FISCAL LAW EXAM QUESTIONS AND 100%ANSWERS GRADED A+ 2024
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Course
FISCAL LAW
Institution
University Of South Africa
How long does the DOD fm regulation give an individual discovering a possible ADA violation to report to their chain of command - Answer- 90 calendar days
Assume that on 15 September 2010, there is a national emergency requiring assistance of DOD. SECDEF seems it necessary to obligate FY2010 fun...
FISCAL LAW EXAM QUESTIONS AND 100%ANSWERS
GRADED A+ 2024
How long does the DOD fm regulation give an individual discovering a possible ADA violation
to report to their chain of command - Answer- 90 calendar days
Assume that on 15 September 2010, there is a national emergency requiring assistance of DOD.
SECDEF seems it necessary to obligate FY2010 funds In excess of their availability. Which is
true? - Answer- The army could accept voluntary services before FY11 appropriation was
enacted because the government doesn't pay for such services
On 30 September, $275K remains in O&M allowance. On that day, COR is about to award a
supply contract, obligating $300K OMA. Award the supply contract: - Answer- Will cause ADA
violation because contract exceeds amount of OMA available
Assume KO awards a contract on 20 September for $10M inadvertently commuting an ADA
violation by causing he army to exceed the amount available in its FY2010 O&M appropriation.
What's correct? - Answer- KO is subject to admin disciple because mistake doesn't relieve him of
liability under ADA
The proper amount of money to obligate at the award of a firm fixed price contract is - Answer-
Conservative amount based on estimated future requirements
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 and expenditure of
public funds
Obligation - Answer- Any act that legally binds the government to make payment.
Period of Availability - Answer- The period of time where budget authority is available for
original obligation.
Who appropriates funds? - Answer- Only Congress has the ability to appropriate funds
No money can be paid out of the treasury unless it has been appropriated by an act of Congress
(Appropriations Clause) (Power of the purse)A statute passed annually by Congress that
authorizes the appropriation of funds for programs and activities
Limitations on Congressional Spending - Answer- 1. Spending must be in pursuit of the general
welfare
2. Federal funds must be reasonably tied to an articulated goal
3. Imposed conditions must be authoritative and unambiguous
4. No actions may be prohibited by the Constitution
New start validation - Answer- Any program, subprogram, modification, project, or subproject
not previously justified to and funded by Congress during the appropriations process for the
fiscal year involved.
1. Most notify Congrats via SAM
2. No minimum dollar thresholds
, Active/Current Appropriations - Answer- Money whose availability for new obligations has not
yet expired
Expired Appropriations. - Answer- Money whose availability has expired for new obligations.
But are available for use on previous obligations for 5 years.
Cancelled Appropriations - Answer- Money unused for 5 years which can now NOT be spent for
any purpose.
The Time Rule - Answer- Appropriation is available only for a certain time, after which the
authority to obligate expires
Colors of Money - Answer- o 3010 - Aircraft Procurement - 3 year availability; must be fully
funded
o 3020 - Missile Procurement - 3 year availability; must be fully funded
o 3080 - Ground Support Equipment - 3 year availability; must be fully funded
o 3300 - MilCon - 5 year availability; must be fully funded
o 3400 - O&M - 1 year availability; may be incrementally funded
o 3500 - Military Personnel - 1 year availability; may be incrementally funded
o 3600 - R&D - 2 year availability; may be incrementally funded
Authorization Act - Answer- A statute passed annually by Congress that authorizes the
appropriation of funds for programs and activities (yearly budget)
Appropriation Act - Answer- Provides budget authority to incur obligations and make payments
out of the Treasury for specified purposes (provides agency with budget authority).
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