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M2 - Federal Money Types

Quiz by Jimmy Severson

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10 questions
Show answers
  • Q1
    Which is not an Appropriation type of money for the Federal Government?
    One-Year
    Mini-Year
    Multi-Year
    No-Year
    45s
  • Q2
    Congressional Appropriations flow chart show:     Appropriations -> Prescriptive Money -> Type of Money
    false
    true
    True or False
    45s
  • Q3
    What is the difference between an Appropriations Bill and an Authorization Bill?

    There is no difference

    Appropriations Bill - legal authority to spend US Treasury Funds - Authorization Bill authority program or agency to exist and determines its policy and structure
    Appropriations Bill legal authority to budget US Treasury Funds - Authorization Bill authority program or agency to exist and determines its policy and structure
    None of the above
    45s
  • Q4
    What is the difference between Discretionary spending and Mandatory spending?
    Discretionary is optional and Mandatory is automatically obligated
    Discretionary is entitlement spending and Mandatory is two thirds of Federal budget
    Discretionary is only for Medicaid and Mandatory is only for Substance Abuse
    Discretionary is optional and Mandatory is to pay interest on debt.
    45s
  • Q5
    One-Year appropriations is
    An agency may obligate and expend appropriations only for a proper purpose
    An agency may obligate only within the time limits to the appropriations
    An agency may not obligate more then the amount appropriated by Congress

    All of the above

    45s
  • Q6
    The General Fund of the U. S. Government can be viewed as America's checkbook
    true
    false
    True or False
    45s
  • Q7
    The term "color of money" is used:
    To refer to an authorization category for a DoD financial account.
    To refer to an appropriation category for a DoD financial account.
    To refer to a legal category for a civilian agency
    To refer to a formal approach to color of the treasury money supply
    45s
  • Q8
    The three Fiscal Laws on Money are:
    Misauthorized Act, Bona Fide Need Rule, Antideficiency Act
    Authorized Act, Bona Fide Want Rule, Antideficiency Act
    Misauthorized Act, Bona File Need Rule, Antidiscrimination Act

    None of the above

    45s
  • Q9
    In most cases, The Bona Fide Need Rule requires that appropriated funds be use only for needs or services that arise in the year(s) of the appropriation obligation availability period
    true
    false
    True or False
    45s
  • Q10
    A Government Department or Agency is authorized to park money every year to procure goods and services for the next fiscal year
    false
    true
    True or False
    45s

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