CDFM Module 3.1
Fiscal Law questions
and answers 100%
verified.
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 2Red 2Book 2CORRECT 2ANSWER. 2 Contains 2detailed 2guidance 2& 2numerous
2cases 2illustrating 2proper 2& 2improper 2uses 2of 2funds. 2Available 2on 2web 2site.
31 2USC 21341, 21342, 21517 2(Anti 2Deficiency 2Act) 2CORRECT 2ANSWER. 2 Agencies
2are 2responsible 24 2maintaining 2systems 2of 2accounting, 2internal 2control, 2&
2administrative 2control 22 2facilitate 2effective 2management 2of 2Federal
2programs 2to 2avoid?
Budget 2& 2Accounting 2Act 2of 21921 2CORRECT 2ANSWER. 2 Requires 2President 22
2submit 2annual 2budget 22 2Congress 24 2all 23 2branches 2of 2the 2federal
2government, 2created 2budget 2office 24 2the 2President 2(OMB), 2& 2established
2the 2GAO 2office.
Congressional 2Budget 2Act 2of 21974 2CORRECT 2ANSWER. 2 Governs 2the
2congressional 2budget 2process, 2defines 2key 2budget 2terms 2that 2are 2used 2in
2the 2budget 2process, 2establishes 2the 2House 2& 2Senate 2budget 2committees 2&
2the 2Congressional 2Budget 2Office.
Balanced 2Budget 2& 2Emergency 2Deficit 2Control 2Act 2of 21985 2CORRECT 2ANSWER.
2 This 2law 2prescribes 2rules 2& 2procedures 2(sequestration) 2designed 22
2constrain 2spending 2& 2receipts 2legislation. 2Originally 2it 2enacted 2the 2GRAMM-
RUDMAN-HOLLAND 2ACT. 2The 2budget 2enforcement 2Act 2(BEA) 2amended 2it, 2so
2it 2is 2also 2known 2as 2the 2BEA.
Sections 213 2& 215, 231 2USC 2CORRECT 2ANSWER. 2 These 2sections 2prescribe 2rules
2& 2procedures 24 2budget 2execution. 2The 2statutory 2requirements 24 2the 2use,
2control 2& 2accountability 2of 2funds 2are 2found 2here. 2Many 2provisions 2were
2previously 2enacted 2as 2section 23679. 2(ADA)
Impoundment 2Control 2Act 2of 21974 2CORRECT 2ANSWER. 2 This 2law 2prescribes
2rules 2& 2procedures 2under 2which 2the 2President 2may 2withhold 2appropriated
2amounts 2from 2obligation. 2(deferrals 2& 2rescissions) 2OMB 2A-11 2address 2the
2requirements 2of 2this 2law.
OMB 2Circular 2A-11 2CORRECT 2ANSWER. 2 Issued 2pursuant 22 2chapters 213 2& 215 2of
2USC, 2Executive 2Order 211541 2of 2July 21970, 2The 2Congressional 2Budget,
2Impoundment 2Control 2Act 2of 21974,and 2GPRA 2in 2Section 2200.
Federal 2Appropriation 2Law 2CORRECT 2ANSWER. 2 Congress, 2under 2the 2authority
2of 2Article 21 2of 2Constitution, 2generates 2revenue 2& 2establish 2taxes.
2Authorities 2under 2these 2articles 2are 2found 2in 2the 2authorization 2&
2appropriation 2acts 2passed 2by 2Congress 2& 2signed 2by 2President. 2Court
2decisions 2& 2decisions 2by 2Comptroller 2General 2further 2amplify 2these
2authorities.
Fiduciary 2Certifier 2CORRECT 2ANSWER. 2 Responsiable 2for 2the 2use 2of
2approproated 2funds 2to 2the 2proper 2Purpose, 2Time 2& 2Amount, 2and 24 2those
2US 2codes 2pertaining 2thereto.
Feduciary 2Responsibility 2CORRECT 2ANSWER. 2 Conveys 2a 2confidence 2or 2trust.
