Fiscal Law exam 2025 UPDATE| COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS (COMPLETE
SOLUTIONS) GUARANTEED SUCCESS |GRADE A+!!
(100% ACCURATE) GET IT RIGHT!!
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
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
Governed by:
• The U.S. Constitution
• Legislative Authorization and Appropriations Acts
• Judicial Court Rulings and Comptroller General decisions
Purpose - (ANSWER)"Appropriations shall be applied only to the objects
for which the appropriations were made except as
otherwise provided by law."
31 U.S.C. 1301(a)
QUESTIONS AND VERIFIED ANSWERS (COMPLETE
SOLUTIONS) GUARANTEED SUCCESS |GRADE A+!!
(100% ACCURATE) GET IT RIGHT!!
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
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
Governed by:
• The U.S. Constitution
• Legislative Authorization and Appropriations Acts
• Judicial Court Rulings and Comptroller General decisions
Purpose - (ANSWER)"Appropriations shall be applied only to the objects
for which the appropriations were made except as
otherwise provided by law."
31 U.S.C. 1301(a)
