Fiscal Law Exam 2024 Questions & Answers 100% Correct!!
1 view 0 purchase
Course
Fiscal Law
Institution
Fiscal Law
Is repurposing or converting a facility for a new use considered construction? - ANSWER Yes
3 Essential Principles of Fiscal Law - ANSWER Time, Purpose, and Amount
What funds are ordinary operating expenses funded with? - ANSWER 0100 O&M
What are Procurement (Proc) Funds used for? - ANS...
Fiscal Law Exam 2024 Questions &
Answers 100% Correct!!
Is repurposing or converting a facility for a new use considered construction? - ANSWER Yes
3 Essential Principles of Fiscal Law - ANSWER Time, Purpose, and Amount
What funds are ordinary operating expenses funded with? - ANSWER 0100 O&M
What are Procurement (Proc) Funds used for? - ANSWER Capital Purchases ie) Aircraft, Missiles,
Tanks
Name 3 colors of Proc Funds - ANSWER 3010, 3020, 3080
What funding can be funded with two types of funds under two different dollar ceilings? - ANSWER
Milcon,0500
What are RDT&E Funds used for and what Color are they? - ANSWER 0400, Used for R&D as well as
operation and maintenance of labs and test facilities
What legally binds the government to make payment? - ANSWER Obligation
What does Budget Authority Authorize? - ANSWER Ability to incur financial obligations
What does the Authorization act authorize? - ANSWER The appropriation of funds
What does the Appropriation Act establish? - ANSWER Budget Authority and Continuing Resolution
What does the Purpose Statute Require? (31 U.S.C 1301) - ANSWER That appropriated funds be used
only for the purposes and programs for which appropriation was made.
, What does the Bona Fide Need Rule Require? (31 U.S.C. 1502) - ANSWER That appropriated funds
be used only for the needs or services that arise in the year(s) of the appropriation's obligation
availability period.
What are 3400 funds used for? - ANSWER O&M - Civilian Payroll, Travel, Education and Training,
Base operations support, Operational military forces, Maintenance of facilities and software,
construction under 750k, and investment equipment under 250k.
What are the three parts to the Necessary Expense Doctrine? - ANSWER The expenditure must bear
a logical relationship to the appropriation being charged.
The expenditure must not be prohibited by law.
The expenditure must not fall within the scope of some other appropriation.
What's the difference between expenses and investments? - ANSWER Investments produce an end
item with a long term benefit. Expenses are the cost of DoD consumption and operations.
What's the threshold for purchasing investments with O&M Funds - ANSWER 250k
When do appropriations close? - ANSWER 5 years after they expire
What is the period of availability for the 5 main appropriations? - ANSWER O&M (0100) - 1 yr
Personnel - 1 yr
RDT&E (0400) - 2 yr
MILCON (0500) - 5 yr
Procurement (0300) - 3 yr
When does the bona fide need for services arise? - ANSWER When they are rendered
What's the difference between severable and nonseverable services? - ANSWER Severable services
can be broken into chunks. Non severable are for a single outcome or report. They have no value
unless fully completed.
What 3 rules does the Antideficiency Act establish? - ANSWER 1. You can't obligate in an amount
greater than the appropriation.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
