CDFM Module 3.1 Fiscal Law questions and answers 100% verified.

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CDFM Module 3.1 Fiscal Law questions
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and answers 100% verified.
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Basic aAxiom aof aFiscal aLaw a(the apremise aof afiscal alaw) a- a acorrect aanswer. a aThe
aestablished arule: aExpenditure aof apublic afunds ais aproper aonly awhen aauthorized aby

aCongress, anot athat apublic afunds amay abe aexpended aunless aprohibited aby aCongress. a
a

Common aLaw a- a acorrect aanswer. a aWhich alaw: aThere ais ano alaw athat asays ayou acan't
ado ait. a
a

Fiscal aLaw a- a acorrect aanswer. a a Which aLaw: aYou acan aonly ado awhat athe alaw
aauthorized ayou a
a
to
ado.
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Constitutional aAuthority: aArticle a1, asection a7,8,9 a- a acorrect aanswer. a aProvisions aof
athe aU.S a
a
Constitution athat aprovide athe aunderpinning afor athe abudget a& afunds acontrol
aprocess,
a
(which aConstitutional

aAuthority)
a

Article a1, aSection a7 a- a acorrect aanswer. a aEmpowers athe acongress ato apass abills afor
athe araising aof arevenue a& adelineates ahow abills awill apass afrom athe aCongress a2 athe

aresident afor asignature aor aveto. a
a

Article a1, aSection a8 a- a acorrect aanswer. a aEmpowers aCongress ato acollect ataxes. a
a

Article a1, aSection a9 a- a acorrect aanswer. a a Requires aappropriations ain alaw abefore
amoney amay a
a
be aspent afrom athe

aTreasury.
a

Principles aof aFederal aAppropriation aLaw a- a acorrect aanswer. a aThe amost aauthoritative
asource aof ainformation aon athe aproper ause aof aappropriated afunds ais aa avolume

apublished aby athe aGAO a& aGeneral aCounsel.Red aBook, aSpecific aover ageneral

aappropriations a& ado anot ado aindirectly awhat ayou acannot ado adirectly. a
a

The aRed aBook a- a acorrect aanswer. a aContains adetailed aguidance a& anumerous
acases a

, a
illustrating aproper a& aimproper auses aof afunds. aAvailable aon aweb
asite.
a

31 aUSC a1341, a1342, a1517 a(Anti aDeficiency aAct) a- a acorrect aanswer. a aAgencies aare
aresponsible a4 amaintaining asystems aof aaccounting, ainternal acontrol, a& aadministrative

acontrol a2 afacilitate aeffective amanagement aof aFederal aprograms ato aavoid? a
a

Budget a& aAccounting aAct aof a1921 a- a acorrect aanswer. a aRequires aPresident a2 asubmit
aannual abudget a2 aCongress a4 aall a3 abranches aof athe afederal agovernment, acreated

abudget aoffice a4 athe aPresident a(OMB), a& aestablished athe aGAO aoffice. a
a

Congressional aBudget aAct aof a1974 a- a acorrect aanswer. a aGoverns athe acongressional
abudget aprocess, adefines akey abudget aterms athat aare aused ain athe abudget aprocess,

aestablishes athe aHouse a& aSenate abudget acommittees a& athe aCongressional aBudget

aOffice. a
a

Balanced aBudget a& aEmergency aDeficit aControl aAct aof a1985 a- a acorrect aanswer. a aThis
alaw aprescribes arules a& aprocedures a(sequestration) adesigned a2 aconstrain aspending a&

areceipts alegislation. aOriginally ait aenacted athe aGRAMM-RUDMAN-HOLLAND aACT.

aThe abudget aenforcement aAct a(BEA) aamended ait, aso ait ais aalso aknown aas athe aBEA. a
a

Sections a13 a& a15, a31 aUSC a- a acorrect aanswer. a aThese asections aprescribe arules a&
aprocedures a4 abudget aexecution. aThe astatutory arequirements a4 athe ause, acontrol a&

aaccountability aof afunds aare afound ahere. aMany aprovisions awere apreviously aenacted

aas asection a3679. a(ADA) a
a

Impoundment aControl aAct aof a1974 a- a acorrect aanswer. a aThis alaw aprescribes
arules a& a


procedures aunder awhich athe aPresident amay awithhold aappropriated aamounts
afrom a


obligation. a(deferrals a& arescissions) aOMB aA-11 aaddress athe arequirements aof athis
alaw.
a

OMB aCircular aA-11 a- a acorrect aanswer. a aIssued apursuant a2 achapters a13 a& a15 aof
aUSC, aExecutive aOrder a11541 aof aJuly a1970, aThe aCongressional aBudget,

aImpoundment aControl aAct aof a1974,and aGPRA ain aSection a200. a
a

Federal aAppropriation aLaw a- a acorrect aanswer. a aCongress, aunder athe aauthority aof
aArticle a1 aof aConstitution, agenerates arevenue a& aestablish ataxes. aAuthorities aunder

athese aarticles aare afound ain athe aauthorization a& aappropriation aacts apassed aby

aCongress a& asigned aby aPresident. aCourt adecisions a& adecisions aby aComptroller

aGeneral afurther aamplify athese aauthorities. a
a

Fiduciary aCertifier a- a acorrect aanswer. a aResponsiable afor athe ause aof aapproproated
afunds ato a
a
the aproper aPurpose, aTime a& aAmount, aand a4 athose aUS acodes apertaining
athereto.
a

Feduciary aResponsibility a- a acorrect aanswer. a aConveys aa aconfidence aor atrust. a