Basic Fiscal Law Exam 2024 Questions
& Answers 100% Correct!!
"The established rule is that the expenditure of public funds is proper only when authorized by
Congress," describes _____ - ANSWER Affirmative Authority
______ has the ability to appropriate funds to be spent by the federal government. - ANSWER
Congress
The three main elements that must be met before funds are obligated are - ANSWER 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. - ANSWER necessary expense
rule
The _________ Act prohibits against over obligating or overspending an appropriation. - ANSWER
Antideficiency
______ is the body of law that governs the availability and use of federal funds. - ANSWER Fiscal Law
Antideficiency Act Principles state that you can receive services without paying for them as a benefit
to the government. - ANSWER False
The bona fide needs rule allows you to maintain inventories at levels to avoid disruption of
operations. - ANSWER true
A(n) ______ appropriation is to remain available until expended without fiscal year limitation. -
ANSWER 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. - ANSWER Congress
& Answers 100% Correct!!
"The established rule is that the expenditure of public funds is proper only when authorized by
Congress," describes _____ - ANSWER Affirmative Authority
______ has the ability to appropriate funds to be spent by the federal government. - ANSWER
Congress
The three main elements that must be met before funds are obligated are - ANSWER 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. - ANSWER necessary expense
rule
The _________ Act prohibits against over obligating or overspending an appropriation. - ANSWER
Antideficiency
______ is the body of law that governs the availability and use of federal funds. - ANSWER Fiscal Law
Antideficiency Act Principles state that you can receive services without paying for them as a benefit
to the government. - ANSWER False
The bona fide needs rule allows you to maintain inventories at levels to avoid disruption of
operations. - ANSWER true
A(n) ______ appropriation is to remain available until expended without fiscal year limitation. -
ANSWER 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. - ANSWER Congress
