CDFM All Modules FISCAL LAW- Questions
and Answers| Latest Update
The Anti-Deficiency Acts are _______ ✔️✔️31 USC 1341, 1342, and 1517
A law that extends the availability of unobligated budget authority that has expired is called
_______. ✔️✔️Reappropriation
The most authoritative source of information on the proper use of appropriated funds is a
volume published by the GAO, Office of the General Counsel, titled Principles of Federal
Appropriation Law, better known as _______. ✔️✔️The Red Book
The Sec Def must receive a signed statement of material weaknesses from each principle DoD
component by_____. ✔️✔️15 Nov of each year
Three forms that a statement of reasonable assurance must take are: ✔️✔️Unqualified, qualified,
no assurance
A material ______ in DoD system of management controls may result from a lack of an
applicable control, or more frequently, an inadequate compliance with existing controls.
✔️✔️weakness
The ________ prescribe rules and procedures (including sequestration) designed to constrain
spending and receipts legislation. When originally enacted, the act was known ad the Gramm-
Rudman-Hollis Act. ✔️✔️Balanced Budget and Emergency Deficit Control Act of 1985
The Management Control Program, DoD Instruction _____ states that each DoD component
shall develop a Management Control Program. ✔️✔️5010.40
, ____ is the probable or potentially adverse effects from inadequate management controls that
may result in the loss of Government resources or cause an agency to fail to accomplish
significant mission objectives through fraud, error, or mismanagement. ✔️✔️Risk
________ weakness is one that is recognized by a functional proponent as occurring in several
other components because of the components' ineffective implementation or failure to
adequately identify or define the internal controls required. ✔️✔️Systemic Control
A brief, written plan indicating accomplished management control evaluations, assessable
units, and progress toward meeting planned requirements is called ________. ✔️✔️Management
Control Plan
______ are those procedures used to determine through observation, examination,
verification, sampling, or other procedures whether management control systems are working
as intended (in accordance with management control objectives). ✔️✔️Testing
Management controls should be implemented by each manager and consistent with the (5) five
standards which are: ✔️✔️Control Environment, Risk Assessment, Control Activities, Information
and Communications, Monitoring
Management and employees positive and supportive attitude toward internal control and
conscientious management is called ________. ✔️✔️Control Environment
Management controls should provide for an assessment of the risks that the agency faces from
both external and internal sources. This is called_______. ✔️✔️Risk Assessment
______ are the policies, procedures, techniques, and mechanisms that enforce management's
directives, such as the process of adhering to requirements for budget development and
execution. They help ensure that actions are taken to address risks. ✔️✔️Control Activities
_______ should assess the quality of performance over time and ensure that the findings of
audits and other reviews are promptly resolved. ✔️✔️Monitoring
and Answers| Latest Update
The Anti-Deficiency Acts are _______ ✔️✔️31 USC 1341, 1342, and 1517
A law that extends the availability of unobligated budget authority that has expired is called
_______. ✔️✔️Reappropriation
The most authoritative source of information on the proper use of appropriated funds is a
volume published by the GAO, Office of the General Counsel, titled Principles of Federal
Appropriation Law, better known as _______. ✔️✔️The Red Book
The Sec Def must receive a signed statement of material weaknesses from each principle DoD
component by_____. ✔️✔️15 Nov of each year
Three forms that a statement of reasonable assurance must take are: ✔️✔️Unqualified, qualified,
no assurance
A material ______ in DoD system of management controls may result from a lack of an
applicable control, or more frequently, an inadequate compliance with existing controls.
✔️✔️weakness
The ________ prescribe rules and procedures (including sequestration) designed to constrain
spending and receipts legislation. When originally enacted, the act was known ad the Gramm-
Rudman-Hollis Act. ✔️✔️Balanced Budget and Emergency Deficit Control Act of 1985
The Management Control Program, DoD Instruction _____ states that each DoD component
shall develop a Management Control Program. ✔️✔️5010.40
, ____ is the probable or potentially adverse effects from inadequate management controls that
may result in the loss of Government resources or cause an agency to fail to accomplish
significant mission objectives through fraud, error, or mismanagement. ✔️✔️Risk
________ weakness is one that is recognized by a functional proponent as occurring in several
other components because of the components' ineffective implementation or failure to
adequately identify or define the internal controls required. ✔️✔️Systemic Control
A brief, written plan indicating accomplished management control evaluations, assessable
units, and progress toward meeting planned requirements is called ________. ✔️✔️Management
Control Plan
______ are those procedures used to determine through observation, examination,
verification, sampling, or other procedures whether management control systems are working
as intended (in accordance with management control objectives). ✔️✔️Testing
Management controls should be implemented by each manager and consistent with the (5) five
standards which are: ✔️✔️Control Environment, Risk Assessment, Control Activities, Information
and Communications, Monitoring
Management and employees positive and supportive attitude toward internal control and
conscientious management is called ________. ✔️✔️Control Environment
Management controls should provide for an assessment of the risks that the agency faces from
both external and internal sources. This is called_______. ✔️✔️Risk Assessment
______ are the policies, procedures, techniques, and mechanisms that enforce management's
directives, such as the process of adhering to requirements for budget development and
execution. They help ensure that actions are taken to address risks. ✔️✔️Control Activities
_______ should assess the quality of performance over time and ensure that the findings of
audits and other reviews are promptly resolved. ✔️✔️Monitoring
