University Of Maryland - College Park

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 Fort Mason i...

Fiscal Law Final Exam QUESTION 1 1. It is appropriate for the Army to acquire lawn cutting services through the Project Order Statute. True False QUESTION 2 1. The proper amount of money to obligate at the award of a firm fixedprice contract is: The full amount of the contract. Nothing until the contractor performs the required work. Half of the total liability. A conservative amount based on the government’s estimated future requirements. QUESTION 3 1. How long does the Department of Defense ...

Fiscal Law Final Exam QUESTION 1 1. It is appropriate for the Army to acquire lawn cutting services through the Project Order Statute. True False QUESTION 2 1. The proper amount of money to obligate at the award of a firm fixedprice contract is: The full amount of the contract. Nothing until the contractor performs the required work. Half of the total liability. A conservative amount based on the government’s estimated future requirements. QUESTION 3 1. How long does the Department of Defense ...

QUE ST ION 1 1. It is appropriate for the Army to acquire lawn cutting services through the Project Order Statute. True False 4 points QUE ST ION 2 1. The proper amount of money to obligate at the award of a firm fixedprice contract is: The full amount of the contract. Nothing until the contractor performs the required work. Half of the total liability. A conservative amount based on the government’s estimated future requirements. 4 points QUE ST ION 3 1. How long does the Depar...

QUE ST ION 1 1. It is appropriate for the Army to acquire lawn cutting services through the Project Order Statute. True False 4 points QUE ST ION 2 1. The proper amount of money to obligate at the award of a firm fixedprice contract is: The full amount of the contract. Nothing until the contractor performs the required work. Half of the total liability. A conservative amount based on the government’s estimated future requirements. 4 points QUE ST ION 3 1. How long does the Depar...

Fiscal Law: Competency Area 1 Federal appropriations law can be categorized into which three topical areas? - ANS Purpose, Time, and Amount In the Department of Defense, final decisions of Fiscal Law questions are "officially" rendered by whom? - ANS DoD General Counsel How many basic types of budget authority are used in the Federal Government? - ANS Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Collections and Receipts Annual appropriations...

CDFM All Modules FISCAL LAW T/F? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act? - ANS FALSE Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the? - ANS 31 USC 1341, 1342, and 1517 ADA The 2 provisions of the US Constitution that provide the underpinning for the budget process are? - ANS Article 1 Section 8 clause 1, Article 1 Section 9 clause 7 T/F? Article 2 section 8 empower...

CDFM 3.1 Fiscal Law

Fiscal Law Affirmative Authority governed by what: - ANS • The U.S. Constitution • Legislative Appropriations and Authorization Acts • Judicial Court Rulings and Comptroller General decisions DoD AA - ANS Depart of Defense Appropriations Act NDAA - ANS National Defense Authorization Act Necessary Expense Defined - ANS • Must be reasonably necessary • Doesn't have to be only or best way • Determinations are fact, agency, and purpose specific; AFI65-601. Purpose: - AN...

Quiz Submissions - Quiz 3 Top of Form Submission View Your quiz has been submitted successfully. Question 1 1 / 1 point An increase in which of the following factors (from the perspective of the domestic country) would cause an appreciation of the domestic currency in the long run? Question options: expected future exchange rate relative import demand relative productivity all of the above Hide Feedback relative productivity Question 2 1 / 1 point An increase in a country’s tra...