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

One-year (annual) appropriations expire at fiscal year end and must be obligated within that year, while no-year (permanent) appropriations remain available until the agency obligates them.

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 Economy Act order (31 U.S.C. § 1535) allows one federal agency to obtain services or goods from another agency, with the requesting agency transferring funds to the performing agency.

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

Expired appropriations remain available for 5 years after expiration solely to adjust or liquidate valid prior-year obligations, but cannot be used for new obligations.

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

Reprogramming involves reallocating funds within a single appropriation account to support different activities than originally planned, often requiring congressional notification or approval.

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

Collecting TINs ensures the government can report payments to the IRS as required by law, enabling proper tax reporting and compliance for federal contractor payments.

(GSA) Certified General Services Administration Specialist Practice Test

(GSA) Certified General Services Administration Specialist Practice Test

GSA GSA Specialist Financial Management & Budgeting 2