ACQ 101 Module 7 & Exam: Financial Management Questions and Answers 100% Pass

Document Content and Description Below

ACQ 101 Module 7 & Exam: Financial Management Questions and Answers 100% Pass Select the term that best fits the following definition: "An administrative reservation of funds by the local comptrol... ler, in anticipation of a future obligation." ✔✔*Commitment* Which of the following is a Life Cycle Cost Category? ✔✔*Research and Development* Generally, the Engineering cost technique method would be used early in the life of the program during the TMRR Phase when you do not have in-depth information about the system you are designing. ✔✔*False* Which of the following appropriations categories provides funds for programs that have been approved for production? ✔✔*Procurement* The full funding policy governs the Procurement and MILCON appropriations categories. ✔✔*True* The primary product of the Planning phase is the National Defense Strategy (NDS), which provides the priorities and objectives for the service program request. ✔✔*False* The primary products of the Programming phase are the Program Objectives Memorandum (POM) and the Program Decision Memoranda (PDM). ✔✔*True* Which of the following is a product of the Budgeting phase? ✔✔*All answers are correct* The purpose of the Execution review is to make assessments of current and previous resource allocations to determine if the planned performance goals were met. ✔✔*True* The Budget Authority is provided by which of the following? ✔✔*Appropriations Bill* After the budget authority has passed its obligation period, it goes into the "Expired Account" for a period of 10 years and cannot be used for new obligations. ✔✔*False* The law that prohibits an obligation in excess of the appropriated amount or amount permitted by agency regulations is known as: ✔✔*Anti-Deficiency Act* The execution phase occurs when appropriated funds are spent on defense programs. ✔✔*True* Which of the following statement best describes the purpose of reprogramming? ✔✔*Use funds for purposes other than those originally intended by Congress* Below Threshold Reprogramming can be used to change the appropriation category (e.g., Change RDT&E appropriation into O&M appropriation). ✔✔*False* Select the term that best fits the following definition: "An administrative reservation of funds by the local comptroller, in anticipation of a future obligation." ✔✔*Commitment* Select the term that best fits the following definition: "The legal reservation of funds to make a future payment of money." ✔✔*Obligation* Which of the following appropriations categories fund major projects such as bases, schools, and maintenance facilities? ✔✔*MILCON* What funding policy applies to RDT&E appropriations? ✔✔*Incremental Funding* Which of the following does the Department of Defense (DoD) use to accomplish the Planning, Programming, Budgeting, and Execution (PPBE) process? ✔✔*Identify the fiscal needs of the services and decide how to allocate resources* Which enactment process activity must be passed by both houses of Congress and signed by the President before any Federal agency can incur obligations or make expenditures from the U.S. Treasury? ✔✔*Appropriations Bill* Which agency apportions funds to the Department of Defense's (DoD's) comptroller on a periodic basis? ✔✔*Office of Management and Budget* What is the name of the law that prohibits an obligation in excess of the appropriated amount or amount permitted by agency regulations? ✔✔*Anti-Deficiency Act* Each phase of the Planning, Programming, Budgeting, and Execution (PPBE) process answers a different question. Which of the following questions does the Execution Phase Answer? ✔✔- How much defense can we afford? - *How are we doing on our resource allocation?* - Who will support the system after it is fielded? - What are the critical defense needs? Which of the following appropriations categories fund the Research and Development efforts performed by both contractors and government agencies? ✔✔- MILPERS - Operation and Maintenance - *Research, Development, Test and Evaluation* - Procurement What cost estimating technique would be indicated for the following situation? The Program is going to a MS C Decision in a year. The Estimate is due several months to a year from now. The estimate needs to be very accurate and objective. Detailed labor and material estimates are available. The design effort has completed the Work Breakdown Structure definition and the sum of the costs determines the total system cost. ✔✔- Analogy - Parametric - Actual Costs - *Engineering* Who can approve the realignment of funds between activities that are below the level of control for that appropriation category and that does not require a reprogramming action? ✔✔- Contractor - DoD Comptroller - *Program Manager* - Congress Which major appropriations category below is NOT included in the Life Cycle Cost estimate? ✔✔- Procurement - *Investment* - Operations and Maintenance - Military Construction What does reprogramming permit the Department of Defense (DoD) to do with budget authority (BA)? ✔✔- Transfer BA designated for one Federal agency into a program budget - Obtain additional BA from Congress to cover insufficient funds - *Use BA for purposes other than those originally intended by Congress* - Carry over BA that are about to expire into the next fiscal year After the Congress passes the DoD Appropriations Bill and the President signs it, the Office of Management and Budget (OMB) distributes the Budget Authority to the DoD. What is this distribution called? ✔✔- Acknowledgment - *Apportionment* - Aggregation - Authorization Select the term that best fits the following definition: "An administrative reservation of funds by the local comptroller, in anticipation of a future obligation." ✔✔- *Commitment* - Expenditure - Budget Authority - Appropriation What is the name of the law that requires funds appropriated by Congress to be used only for the programs and purposes for which the appropriation is made? ✔✔- *Misappropriation Act* - Anti-Deficiency Act - Bona Fide Need Rule - Authorization Act What funding policy applies to MILCON? ✔✔- Deficit Funding - Incremental Funding - *Full Funding* - Annual Funding Which activity provides the Budget Authority? ✔✔- *Appropriations Bill* - Authorization Bill - President's Bill - Budget Resolution When does the execution phase of financial management occur? ✔✔- *When appropriated funds are spent on defense programs* - When appropriated funds are allocated for defense programs - When appropriated funds are modified for defense programs - When appropriated funds are saved for defense programs [Show More]

Last updated: 2 years ago

Preview 1 out of 8 pages