FISCAL LAW MODULE 2 LESSON 1 QUESTIONS WITH CORRECT ANSWERS

More than 90% of the ADA violations that occur are violations of the


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purpose statue




lead time exception


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The lead-time exception allows agencies to purchase something in one FY
and deliver it in the next FY. This exception applies if it takes an extended
period to receive the item.

, What are the exceptions to the bona fide need rule?


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lead-time exception, training, and stock level.




What is the appropriation bill?


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The amount of money we can spend.




Where did Fiscal Law originate?


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the US Constitution, Article I, Section 9, which states: "No money shall be
drawn from the Treasury, but in consequence of Appropriations made by
law."




Bona Fide Need Rule states:


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"a fiscal year appropriation may be obligated only to meet a legitimate, or
bona fide need arising in, or in some cases before but continuing to exist
in, the fiscal year for which the appropriation was made." For example,
ordering 500 boxes of copier paper one week before the end of the FY,