Budget Planning & Reporting Flashcards
7 cards from real Government Procurement Certification practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Budget Planning & Reporting flashcards as text
Under the Anti-Deficiency Act, which of the following actions is prohibited?
Answer: Obligating funds in excess of available appropriations
The Anti-Deficiency Act (31 U.S.C. § 1341) prohibits federal employees from obligating or spending more funds than have been appropriated by Congress.
Which document formally allocates an agency's appropriated funds to bureaus or offices within that agency?
Answer: Allocation
An allocation is the formal distribution of funds from a department to its subordinate bureaus or offices after the OMB apportionment process.
A program manager needs to move funds between two different budget activities within the same appropriation account. This action is called:
Answer: Reprogramming
Reprogramming moves funds within the same appropriation account between programs, projects, or activities, often requiring Congressional notification.
What is the purpose of the Prompt Payment Act in the context of procurement budget reporting?
Answer: To mandate interest penalties on late government payments to contractors
The Prompt Payment Act requires agencies to pay proper invoices on time and pay interest penalties when payments are late, protecting contractor cash flow.
In federal budget planning, what is the difference between 'new obligational authority' (NOA) and 'total obligational authority' (TOA)?
Answer: TOA includes NOA plus carryover from prior years; NOA is only current-year funds
TOA represents all funds available for obligation in a given year, including new appropriations (NOA) plus any prior-year unobligated balances carried over.
Which OMB circular governs the cost principles for determining allowable costs under federal contracts with for-profit commercial organizations?
Answer: FAR Part 31
FAR Part 31 establishes the cost principles and procedures for pricing contracts and determining allowable, allocable, and reasonable costs for commercial contractors.
A contracting officer receives a contractor's request for equitable adjustment (REA) citing increased material costs. From a budget planning standpoint, what fund source would typically cover a REA on a firm-fixed-price contract?
Answer: Program management reserve in the program office budget
Program management reserve (PMR), held at the program office level within the same appropriation, is the typical funding source for REAs and unforeseen cost growth on FFP contracts.