CONTRACTING APPRENTICE CORREECT EXAMS
QUESTIONS AND ANSWERS SET A+
✔✔An offeror who engages in employment discussion with a government official - ✔✔is
subject to criminal, civil or administrative penalties
✔✔The DoD Financial Management Regulation (FMR) - ✔✔Is the primary resource for
guidance on fiscal law
✔✔What is fiscal law ? - ✔✔the body of law that governs the availability and use of
federal funds.
✔✔Fiscal law hinges upon - ✔✔Purpose, Time, and Amount
✔✔Appropriated Funds - ✔✔Money made available by congress for specified purposes,
including formation of contracts
✔✔Appropriated Funds specified purpose are distinguished by two characteristics -
✔✔Purpose and Time
✔✔The purpose of Appropriated funds referred to as ? - ✔✔The "color" of money
✔✔Procurement - ✔✔Type of money used to purchase large items or weapons systems
such as ships, aircraft, missiles, and military vehicles
✔✔Research, Development, Test & Evaluation (RDT&E) - ✔✔Money used for RDT&E
for new ships, planes, missiles, and military vehicles
✔✔Operations and Maintenance (O&M) - ✔✔Used to purchase goods and services
needed for everyday activities such as training, travel, minor construction projects and
base support
, ✔✔Military Personnel (MILPERS) - ✔✔Pays our salary and other compensation for
active duty and retirees
✔✔Military Construction (MILCON) - ✔✔Funding for new or large dollar construction
projects
✔✔Fiscal Year (FY) - ✔✔12-month period reckoned for taxing or accounting purposes
Begins 01 October and finishes 30 September of every year
✔✔Time limit for Procurement - ✔✔3 years (5 years shipbuilding & Conversion, Navy)
✔✔Time limit for RDT&E - ✔✔2 years
✔✔Time limit for O&M - ✔✔1 year
✔✔Time limit for Military Personnel - ✔✔1 year
✔✔Time limit for Military Construction - ✔✔5 years
✔✔Bona Fide Need Rule - ✔✔A fiscal year appropriation may be obligated only to meet
a legitimate, or bona fide, need arising in the fiscal year for which the funding was
appropriated
✔✔The Anti-Deficiency Act - ✔✔Law prohibiting government agencies from obligating
the government in excess of or in advance of appropriations (spending money you don't
have)
✔✔The Misappropriations Act - ✔✔A law prohibiting the use of the wrong type, or color
of funding
✔✔Commitment - ✔✔An administrative reservation of funds against a future obligation
on a contract
✔✔Obligation - ✔✔A legally binding commitment
✔✔Outlay - ✔✔A payment of some form
✔✔Contract - ✔✔Mutually binding legal relationship obligating the seller to furnish the
supplies or services, including construction, and the buyer to pay for them
✔✔Purchase Order (PO) - ✔✔An offer to buy supplies or services (including some
construction projects) upon specified terms and conditions using simplified acquisition
procedures (SAP)
QUESTIONS AND ANSWERS SET A+
✔✔An offeror who engages in employment discussion with a government official - ✔✔is
subject to criminal, civil or administrative penalties
✔✔The DoD Financial Management Regulation (FMR) - ✔✔Is the primary resource for
guidance on fiscal law
✔✔What is fiscal law ? - ✔✔the body of law that governs the availability and use of
federal funds.
✔✔Fiscal law hinges upon - ✔✔Purpose, Time, and Amount
✔✔Appropriated Funds - ✔✔Money made available by congress for specified purposes,
including formation of contracts
✔✔Appropriated Funds specified purpose are distinguished by two characteristics -
✔✔Purpose and Time
✔✔The purpose of Appropriated funds referred to as ? - ✔✔The "color" of money
✔✔Procurement - ✔✔Type of money used to purchase large items or weapons systems
such as ships, aircraft, missiles, and military vehicles
✔✔Research, Development, Test & Evaluation (RDT&E) - ✔✔Money used for RDT&E
for new ships, planes, missiles, and military vehicles
✔✔Operations and Maintenance (O&M) - ✔✔Used to purchase goods and services
needed for everyday activities such as training, travel, minor construction projects and
base support
, ✔✔Military Personnel (MILPERS) - ✔✔Pays our salary and other compensation for
active duty and retirees
✔✔Military Construction (MILCON) - ✔✔Funding for new or large dollar construction
projects
✔✔Fiscal Year (FY) - ✔✔12-month period reckoned for taxing or accounting purposes
Begins 01 October and finishes 30 September of every year
✔✔Time limit for Procurement - ✔✔3 years (5 years shipbuilding & Conversion, Navy)
✔✔Time limit for RDT&E - ✔✔2 years
✔✔Time limit for O&M - ✔✔1 year
✔✔Time limit for Military Personnel - ✔✔1 year
✔✔Time limit for Military Construction - ✔✔5 years
✔✔Bona Fide Need Rule - ✔✔A fiscal year appropriation may be obligated only to meet
a legitimate, or bona fide, need arising in the fiscal year for which the funding was
appropriated
✔✔The Anti-Deficiency Act - ✔✔Law prohibiting government agencies from obligating
the government in excess of or in advance of appropriations (spending money you don't
have)
✔✔The Misappropriations Act - ✔✔A law prohibiting the use of the wrong type, or color
of funding
✔✔Commitment - ✔✔An administrative reservation of funds against a future obligation
on a contract
✔✔Obligation - ✔✔A legally binding commitment
✔✔Outlay - ✔✔A payment of some form
✔✔Contract - ✔✔Mutually binding legal relationship obligating the seller to furnish the
supplies or services, including construction, and the buyer to pay for them
✔✔Purchase Order (PO) - ✔✔An offer to buy supplies or services (including some
construction projects) upon specified terms and conditions using simplified acquisition
procedures (SAP)
