Exam (elaborations)
Competency 1 Fiscal Law Exam Questions and Answers
- Course
- Institution
Competency 1 Fiscal Law Exam Questions and Answers
[Show more]
Seller
Follow
Wisdoms
Reviews received
Content preview
Competency 1: Fiscal Law Exam Questions andAnswers
Federal appropriations law can be categorized into which three topical areas? - Ans - Purpose, Time, and
Amount (PTA)
In the Department of Defense, final decisions of fiscal law questions are "officially" rendered by whom? -
Ans - DoD General Counsels, Courts
What are the basic types of budget authority used in the Federal Government? - Ans - Appropriations
Contract Authority
Borrowing Authority
Monetary Credits
Offsetting Collections and Receipts
Loan and Loan Guarantee Authority
Annual appropriations remain available for obligation for how long? - Ans - One year
Operation and Maintenance (O&M) is an example of what type of appropriation? - Ans - Annual (one-
year) appropriation
RDT&E is an example of what type of appropriation? - Ans - Multi-year appropriation
Budget authority does not expire in what type of appropriation? - Ans - No-year appropriation
Article 1, Section 9, of the U.S. Constitution gives the power to appropriate funds for operating the
Government to which branch of Government? - Ans - Legislative Branch (Congress)
Which law establishes the House and Senate Budget Committees and the Congressional Budget Office? -
Ans - Congressional Budget Act of 1974 (P.L. 93-344 and P.L. 100-119)
What are the three tests which must be met for use of the Necessary Expense doctrine? - Ans - Must:
- bear a logical relationship to the appropriation sought to be charged
, - not be prohibited by law
- not be otherwise provided for (falls within some other appropriation)
Who are determined to be accountable officers in the Department of Defense? - Ans - 1. Certifying and
2. Disbursing Officers
(or any Government officer or employee who is responsible for or has custody of Government funds)
Who grants relief of liability to a certifying officer in the Department of Defense? - Ans - The Comptroller
General
What type of budgetary resources remains available for new obligations for more than one fiscal year? -
Ans - Multi-year authority
What type of budgetary resources remains available for new obligations until the purpose for which
they were provided is carried out? - Ans - No-year authority
What type of Congressional resolution can be thought of as a temporary appropriations act? - Ans -
Continuing Resolution
If a Contracting Officer signs a contract in advance of an appropriation, what type of violation has
occurred? - Ans - Anti-deficiency Act (ADA)
What agency apportions funds for a working capital fund? - Ans - The Office of Management and Budget
(OMB)
This article of the Constitution empowers Congress to pass bills for raising of revenue - Ans - Article 1,
Section 7
This article of the Constitution empowers Congress to collect taxes - Ans - Article 1, Section 8
This article of the Constitution requires appropriations in law before money may be spent from the
Treasury - Ans - Article 1, Section 9
What is the most authoritative source of information on the proper use of appropriated funds in a multi-
volume treaties published by the GAO? - Ans - The Red Book
Which budget law included the following?
1. Required the President to submit an annual budget to Congress
2. Created a budget office for the President
3. Established the GAO - Ans - The Budget and Accounting Act of 1921
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 Wisdoms. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now