified of their pecuniary liability - Answer -
WRITING
, The Proper Authorization Act rule provides that the expenditure of public funds is proper only when
authorized by congress, not that public funds may be expended - Answer - Proper Authorization Act
A continuing resolution (CR) carries forward all terms and conditions of the last appropriation and
authorizes continued operations at the - Answer - Same, unless specified otherwise in the CR
What is the difference between the appropriation current and expired periods? - Answer - New
obligations can be established in the current period only
Not a source that Federal Fiscal law is derived from - Answer - Military service obligations
To apply reasonable discretion and flexibility, the concept known as the _______________ was
developed which consists of a three-part test. - Answer - Necessary expense rule
When an appropriation is passed into law, it states the purpose, the time of the appropriation, and the
amount of funding available. Generally, most appropriations - Answer - Are either current, expired or
closed
The framework for analysis starts with the five "W"s of funding Military Operations with the correct
appropriation. - Answer - The five "W"s are Who x 2, What, When, Where, and Why
ERCIP is a critical element of the DoD's strategy to improve energy resilience, energy security, and
energy conservation of its - Answer - Fixed Installations
The Antideficiency Act (ADA) is a series of Title 31 statutes that contain provisions limiting expenditure
of appropriated funds. All of the following statements about ADA are correct, EXCEPT: - Answer -
Establishes strict provisions for ADA violations that apply in all circumstances
An interagency acquisition is the procedure by which an agency needing supplies or services (the
requesting agency) obtains them through another Federal government agency (the servicing agency).
Which of the following is considered a type of interagency acquisition? - Answer - An assisted
acquisition
Generally, a Continuing Resolution - Answer - Is a temporary source of authority that is issued if
Congress does not pass appropriation bills on time
A Service obligating O&M funds in excess of the Continuing Resolution Authority (CRA) allocation would
result in a/an - Answer - ADA Violation
The concept of obligation is central to Fiscal Law. Each obligation must be charged against the relevant -
Answer - Appropriation
Module 1 Key Points
The key points to take away from Module 1 are: - Answer - -Fiscal law is the body of law governing the
availability and use of Federal funds
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