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asic Fiscal Law Exam Questions and Answers
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asic Fiscal Law Exam Questions and Answers
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Basic Fiscal Law Exam Questions and Answers"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 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
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
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