GSA GSA Specialist Financial Management & Budgeting 2

Question 1

What is the difference between 'no-year' and 'one-year' appropriations?

Accepted Answer

One-year appropriations expire at the end of the fiscal year; no-year funds remain available until expended

Answer

No-year funds expire at the end of the fiscal year; one-year funds never expire

Answer

No-year appropriations can only be used for capital projects; one-year funds cover operations

Answer

One-year funds require congressional reauthorization each year; no-year funds do not

Question 2

What is an Economy Act order and when is it used in GSA procurement?

Accepted Answer

An interagency agreement allowing one federal agency to perform work or provide services to another using the requesting agency's funds

Answer

An order placed under the Economy and Efficiency in Government Act to reduce waste

Answer

A type of purchase order reserved for purchases under the micro-purchase threshold

Answer

A simplified acquisition method for emergency purchases during declared disasters

Question 3

Under what circumstances may an agency use a prior-year expired appropriation to adjust or liquidate an obligation?

Accepted Answer

Only to adjust or liquidate a valid obligation properly incurred before the appropriation expired, during a 5-year expired account period

Answer

Never — once an appropriation expires, it cannot be used for any purpose

Answer

Only with written approval from the GAO and OMB

Answer

Only for obligations under $10,000 that were inadvertently not liquidated

Question 4

What is a 'reprogramming' in federal financial management?

Accepted Answer

Shifting funds within an appropriation account from one program, project, or activity to another

Answer

Moving funds between different fiscal years

Answer

Transferring funds between different appropriation accounts with congressional approval

Answer

The process of updating agency financial management software systems

Question 5

What is the purpose of the Federal Acquisition Regulation's requirement for obtaining a Taxpayer Identification Number (TIN) before paying contractors?

Accepted Answer

To comply with IRS information reporting requirements and ensure contractor payments are properly reported

Answer

To verify that the contractor is a U.S. citizen

Answer

To check the contractor's credit history before award

Answer

To verify the contractor's small business status

Question 6

What is the purpose of GSA's Standard Level User Agreements (SLUAs) with customer agencies?

Accepted Answer

To document the terms under which GSA will provide services and billing rates to customer agencies

Answer

To authorize agencies to use classified information systems

Answer

To certify that agencies have completed required acquisition training

Answer

To establish small business subcontracting targets for each agency