FISCAL LAW

Fiscal Law Final Exam answered- spring 2022. QUESTION 1 1. It is appropriate for the Army to acquire lawn cutting services through the Project Order Statute. True False QUESTION 2 1. The proper amount of money to obligate at the award of a firm fixed- price contract is: The full amount of the contract. Nothing until the contractor performs the required work. Half of the total liability. A conservative amount based on the government’s estimated future requirements. QUE...

Fiscal Law Q - QUESTION 1 1. Which of the...Fiscal Law Q - QUESTION 1 1. Which of the...Fiscal Law Q - QUESTION 1 1. Which of the...

Fiscal Law Final Exam NEWEST 2023-2024 ACTUAL TEST 100 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|ALREADY GRADED A

Fiscal Law Final Exam Questions and Answers 2024

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U.S. Fiscal Law Body of law which governs the use and availability Federal funds by Executive Agencies Fiscal Law is derived from... 1. US Constitution (Article I) 2. US Code, Title 31 3. FAR and subsequent regulations 4. GAO and court rulings Fiscal Year Starts October 1 End September 30 Government Accountability Office (GAO) An investigative arm of Congress that issues opinions and reports to federal agencies concerning the obligation and expenditure of public fund...

Fiscal Law Body of law governing use of federal funds Fiscal Year 1 October ‐ 30 September Period of Availability Most appropriations available for obligation for limited time period Funds not obligated in timely manner generally expire Obligation Transaction legally binding the government to make payment E.g., place an order, award a contract, receive services Budget Authority Federal law provides to incur obligations up to specified amount National D...

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Fiscal Law Final Exam answered- spring 2022. QUESTION 1 1. It is appropriate for the Army to acquire lawn cutting services through the Project Order Statute. True False QUESTION 2 1. The proper amount of money to obligate at the award of a firm fixed- price contract is: The full amount of the contract. Nothing until the contractor performs the required work. Half of the total liability. A conservative amount based on the government’s estimated future requirements. QUE...

Fiscal Law 2023 Test Questions and Correct Answers What are the three main types of appropriation and their availability for obligation? - ANSWER 3400 - O&M (1-year appropriation) 3600 - RDT&E (2-year appropriation) 3080 - Procurement (3-year appropriation) Within procurement there are different types of appropriation for aircraft, naval ships, etc. What is 3400 money used for? - ANSWER Operations and Maintenance including Day to Day expenses such as training, ...