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ACQ 101 Module 7 Financial Management questions with answers.
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ACQ 101 Module 7 Financial Management questions with answers.
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ACQ 101 Module 7 FinancialManagement questions with answers.
What is budget authority? ANS -The authority to enter into obligations that will results in immediate or
future outlays. Similar to a spending limit that is approved by Congress.
What is a commitment? ANS -An administrative reservation of funds, usually by the comptroller, in
anticipation of a future obligation.
What is an obligation? ANS -The legal reserve of funds to make a future payment of money.
What is an expenditure? ANS -Is a charge against available funds. It results from a voucher, claim or
other document approved by competent authority.
What is an outlay? ANS -Occurs when the vendor cashes the expenditure check and money flows from
the treasury to the vendor of supplier.
What is a life cycle cost? ANS -The cost to the government of acquisition and sustainment of a system
over its useful life.
Life Cycle Cost LCC is divided into 5 major appropriations categories; what are they? ANS -Operations &
Maintenance O&M; Military Personnel; Research, Development, Test and Evaluation RDT&E;
Procurement; Military Construction
What are 4 cost estimating techniques? ANS -Analogy, Parametric, Engineering, Actual Costs
The engineering cost technique method would be used early in the life of the program during the TMRR
Phase when you do not have in-depth information about the system you are designing. ANS -False
When is the analogy method used? ANS -The analogy is used early in the life of the program during the
TMRR Phase when you do not have in-depth information about the system you are designing.
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