CDFM Module 3.1 Fiscal Law Exam
Questions With Correct Answers
Basic Axiom of Fiscal Law (the premise of fiscal law) - CORRECT
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ANSWER✔✔-The established rule: Expenditure of public funds is proper | | | | | | | |
only when authorized by Congress, not that public funds may be
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expended unless prohibited by Congress.
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Common Law - CORRECT ANSWER✔✔-Which law: There is no law that
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says you can't do it.
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Fiscal Law - CORRECT ANSWER✔✔-Which Law: You can only do what
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the law authorized you to do.
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Constitutional Authority: Article 1, section 7,8,9 - CORRECT| | | | | | | |
ANSWER✔✔-Provisions of the U.S Constitution that provide the | | | | | | | |
underpinning for the budget & funds control process, (which
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Constitutional Authority) |
Article 1, Section 7 - CORRECT ANSWER✔✔-Empowers the congress to
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pass bills for the raising of revenue & delineates how bills will pass from
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the Congress 2 the resident for signature or veto.
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,Article 1, Section 8 - CORRECT ANSWER✔✔-Empowers Congress to
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collect taxes.|
Article 1, Section 9 - CORRECT ANSWER✔✔-Requires appropriations in
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law before money may be spent from the Treasury.
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Principles of Federal Appropriation Law - CORRECT ANSWER✔✔-The
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most authoritative source of information on the proper use of
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appropriated funds is a volume published by the GAO & General
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Counsel.Red Book, Specific over general appropriations & do not do
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indirectly what you cannot do directly.
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The Red Book - CORRECT ANSWER✔✔-Contains detailed guidance &
| | | | | | | | |
numerous cases illustrating proper & improper uses of funds. Available
| | | | | | | | | |
on web site.
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31 USC 1341, 1342, 1517 (Anti Deficiency Act) - CORRECT ANSWER✔✔-
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Agencies are responsible 4 maintaining systems of accounting, internal
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control, & administrative control 2 facilitate effective management of
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Federal programs to avoid?
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Budget & Accounting Act of 1921 - CORRECT ANSWER✔✔-Requires
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President 2 submit annual budget 2 Congress 4 all 3 branches of the
| | | | | | | | | | | | |
, federal government, created budget office 4 the President (OMB), &
| | | | | | | | | |
established the GAO office. | | |
Congressional Budget Act of 1974 - CORRECT ANSWER✔✔-Governs the | | | | | | | | |
congressional budget process, defines key budget terms that are used in
| | | | | | | | | |
the budget process, establishes the House & Senate budget committees
| | | | | | | | | |
& the Congressional Budget Office.
| | | | |
Balanced Budget & Emergency Deficit Control Act of 1985 - CORRECT
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ANSWER✔✔-This law prescribes rules & procedures (sequestration) | | | | | | |
designed 2 constrain spending & receipts legislation. Originally it
| | | | | | | | |
enacted the GRAMM-RUDMAN-HOLLAND ACT. The budget enforcement
| | | | | |
Act (BEA) amended it, so it is also known as the BEA.
| | | | | | | | | | | |
Sections 13 & 15, 31 USC - CORRECT ANSWER✔✔-These sections
| | | | | | | | | |
prescribe rules & procedures 4 budget execution. The statutory
| | | | | | | | |
requirements 4 the use, control & accountability of funds are found
| | | | | | | | | | |
here. Many provisions were previously enacted as section 3679. (ADA)
| | | | | | | | |
Impoundment Control Act of 1974 - CORRECT ANSWER✔✔-This law | | | | | | | | |
prescribes rules & procedures under which the President may withhold
| | | | | | | | | |
appropriated amounts from obligation. (deferrals & rescissions) OMB A-
| | | | | | | |
11 address the requirements of this law.
