Fiscal law exam Study guides, Class notes & Summaries
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Fiscal Law Exam CLG 001 _ Questions And Answers 2023
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Fiscal Law Exam CLG 001 _ Questions And Answers 2023 
 
 
 
QUESTION 1 
 
1. Which of the following is a correct statement of Fiscal Law Philosophy: 
 
If the law is silent as to whether a purchase can be made, it is probably safe to spend appropriated funds. 
Expenditure of appropriated funds is proper only when authorized by Congress. 
If the commander says buy it, don’t worry about Fiscal Law Regulations. 
Absent a specific prohibition, expending appropriated funds is permitted. 
 
 
QUEST...
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CDFM All Modules FISCAL LAW Exam Questions and Answers
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CDFM All Modules FISCAL LAW Exam Questions and Answers 
T/F? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act? - ANSWER FALSE 
 
Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the? - ANSWER 31 USC 1341, 1342, and 1517 ADA 
 
The 2 provisions of the US Constitution that provide the underpinning for the budget process are? - ANSWER Article 1 Section 8 clause 1, Ar...
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SC Property Management License Exam with Complete & Verified Solutions | 2024 Update
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SC Property Management License Exam with Complete & 
Verified Solutions | 2024 Update 
PM & PMIC licenses need to renewed biennially - Answer ️️ -June 30th (end of state's fiscal 
year) 
Conversion - Answer ️️ -to use trust funds for the purpose other than the purpose of which they 
are held. Unlawful use of funds. 
Customer - Answer ️️ -a buyer, seller, landlord or tenant who uses the services of a real estate 
licensee but does not establish an agency relationship through a writte...
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FIN 515 FISCAL LAW EXAM question and answers
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Which of the following is a correct statement of Fiscal Law Philosophy: 
If the law is silent as to whether a purchase can be made, it is 
probably safe to spend appropriated funds. 
Expenditure of appropriated funds is proper only when authorized 
by Congress. 
If the commander says buy it, don’t worry about Fiscal Law 
Regulations. 
Absent a specific prohibition, expending appropriated funds is 
permitted. 
20 points 
QUE ST ION 2 
1. It is July 2010. The contracting officer at Fort Mason is...
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CDFM 3.1 Fiscal Law Exam Questions with Correct Answers
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CDFM 3.1 Fiscal Law Exam Questions with Correct Answers 
True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. - ANSWER FALSE 
 
Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the _________. - ANSWER 31 USC 1341, 1342, and 1517 (Anti-Deficiency Act) 
 
The appropriation time line for Military Construction is _______ years. - ANSWER 5 
 
The appropriation ...
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CDFM 3 1 Fiscal Law Exam Questions with Correct Answers
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CDFM 3 1 Fiscal Law Exam Questions with Correct Answers 
True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. - ANSWER	FALSE 
 
Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the	. - ANSWER	31 USC 1341, 1342, and 1517 
(Anti-Deficiency Act) 
 
The appropriation time line for Military Construction is	years. - ANSWER 5 
 
The appropriation time line for Procurement (excluding Shi...
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CDFM All Modules FISCAL LAW exam 2023 with 100% correct answers
- Exam (elaborations) • 25 pages • 2023
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T/F? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act? 
FALSE 
 
 
 
Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the? 
31 USC 1341, 1342, and 1517 ADA 
 
 
 
The 2 provisions of the US Constitution that provide the underpinning for the budget process are? 
Article 1 Section 8 clause 1, Article 1 Section 9 clause 7 
 
 
 
T/F? Article 2 section 8 empowers Congress to collect taxes and Se...
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CLG 001_ Fiscal Law Exam version 2_ updated and answered.
- Exam (elaborations) • 12 pages • 2022
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QUESTION 1 
1. Which of the following is a correct statement of Fiscal Law Philosophy: 
If the law is silent as to whether a purchase can be made, it is 
probably safe to spend appropriated funds. 
Expenditure of appropriated funds is proper only when authorized 
by Congress. 
If the commander says buy it, don’t worry about Fiscal Law 
Regulations. 
Absent a specific prohibition, expending appropriated funds is 
permitted. 
20 points 
QUESTION 2 
1. It is July 2010. The contracting officer at ...
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CDFM 3.1 Fiscal Law Exam Questions with Correct Answers
- Exam (elaborations) • 13 pages • 2024
- Available in package deal
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CDFM 3.1 Fiscal Law Exam Questions with Correct Answers 
True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. - ANSWER	FALSE 
 
Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the	. - ANSWER	31 USC 1341, 1342, and 1517 (Anti- Deficiency Act) 
 
The appropriation time line for Military Construction is	years. - ANSWER	5 
 
The appropriation time line for Procurement (excluding Shi...
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CDFM 3.1 Fiscal Law exam 2023 with 100% correct answers
- Exam (elaborations) • 18 pages • 2023
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True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. 
FALSE 
 
 
 
Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the _________. 
31 USC 1341, 1342, and 1517 (Anti-Deficiency Act) 
 
 
 
The appropriation time line for Military Construction is _______ years. 
5 
 
 
 
The appropriation time line for Procurement (excluding Shipbuilding and Conversion, Navy) is _______ years. 
3 ...
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