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Basic Fiscal Law Exam 2024 Questions & Answers 100% Correct!!
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"The established rule is that the expenditure of public funds is proper only when authorized by Congress," describes _____ - ANSWER Affirmative Authority ______ has the ability to appropriate funds to be spent by the federal government. - ANSWER Congress The three main elements that must be...

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  • September 29, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • basic fiscal law exam 2024 questions answers 100
  • basic fiscal law exam 2024 stuvia
  • the established rule is that the expenditure of
  • has the ability to appropriate funds to be

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Basic Fiscal Law Exam 2024 Questions
& Answers 100% Correct!!

"The established rule is that the expenditure of public funds is proper only when authorized by
Congress," describes _____ - ANSWER Affirmative Authority



______ has the ability to appropriate funds to be spent by the federal government. - ANSWER
Congress



The three main elements that must be met before funds are obligated are - ANSWER Purpose

Time

Amount



To apply reasonably discretion and flexibility, the Government Accountability Office (GAO) developed
the concept known as the _______, which consists of a three part test. - ANSWER necessary expense
rule



The _________ Act prohibits against over obligating or overspending an appropriation. - ANSWER
Antideficiency



______ is the body of law that governs the availability and use of federal funds. - ANSWER Fiscal Law



Antideficiency Act Principles state that you can receive services without paying for them as a benefit
to the government. - ANSWER False

The bona fide needs rule allows you to maintain inventories at levels to avoid disruption of
operations. - ANSWER true



A(n) ______ appropriation is to remain available until expended without fiscal year limitation. -
ANSWER No-Year



Under the "Separation of Powers" doctrine, __________ has the final word on how much money can
be spent by a given agency or program. - ANSWER Congress

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