©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 9:46 AM A+
Module 3 - Fiscal Law Exam Questions And
Answers |Latest 2025 | Guaranteed Pass
Is the body of law which govern the availability and use of public funds. Same as appropriation
law. - Answer✔Fiscal Law
Sources of authority on the use of public funds - Answer✔The constitution
Authorization acts
Appropriation acts
General Statutes
Comptroller General decisions and Courts
Fiscal law spans the whole field of financial mgmt and requires a familiarity with the following
areas: - Answer✔Constitutional authority for the obligation and expending of funds esp the PTA
of appropriation
The ADA and its penalties
Use of funds under continuing resolution
Responsibilities of an accountable officer
empowers the Congress to pass bills for the raising of revenue, and delineates how bills will
pass from the Congress to the President for signature or veto? - Answer✔Article 1 Section 7
Empowers Congress to collect taxes - Answer✔Article 1 Section 8
1
, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 9:46 AM A+
Requires appropriations in law before money may be spent from the Treasury. The term
Appropriation applies to any law that permits a govt employee to spend money, not just the
regular appropriation bills. - Answer✔Article 1 Section 9
The most authoritative source of information on the proper use of appropriated funds.
Contains detailed guidance and numerous cases illustrating proper and improper uses of funds.
- Answer✔GAO Principles of Federal Appropriation Law (Red Book)
Required the President to submit an annual budget to Congress for all 3 branches of Fed Govt.;
created a budget office (OMB) for the President; established an oversight org for the Congress
(GAO) - Answer✔Budget and Accounting Act of 1921
Important laws and regulations in federal financial management - Answer✔Congressional
Budget Act of 1974
Congressional Budget and Emergency Deficit Control Act of 1985
31 USC 13 and 15
Impoundment Control Act of 1974
OMB Circular A-11
Governs the congressional budget process; defines some key budget terms, such as budget
authority, that are used in all phases of the budget process; establishes the House and Senate
budget committees and the Congressional budget office - Answer✔Congressional Budget Act of
1974
This law prescribes rules and procedures including sequestration designed to constrain
spending and receipts legislation. Was called Gramm-Rudman-Hollings Act. Budget
Enforcement Act amended this act. It is called as BEA requirements. - Answer✔Congressional
Budget and Emergency Deficit Control Act of 1985
2
, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 9:46 AM A+
Same act as Congressional Budget Act, prescribes rules and procedures under which the
President may withhold appropriated amounts from obligation. - Answer✔Impoundment
Control Act of 1974
Provides instructions on preparation, submission, and execution of the budget. - Answer✔OMB
Circular A-11
Responsible for use of appropriated funds as to the proper Purpose, Time, and Amount, and for
those U.S. Codes pertaining thereto. Fund Certifying official. There is no relief from ADA
violation. - Answer✔Fiduciary Certifier
Responsible for the accuracy of the disbursement of funds (the payee officer - back end).
Responsible for the repayment of any disbursements made not in accordance with proper PTA
requirements. Relief can be granted when certain conditions are met. - Answer✔Pecuniary
Certifier
Federal appropriations law can be categorized into which 3 topical areas. - Answer✔Purpose,
Time and Amount (PTA)
Funds may be obligated and expended only for the purposes authorized in appropriations acts
and other laws. - Answer✔Purpose - 31 USC 1301
The period of time during which budgetary resources may be used to incur new obligations (ie.
order new goods or services) is different from the period of time during which the budgetary
resources may be used to incur expenditures (ie. pay bills) - Answer✔Time - 31 USC 1502
The various purposes for which funds are authorized are found in general and specific
authorization bills passed by the Congress. All agencies received general operating expenses
funds for the day to day operations of their org. General operating expenses using general
appropriations are: - Answer✔Training
Travel
Postage
3
Module 3 - Fiscal Law Exam Questions And
Answers |Latest 2025 | Guaranteed Pass
Is the body of law which govern the availability and use of public funds. Same as appropriation
law. - Answer✔Fiscal Law
Sources of authority on the use of public funds - Answer✔The constitution
Authorization acts
Appropriation acts
General Statutes
Comptroller General decisions and Courts
Fiscal law spans the whole field of financial mgmt and requires a familiarity with the following
areas: - Answer✔Constitutional authority for the obligation and expending of funds esp the PTA
of appropriation
The ADA and its penalties
Use of funds under continuing resolution
Responsibilities of an accountable officer
empowers the Congress to pass bills for the raising of revenue, and delineates how bills will
pass from the Congress to the President for signature or veto? - Answer✔Article 1 Section 7
Empowers Congress to collect taxes - Answer✔Article 1 Section 8
1
, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 9:46 AM A+
Requires appropriations in law before money may be spent from the Treasury. The term
Appropriation applies to any law that permits a govt employee to spend money, not just the
regular appropriation bills. - Answer✔Article 1 Section 9
The most authoritative source of information on the proper use of appropriated funds.
Contains detailed guidance and numerous cases illustrating proper and improper uses of funds.
- Answer✔GAO Principles of Federal Appropriation Law (Red Book)
Required the President to submit an annual budget to Congress for all 3 branches of Fed Govt.;
created a budget office (OMB) for the President; established an oversight org for the Congress
(GAO) - Answer✔Budget and Accounting Act of 1921
Important laws and regulations in federal financial management - Answer✔Congressional
Budget Act of 1974
Congressional Budget and Emergency Deficit Control Act of 1985
31 USC 13 and 15
Impoundment Control Act of 1974
OMB Circular A-11
Governs the congressional budget process; defines some key budget terms, such as budget
authority, that are used in all phases of the budget process; establishes the House and Senate
budget committees and the Congressional budget office - Answer✔Congressional Budget Act of
1974
This law prescribes rules and procedures including sequestration designed to constrain
spending and receipts legislation. Was called Gramm-Rudman-Hollings Act. Budget
Enforcement Act amended this act. It is called as BEA requirements. - Answer✔Congressional
Budget and Emergency Deficit Control Act of 1985
2
, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 9:46 AM A+
Same act as Congressional Budget Act, prescribes rules and procedures under which the
President may withhold appropriated amounts from obligation. - Answer✔Impoundment
Control Act of 1974
Provides instructions on preparation, submission, and execution of the budget. - Answer✔OMB
Circular A-11
Responsible for use of appropriated funds as to the proper Purpose, Time, and Amount, and for
those U.S. Codes pertaining thereto. Fund Certifying official. There is no relief from ADA
violation. - Answer✔Fiduciary Certifier
Responsible for the accuracy of the disbursement of funds (the payee officer - back end).
Responsible for the repayment of any disbursements made not in accordance with proper PTA
requirements. Relief can be granted when certain conditions are met. - Answer✔Pecuniary
Certifier
Federal appropriations law can be categorized into which 3 topical areas. - Answer✔Purpose,
Time and Amount (PTA)
Funds may be obligated and expended only for the purposes authorized in appropriations acts
and other laws. - Answer✔Purpose - 31 USC 1301
The period of time during which budgetary resources may be used to incur new obligations (ie.
order new goods or services) is different from the period of time during which the budgetary
resources may be used to incur expenditures (ie. pay bills) - Answer✔Time - 31 USC 1502
The various purposes for which funds are authorized are found in general and specific
authorization bills passed by the Congress. All agencies received general operating expenses
funds for the day to day operations of their org. General operating expenses using general
appropriations are: - Answer✔Training
Travel
Postage
3
