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Fiscal Law Latest Exam And Answers Already Passed 2024.
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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, exercises, deployments, civilian salaries, and operating and maintaini...
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Fiscal Law License Exam And Correct Answers Graded A+ 2024.
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What is the "Bona Fide Needs" Rule? - Answer The Bona Fide Needs Rule basically means that a federal agency must have a legitimate or bona fide need for the requirement during the time period that the appropriation is available. Pursuant to 31 U.S.C. 1502(a), "The balance of an appropriation limited for obligation to a definite period is available only for payment of expenses incurred during the period of availability, or to complete contracts properly made during the period of availability...
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Fiscal Law License Exam With Complete Solutions 100% 2024.
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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 t...
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Fiscal Law Practice Exam Fully Solved 2024.
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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 t...
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Fiscal Law Training Exam And Answers Rated A+ 2024.
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U.S. Fiscal Law - Answer Body of law which governs the use and availability Federal funds by Executive Agencies 
 
Fiscal Law is derived from... - Answer 1. US Constitution (Article I) 
2. US Code, Title 31 
3. FAR and subsequent regulations 
4. GAO and court rulings 
 
Fiscal Year - Answer Starts October 1 
End September 30 
 
Government Accountability Office (GAO) - Answer An investigative arm of Congress that issues opinions and reports to federal agencies concerning the obligation an...
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Fiscal Law Training Exam Well Answered 100% 2024.
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Affirmative Authority governed by what: - Answer • The U.S. Constitution 
• Legislative Appropriations and Authorization Acts 
• Judicial Court Rulings and Comptroller General decisions 
 
DoD AA - Answer Depart of Defense Appropriations Act 
 
NDAA - Answer National Defense Authorization Act 
 
Necessary Expense Defined - Answer • Must be reasonably necessary 
• Doesn't have to be only or best way 
• Determinations are fact, agency, and purpose specific; AFI65-601. 
 
Purpo...
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Fiscal Law Training Exam With Solved Solutions 2024.
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What is the bona fide needs rule - Answer supplies or services must be intended for a genuine, "bona fide" need in the FY of appropriations being used 
 
current year money for a current year need 
 
What are the exceptions to the Bona-Fide Needs Rule - Answer Exceptions: 
Supply 
production/delivery lead time - agencies may consider a normal production/delivery lead time to determine bona fide need. Normally NTE 30 days. Agencies cannot use this exception when items are immediately avail...
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Fiscal SCMOC Final Review Exam And Answers Rated A+ 2024.
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purpose of financial management - Answer properly execute the legal and administrative responsibilities of funds 
 
Defense Finance and Accounting Service (DFAS) - Answer official accounting firm of the DOD 
 
two things needed IOT have any of the fiscal roles/responsibilities - Answer 1. appointment letter signed by CO 
2. DD577 
(also note that NAVMC 11869 DOA is part of the financial process) 
 
Comptroller - Answer special staff officer to MSC CG 
provides guidance and direction conc...
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FSD 101 Basic Fiscal Law Prep Exam And Actual Answers 2024.
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________________ funds are available for new obligations for a period of 5 years. - Answer 
 
Anti deficiency Act Principles state that you can receive services without paying for them as benefit to the government. - Answer False 
 
________________ has the ability to appropriate funds to be spent by the federal government. - Answer Congress 
 
Under the "Separation of Powers" doctrine established by the Constitution, the _____________ carries out the laws with the money Congress provid...
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Module 3_Fiscal Law Training Exam With Solved Solutions 2024.
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The established rule is that the expenditure of public funds is proper only when ________ by Congress, not that public funds may be expended unless prohibited by Congress. - Answer authorized 
 
In fiscal law, you can do only what the law authorized you to do. ______ of a law prohibiting you from doing something with your funding doesn't give you the authority to do it; it must be authorized by law in order for you to obligate funds - Answer Absence 
 
Are congressional committee reports (l...
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