Basic Fiscal Law TOP PREDICTED EXAM
QUESTIONS & ANSWERS
"The established rule is that the expenditure of public funds is proper only when authorized by
Congress," describes _____ - ✔✔✔Affirmative Authority
______ has the ability to appropriate funds to be spent by the federal government. -
✔✔✔Congress
The three main elements that must be met before funds are obligated are - ✔✔✔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. -
✔✔✔necessary expense rule
The bona fide needs rule allows you to maintain inventories at levels to avoid disruption of
operations. - ✔✔✔true
A(n) ______ appropriation is to remain available until expended without fiscal year limitation. -
✔✔✔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. - ✔✔✔Congress
The _________ Act prohibits against over obligating or overspending an appropriation. -
✔✔✔Antideficiency
______ is the body of law that governs the availability and use of federal funds. - ✔✔✔Fiscal
Law
Antideficiency Act Principles state that you can receive services without paying for them as a benefit
to the government. - ✔✔✔False
QUESTIONS & ANSWERS
"The established rule is that the expenditure of public funds is proper only when authorized by
Congress," describes _____ - ✔✔✔Affirmative Authority
______ has the ability to appropriate funds to be spent by the federal government. -
✔✔✔Congress
The three main elements that must be met before funds are obligated are - ✔✔✔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. -
✔✔✔necessary expense rule
The bona fide needs rule allows you to maintain inventories at levels to avoid disruption of
operations. - ✔✔✔true
A(n) ______ appropriation is to remain available until expended without fiscal year limitation. -
✔✔✔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. - ✔✔✔Congress
The _________ Act prohibits against over obligating or overspending an appropriation. -
✔✔✔Antideficiency
______ is the body of law that governs the availability and use of federal funds. - ✔✔✔Fiscal
Law
Antideficiency Act Principles state that you can receive services without paying for them as a benefit
to the government. - ✔✔✔False