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Questions With Correct Answers
Basic Axiom of Fiscal Law (the premise of fiscal law) - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-The established rule: Expenditure of public funds is proper | | | | | | | |
only when authorized by Congress, not that public funds may be
| | | | | | | | | | | |
expended unless prohibited by Congress.
| | | |
Common Law - CORRECT ANSWER✔✔-Which law: There is no law that
| | | | | | | | | | |
says you can't do it.
| | | |
Fiscal Law - CORRECT ANSWER✔✔-Which Law: You can only do what
| | | | | | | | | | |
the law authorized you to do.
| | | | |
Constitutional Authority: Article 1, section 7,8,9 - CORRECT| | | | | | | |
ANSWER✔✔-Provisions of the U.S Constitution that provide the | | | | | | | |
underpinning for the budget & funds control process, (which
| | | | | | | | |
Constitutional Authority) |
Article 1, Section 7 - CORRECT ANSWER✔✔-Empowers the congress to
| | | | | | | | | |
pass bills for the raising of revenue & delineates how bills will pass from
| | | | | | | | | | | | | |
the Congress 2 the resident for signature or veto.
| | | | | | | |
,Article 1, Section 8 - CORRECT ANSWER✔✔-Empowers Congress to
| | | | | | | | |
collect taxes.|
Article 1, Section 9 - CORRECT ANSWER✔✔-Requires appropriations in
| | | | | | | | |
law before money may be spent from the Treasury.
| | | | | | | |
Principles of Federal Appropriation Law - CORRECT ANSWER✔✔-The
| | | | | | | |
most authoritative source of information on the proper use of
| | | | | | | | | |
appropriated funds is a volume published by the GAO & General
| | | | | | | | | | |
Counsel.Red Book, Specific over general appropriations & do not do
| | | | | | | | | |
indirectly what you cannot do directly.
| | | | |
The Red Book - CORRECT ANSWER✔✔-Contains detailed guidance &
| | | | | | | | |
numerous cases illustrating proper & improper uses of funds. Available
| | | | | | | | | |
on web site.
| |
31 USC 1341, 1342, 1517 (Anti Deficiency Act) - CORRECT ANSWER✔✔-
| | | | | | | | | |
Agencies are responsible 4 maintaining systems of accounting, internal
| | | | | | | | |
control, & administrative control 2 facilitate effective management of
| | | | | | | | |
Federal programs to avoid?
| | |
Budget & Accounting Act of 1921 - CORRECT ANSWER✔✔-Requires
| | | | | | | | |
President 2 submit annual budget 2 Congress 4 all 3 branches of the
| | | | | | | | | | | | |
, federal government, created budget office 4 the President (OMB), &
| | | | | | | | | |
established the GAO office. | | |
Congressional Budget Act of 1974 - CORRECT ANSWER✔✔-Governs the | | | | | | | | |
congressional budget process, defines key budget terms that are used in
| | | | | | | | | |
the budget process, establishes the House & Senate budget committees
| | | | | | | | | |
& the Congressional Budget Office.
| | | | |
Balanced Budget & Emergency Deficit Control Act of 1985 - CORRECT
| | | | | | | | | | |
ANSWER✔✔-This law prescribes rules & procedures (sequestration) | | | | | | |
designed 2 constrain spending & receipts legislation. Originally it
| | | | | | | | |
enacted the GRAMM-RUDMAN-HOLLAND ACT. The budget enforcement
| | | | | |
Act (BEA) amended it, so it is also known as the BEA.
| | | | | | | | | | | |
Sections 13 & 15, 31 USC - CORRECT ANSWER✔✔-These sections
| | | | | | | | | |
prescribe rules & procedures 4 budget execution. The statutory
| | | | | | | | |
requirements 4 the use, control & accountability of funds are found
| | | | | | | | | | |
here. Many provisions were previously enacted as section 3679. (ADA)
| | | | | | | | |
Impoundment Control Act of 1974 - CORRECT ANSWER✔✔-This law | | | | | | | | |
prescribes rules & procedures under which the President may withhold
| | | | | | | | | |
appropriated amounts from obligation. (deferrals & rescissions) OMB A-
| | | | | | | |
11 address the requirements of this law.
| | | | | |
