Acq 101 module 7 Study guides, Class notes & Summaries

ACQ 101 Module 7 & Exam: Financial Management Questions with 100% Correct Answers | Latest Version 2024/2025 | Expert Verified | Ace the Test

ACQ 101 Module 7 Financial Management Questions with 100% Correct Answers | Latest Version 2024/2025 | Expert Verified | Ace the Test

ACQ 101 Module 7 Financial Management Exam with Complete Solutions 100% Verified Select the term that best fits the following definition: "An administrative reservation of funds by the local comptroller, in anticipation of a future obligation." *Commitment* Which of the following is a Life Cycle Cost Category? *Research and Development* Generally, the Engineering cost technique method would be used early in the life of the program during the TMRR Phase when you do not have in-depth ...

ACQ 101 Module 7 Financial Management Exam Questions and Answers 100% Solved What is budget authority? The authority to enter into obligations that will results in immediate or future outlays. Similar to a spending limit that is approved by Congress. What is a commitment? An administrative reservation of funds, usually by the comptroller, in anticipation of a future obligation. What is an obligation? The legal reserve of funds to make a future payment of money. What is an expenditure? ...

ACQ 101 Module 7 Financial Management Questions and Answers 100% Pass What is budget authority? The authority to enter into obligations that will results in immediate or future outlays. Similar to a spending limit that is approved by Congress. What is a commitment? An administrative reservation of funds, usually by the comptroller, in anticipation of a future obligation. What is an obligation? The legal reserve of funds to make a future payment of money. What is an expenditure? Is a char...

ACQ 101 Module 7 & Exam: Financial Management Questions and Answers 100% Pass Select the term that best fits the following definition: "An administrative reservation of funds by the local comptroller, in anticipation of a future obligation." *Commitment* Which of the following is a Life Cycle Cost Category? *Research and Development* Generally, the Engineering cost technique method would be used early in the life of the program during the TMRR Phase when you do not have in-depth informa...

ACQ 101 Module 7 & Exam: Financial Management After the budget authority has passed its obligation period, it goes into the "Expired Account" for a period of 10 years and cannot be used for new obligations. *False* After the Congress passes the DoD Appropriations Bill and the President signs it, the Office of Management and Budget (OMB) distributes the Budget Authority to the DoD. What is this distribution called? - Acknowledgment - *Apportionment* - Aggregation - Authorization Bel...

ACQ 101 Module 7 Financial Management Guaranteed Success After the budget authority has passed its obligation period, it goes into the expired account for a period of 5 years and cannot be used for new obligations. ️True Anti-Deficiency Act ️Prohibits from involving the government in a contract or obligation for the payment of money before an appropriation is made unless authorized by law. Prohibits against over obligating or overspending an appropriation. Anti-deficiency Act Vio...

Select the term that best fits the following definition: "An administrative reservation of funds by the local comptroller, in anticipation of a future obligation." correct answers*Commitment* Which of the following is a Life Cycle Cost Category? correct answers*Research and Development* Generally, the Engineering cost technique method would be used early in the life of the program during the TMRR Phase when you do not have in-depth information about the system you are designing. correct ...

ACQ 101 Module 7 & Exam: Financial Management