Basic fiscal law - Study guides, Class notes & Summaries

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CDFM Module 3.1 Fiscal Law Basic Axiom of Fiscal Law (the premise of fiscal law) The established rule: Expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress. Common Law Which law: There is no law that says you can't do it. Fiscal Law Which Law: You can only do what the law authorized you to do. Constitutional Authority: Article 1, section 7,8,9 Provisions of the U.S Constitution that provid...

normative statement an opinion that cannot be confirmed by referencing facts positive statement a statement that can be proved by referencing facts why are economic models used? theories cannot be tested in a controlled environment the basic economic problem scarcity - consumer wants are always greater than available resources opportunity cost the next best alternative foregone factors of production resources used by a firm in production list and define the factors of production lab...

Basic Fiscal Law Exam Review

CDFM Module 3 Exam Questions with Complete Solutions | New Update 2024 Federal appropriations law can be categorized into which three topical areas? - Answer ️️ - Purpose, Time and Amount In the Department of Defense, final decision of fiscal law questions are "officially" rendered by whom? - Answer ️️ -DoD General Counsel, Courts What are the basic types of budget authority used in the Federal Government? - Answer ️️ - Appropriations Contract Authority Borrowing Authority...

________________ funds are available for new obligations for a period of 5 years. Anti deficiency Act Principles state that you can receive services without paying for them as benefit to the government. False ________________ has the ability to appropriate funds to be spent by the federal government. Congress Under the "Separation of Powers" doctrine established by the Constitution, the _____________ carries out the laws with the money Congress provides. The _____...

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CDFM - Certified Defense Financial Manager Basic Axiom of Fiscal Law (the premise of fiscal law) correct answer: The established rule: Expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress. Common Law correct answer: Which law: There is no law that says you can't do it. Fiscal Law correct answer: Which Law: You can only do what the law authorized you to do. Constitutional Authority: Article 1, sec...

CDFM MODULE 3.1 What is the basic axiom of Fiscal Law? - ANSWER- The established rule is that the expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress. U.S. vs McCollum (1976) "Where can the most authoritative source of information on the proper use of appropriated funds be found? Who is it published by?" - ANSWER- Principles of Federal Appropriations better known as the Red Book-- published by the GA...

What is the type of government policy that governs taxing and spending powers? Be able to explain how it affects the economy. Ans: Fiscal policy is the government's use of taxing, monetary, and spending powers to manipulate the economy. It uses tax to raise the revenue Determines amount of productive resources that govt. for non economic demand Know what priority is placed on promoting human rights by the United States. How does it rank in comparison to other foreign policy concerns ...