©EVERLY 2025 ALL RIGHTS RESERVED
Fiscal Law Exam Questions And Answers
Latest Updated 2025 |100% Verified.
Fiscal Law - Answer✔Body of law governing use of federal funds
Fiscal Year - Answer✔1 October ‐ 30 September
Period of Availability - Answer✔Most appropriations available for obligation for limited time
period
Funds not obligated in timely manner generally expire
Obligation - Answer✔Transaction legally binding the government to make payment
E.g., place an order, award a contract, receive services
Budget Authority - Answer✔Federal law provides to incur obligations up to specified amount
1
, ©EVERLY 2025 ALL RIGHTS RESERVED
National Defense Authorization Act (NDAA) - Answer✔Authorizes programs, but doesn't
provide obligation authority
E.g., end strength; DoD FM Certification Program; government
lodging program (i.e., Integrated Lodging Program)
Appropriation Act - Answer✔Statutory authorization "to incur obligations and make payments
out
of the Treasury for specified purposes
Continuing Resolution Authority - Answer✔In the absence of a regular appropriations act ‐
provides budget
authority to continue operations
Affirmative Authority - Answer✔"The established rule is that the expenditure of public
funds is proper only when authorized by Congress, not
that public funds may be expended unless prohibited by Congress.
‐ United States v. MacCollom,
426 U.S. 317, 321 (1976)L
2
Fiscal Law Exam Questions And Answers
Latest Updated 2025 |100% Verified.
Fiscal Law - Answer✔Body of law governing use of federal funds
Fiscal Year - Answer✔1 October ‐ 30 September
Period of Availability - Answer✔Most appropriations available for obligation for limited time
period
Funds not obligated in timely manner generally expire
Obligation - Answer✔Transaction legally binding the government to make payment
E.g., place an order, award a contract, receive services
Budget Authority - Answer✔Federal law provides to incur obligations up to specified amount
1
, ©EVERLY 2025 ALL RIGHTS RESERVED
National Defense Authorization Act (NDAA) - Answer✔Authorizes programs, but doesn't
provide obligation authority
E.g., end strength; DoD FM Certification Program; government
lodging program (i.e., Integrated Lodging Program)
Appropriation Act - Answer✔Statutory authorization "to incur obligations and make payments
out
of the Treasury for specified purposes
Continuing Resolution Authority - Answer✔In the absence of a regular appropriations act ‐
provides budget
authority to continue operations
Affirmative Authority - Answer✔"The established rule is that the expenditure of public
funds is proper only when authorized by Congress, not
that public funds may be expended unless prohibited by Congress.
‐ United States v. MacCollom,
426 U.S. 317, 321 (1976)L
2
