CDFM 3.1 Fiscal Law EXAM 2023 ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

CDFM 3.1 Fiscal Law EXAM 2023 ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+ 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 sections 8 empower 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 True or False? Not knowingly or willfully committing a violation of the Anti-Deficiency Act does not, by itself, justify a decision to not impose disciplinary action against the individual. - ANSWER- TRUE It is the responsibility of the _____ to review and approve the agency systems of administrative control of funds to prevent violations of the Anti-Deficiency Act. - ANSWER- OMB Acceptance of voluntary service is a violation of _________ - ANSWER- 31, USC 1342 _____ is the shift from one purpose or activity to another within different appropriations. - ANSWER- Transfer The ____ prescribe rules and procedures for budget execution. Many of the specific provisions were previously enacted as Section 3679 of the revised statutes also known as the Anti-Deficiency Act. - ANSWER- Chapters 13 and 15, 31 USC The appropriation time line for Operation and Maintenance is ________. - ANSWER- 1 The Basic substantive legislation enacted by Congress that sets up or continues the legal operation of a Federal program or agency either indefinitely or for a specific time frame or sanctions a particular type of obligation or expenditure within a program is _______. - ANSWER- Authorization True or False? For no year and unexpired multiyear contracts, apportioned recoveries of prior year obligations are available for new obligations. - ANSWER- TRUE _______ is the shift from one purpose or activity to another within the same appropriations. - ANSWER- Reprogramming ______ is the shift from one purpose or activity to another between different appropriations. - ANSWER- Transfer The Package that lists all of the reprogramming actions and all sources and increases is the ______. - ANSWER- Omnibus Reprogramming Request The amount of obligational authority transferred from one agency bureau or account that is set aside in a transfer appropriation account to carry out the purpose of the parent appropriation is a (n)_______. - ANSWER- Allocations The issuances of Treasury Warrants are the _____ ______ action taken after the President signs the bill into law. - ANSWER- 1st legal The 3 Dimensions of Budget Resource Availability are _______,_______, _________. - ANSWER- Purpose Time and Amount ______is required for reprogramming that result in increases in procurement quantities of major program end items, changes to Congressional Interest Items in an Authorization Act, movement of funds between appropriations involving General Transfer Authority. - ANSWER- Congressional Prior Approval True or False? For expired accounts recoveries of prior year obligations are available for new obligations incurred in current year. - ANSWER- FALSE ________ is (are) the system that measures and controls the use of the resources according to the purposes for which budget authority was enacted and that records receipts and other collections by source. - ANSWER- Budgetary Accounting ______ is (are) the authority provided by Federal law to incur financial obligations that will result in immediate or future outlays. - ANSWER- Budget Authority _________ Appropriations is (are) available for payments and obligations adjustments from years 2-6: FY remains and appropriation integrity required. - ANSWER- Expired _______ Appropriations is (are) the reduction or cancellation of new budget authority; unobligated balances, new loan guarantee commitments or limitations. - ANSWER- Sequestration