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Fiscal Law Exam 2024 Questions & Answers 100% Correct!!
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Is repurposing or converting a facility for a new use considered construction? - ANSWER Yes 3 Essential Principles of Fiscal Law - ANSWER Time, Purpose, and Amount What funds are ordinary operating expenses funded with? - ANSWER 0100 O&M What are Procurement (Proc) Funds used for? - ANS...

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  • September 29, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fiscal law exam 2024 questions answers 100 corr
  • fiscal law exam 2024 stuvia
  • is repurposing or converting a facility for a new
  • what funds are ordinary operating expenses funded

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  • Fiscal Law

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

Is repurposing or converting a facility for a new use considered construction? - ANSWER Yes



3 Essential Principles of Fiscal Law - ANSWER Time, Purpose, and Amount



What funds are ordinary operating expenses funded with? - ANSWER 0100 O&M



What are Procurement (Proc) Funds used for? - ANSWER Capital Purchases ie) Aircraft, Missiles,
Tanks



Name 3 colors of Proc Funds - ANSWER 3010, 3020, 3080



What funding can be funded with two types of funds under two different dollar ceilings? - ANSWER
Milcon,0500



What are RDT&E Funds used for and what Color are they? - ANSWER 0400, Used for R&D as well as
operation and maintenance of labs and test facilities



What legally binds the government to make payment? - ANSWER Obligation



What does Budget Authority Authorize? - ANSWER Ability to incur financial obligations



What does the Authorization act authorize? - ANSWER The appropriation of funds



What does the Appropriation Act establish? - ANSWER Budget Authority and Continuing Resolution



What does the Purpose Statute Require? (31 U.S.C 1301) - ANSWER That appropriated funds be used
only for the purposes and programs for which appropriation was made.

, What does the Bona Fide Need Rule Require? (31 U.S.C. 1502) - ANSWER That appropriated funds
be used only for the needs or services that arise in the year(s) of the appropriation's obligation
availability period.



What are 3400 funds used for? - ANSWER O&M - Civilian Payroll, Travel, Education and Training,
Base operations support, Operational military forces, Maintenance of facilities and software,
construction under 750k, and investment equipment under 250k.



What are the three parts to the Necessary Expense Doctrine? - ANSWER The expenditure must bear
a logical relationship to the appropriation being charged.

The expenditure must not be prohibited by law.

The expenditure must not fall within the scope of some other appropriation.



What's the difference between expenses and investments? - ANSWER Investments produce an end
item with a long term benefit. Expenses are the cost of DoD consumption and operations.



What's the threshold for purchasing investments with O&M Funds - ANSWER 250k



When do appropriations close? - ANSWER 5 years after they expire



What is the period of availability for the 5 main appropriations? - ANSWER O&M (0100) - 1 yr

Personnel - 1 yr

RDT&E (0400) - 2 yr

MILCON (0500) - 5 yr

Procurement (0300) - 3 yr



When does the bona fide need for services arise? - ANSWER When they are rendered



What's the difference between severable and nonseverable services? - ANSWER Severable services
can be broken into chunks. Non severable are for a single outcome or report. They have no value
unless fully completed.

What 3 rules does the Antideficiency Act establish? - ANSWER 1. You can't obligate in an amount
greater than the appropriation.

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