Basic Fiscal Law -Exam with correct Answers
"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 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 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
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