Financial Management 101 Exam Study Guide with Complete Solutions
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Course
Financial Management 101
Institution
Financial Management 101
Financial Management 101 Exam Study
Guide with Complete Solutions
Unit 1: Overview of DON Financial Management
DON financial management consists of two core processes - Correct Answer️️ -1)
resource management
2) financial operations
Federal budget consists of three steps: - Correct Answe...
law that establishes the amount to be spent in a particular appropriation, equaling the
amount appropriated by congress for obligation and withdrawal from the U.S. Treasury
Budget Authority - Correct Answer✔️✔️-The value of an annual new legal authority to
enter into obligations that will result in immediate or future outlays of Federal
Government funds. The basic forms of budget authority are appropriations, authority to
borrow, and contract authority
Who is the principle financial advisor to the Secretary of Defense (SECDEF) and
Deputy Secretary of Defense (DEPSECDEF) for budgetary and fiscal matters? - Correct
Answer✔️✔️-Under Secretary of Defense (Comptroller) (USD(C))
*Is the (only) Chief Financial Officer (CFO) for the entire DOD
What falls under budgetary and fiscal matters? - Correct Answer✔️✔️-Financial
management, accounting policy and systems, management control systems, budget
formulation and execution, and contract audit administration and organization
Office of Secretary of Defense departments: - Correct Answer✔️✔️-1) Defense Agencies
2) Department of Army
3) Department of Air Force
4) Department of Navy
DON - Office of Secretary of the Navy - Correct Answer✔️✔️--> Secretary of navy
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