CDFM 3.1 Fiscal Law Exam Questions with Correct Answers

CDFM 3.1 Fiscal Law Exam Questions with Correct Answers True or false? A working capital (Revolving) fund or part of that fund cannot violate the Anti Deficiency Act. - ANSWER FALSE Agencies are responsible for maintaining a system of accounting and internal controls to avoid violations of the _________. - ANSWER 31 USC 1341, 1342, and 1517 (Anti-Deficiency Act) The appropriation time line for Military Construction is _______ years. - ANSWER 5 The appropriation time line for Procurement (excluding Shipbuilding and Conversion, Navy) is _______ years. - ANSWER 3 The 2 provisions of the US Constitution that provide the underpinning for the budget process are ______. - ANSWER Article 1 Section 8 clause 1, Article 1 Section 9 clause 7 The budgetary resources that are available for new obligations until the purposes for which were provided are carried out are called _________. - ANSWER No-Year Authority The ________ governs the congressional budget, defines key budget term and establishes house and senate budget committees and the Congressional Budget Office. - ANSWER Congressional Budget Act of 1974 True or false? Article 2 section 8 empowers Congress to collect taxes and Section 9 requires appropriations in law before money can be spent from the Treasury. - ANSWER FALSE. Article 1 section 8 empowers Congress to collect taxes and section 9 requires appropriations in law before money can be spent from the Treasury. The appropriation time line for R & D is ________ years. - ANSWER 2 The penalty for willfully and knowingly violating the Anti Deficiency Act is ______. - ANSWER Up to 2 years and a $5,000 fine or both Over obligation of an appropriation or funds and obligations or contracts in advance of an appropriation is a violation of _______. - ANSWER 31,. USC 1341(a) ________ appropriations is (are) no longer available for adjustments or payments any adjustments will be charged to current same appropriation (1% max) - ANSWER Cancelled Over-obligations of apportionments, allotments or other subdivision of funds are a violation of ________ - ANSWER 31,. USC 1517