Fiscal Law questions
and answers 100%
verified.
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 2Red 2Book 2CORRECT 2ANSWER. 2 Contains 2detailed 2guidance 2& 2numerous
2cases 2illustrating 2proper 2& 2improper 2uses 2of 2funds. 2Available 2on 2web 2site.
31 2USC 21341, 21342, 21517 2(Anti 2Deficiency 2Act) 2CORRECT 2ANSWER. 2 Agencies
2are 2responsible 24 2maintaining 2systems 2of 2accounting, 2internal 2control, 2&
2administrative 2control 22 2facilitate 2effective 2management 2of 2Federal
2programs 2to 2avoid?
Budget 2& 2Accounting 2Act 2of 21921 2CORRECT 2ANSWER. 2 Requires 2President 22
2submit 2annual 2budget 22 2Congress 24 2all 23 2branches 2of 2the 2federal
2government, 2created 2budget 2office 24 2the 2President 2(OMB), 2& 2established
2the 2GAO 2office.
Congressional 2Budget 2Act 2of 21974 2CORRECT 2ANSWER. 2 Governs 2the
2congressional 2budget 2process, 2defines 2key 2budget 2terms 2that 2are 2used 2in
2the 2budget 2process, 2establishes 2the 2House 2& 2Senate 2budget 2committees 2&
2the 2Congressional 2Budget 2Office.
Balanced 2Budget 2& 2Emergency 2Deficit 2Control 2Act 2of 21985 2CORRECT 2ANSWER.
2 This 2law 2prescribes 2rules 2& 2procedures 2(sequestration) 2designed 22
2constrain 2spending 2& 2receipts 2legislation. 2Originally 2it 2enacted 2the 2GRAMM-
RUDMAN-HOLLAND 2ACT. 2The 2budget 2enforcement 2Act 2(BEA) 2amended 2it, 2so
2it 2is 2also 2known 2as 2the 2BEA.
Sections 213 2& 215, 231 2USC 2CORRECT 2ANSWER. 2 These 2sections 2prescribe 2rules
2& 2procedures 24 2budget 2execution. 2The 2statutory 2requirements 24 2the 2use,
2control 2& 2accountability 2of 2funds 2are 2found 2here. 2Many 2provisions 2were
2previously 2enacted 2as 2section 23679. 2(ADA)
Impoundment 2Control 2Act 2of 21974 2CORRECT 2ANSWER. 2 This 2law 2prescribes
2rules 2& 2procedures 2under 2which 2the 2President 2may 2withhold 2appropriated
2amounts 2from 2obligation. 2(deferrals 2& 2rescissions) 2OMB 2A-11 2address 2the
2requirements 2of 2this 2law.
OMB 2Circular 2A-11 2CORRECT 2ANSWER. 2 Issued 2pursuant 22 2chapters 213 2& 215 2of
2USC, 2Executive 2Order 211541 2of 2July 21970, 2The 2Congressional 2Budget,
2Impoundment 2Control 2Act 2of 21974,and 2GPRA 2in 2Section 2200.
Federal 2Appropriation 2Law 2CORRECT 2ANSWER. 2 Congress, 2under 2the 2authority
2of 2Article 21 2of 2Constitution, 2generates 2revenue 2& 2establish 2taxes.
2Authorities 2under 2these 2articles 2are 2found 2in 2the 2authorization 2&
2appropriation 2acts 2passed 2by 2Congress 2& 2signed 2by 2President. 2Court
2decisions 2& 2decisions 2by 2Comptroller 2General 2further 2amplify 2these
2authorities.
Fiduciary 2Certifier 2CORRECT 2ANSWER. 2 Responsiable 2for 2the 2use 2of
2approproated 2funds 2to 2the 2proper 2Purpose, 2Time 2& 2Amount, 2and 24 2those
2US 2codes 2pertaining 2thereto.
Feduciary 2Responsibility 2CORRECT 2ANSWER. 2 Conveys 2a 2confidence 2or 2trust.
