Fiscal Law Test Questions and Answers

Fiscal Law Test Questions and Answers U.S. Fiscal Law - ANSWER Body of law which governs the use and availability Federal funds by Executive Agencies Fiscal Law is derived from... - ANSWER 1. US Constitution (Article I) 2. US Code, Title 31 3. FAR and subsequent regulations 4. GAO and court rulings Fiscal Year - ANSWER Starts October 1 End September 30 Government Accountability Office (GAO) - ANSWER An investigative arm of Congress that issues opinions and reports to federal agencies concerning the obligation and expenditure of public funds Obligation - ANSWER Any act that legally binds the government to make payment. Period of Availability - ANSWER The period of time where budget authority is available for original obligation. Who appropriates funds? - ANSWER Only Congress has the ability to appropriate funds No money can be paid out of the treasury unless it has been appropriated by an act of Congress (Appropriations Clause) (Power of the purse)A statute passed annually by Congress that authorizes the appropriation of funds for programs and activities Limitations on Congressional Spending - ANSWER 1. Spending must be in pursuit of the general welfare 2. Federal funds must be reasonably tied to an articulated goal 3. Imposed conditions must be authoritative and unambiguous 4. No actions may be prohibited by the Constitution