Fiscal Law EXAM QUESTIONS WITH
CORRECT ANSWERS
Fiscal Law - CORRECT ANSWER✔✔-Body of law governing use of federal
| | | | | | | | | |
funds
|
Fiscal Year - CORRECT ANSWER✔✔-1 October ‐ 30 September
| | | | | | | |
Period of Availability - CORRECT ANSWER✔✔-Most appropriations
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available for obligation for limited time period
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| Funds not obligated in timely manner generally expire
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Obligation - CORRECT ANSWER✔✔-Transaction legally binding the
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government to make payment | | |
| E.g., place an order, award a contract, receive services
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Budget Authority - CORRECT ANSWER✔✔-Federal law provides to incur
| | | | | | | | |
obligations up to specified amount | | | |
National Defense Authorization Act (NDAA) - CORRECT ANSWER✔✔-
| | | | | | |
Authorizes programs, but doesn't provide obligation authority
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, | E.g., end strength; DoD FM Certification Program; government
| | | | | | |
lodging program (i.e., Integrated Lodging Program)
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Appropriation Act - CORRECT ANSWER✔✔-Statutory authorization "to | | | | | | |
incur obligations and make payments out
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of the Treasury for specified purposes
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Continuing Resolution Authority - CORRECT ANSWER✔✔-In the absence
| | | | | | |
of a regular appropriations act ‐ provides budget
| | | | | | | |
authority to continue operations | | |
Affirmative Authority - CORRECT 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.
| | | | | | | | |
‐ United States v. MacCollom,
| | | |
426 U.S. 317, 321 (1976)L
| | | |
Governed by: |
• The U.S. Constitution
| | |
• Legislative Authorization and Appropriations Acts
| | | | |
• Judicial Court Rulings and Comptroller General decisions
| | | | | | |
CORRECT ANSWERS
Fiscal Law - CORRECT ANSWER✔✔-Body of law governing use of federal
| | | | | | | | | |
funds
|
Fiscal Year - CORRECT ANSWER✔✔-1 October ‐ 30 September
| | | | | | | |
Period of Availability - CORRECT ANSWER✔✔-Most appropriations
| | | | | | |
available for obligation for limited time period
| | | | | |
| Funds not obligated in timely manner generally expire
| | | | | | |
Obligation - CORRECT ANSWER✔✔-Transaction legally binding the
| | | | | | |
government to make payment | | |
| E.g., place an order, award a contract, receive services
| | | | | | | |
Budget Authority - CORRECT ANSWER✔✔-Federal law provides to incur
| | | | | | | | |
obligations up to specified amount | | | |
National Defense Authorization Act (NDAA) - CORRECT ANSWER✔✔-
| | | | | | |
Authorizes programs, but doesn't provide obligation authority
| | | | | |
, | E.g., end strength; DoD FM Certification Program; government
| | | | | | |
lodging program (i.e., Integrated Lodging Program)
| | | | |
Appropriation Act - CORRECT ANSWER✔✔-Statutory authorization "to | | | | | | |
incur obligations and make payments out
| | | | |
of the Treasury for specified purposes
| | | | |
Continuing Resolution Authority - CORRECT ANSWER✔✔-In the absence
| | | | | | |
of a regular appropriations act ‐ provides budget
| | | | | | | |
authority to continue operations | | |
Affirmative Authority - CORRECT 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.
| | | | | | | | |
‐ United States v. MacCollom,
| | | |
426 U.S. 317, 321 (1976)L
| | | |
Governed by: |
• The U.S. Constitution
| | |
• Legislative Authorization and Appropriations Acts
| | | | |
• Judicial Court Rulings and Comptroller General decisions
| | | | | | |
