Financial Management and Procurement Quiz

What are the risks/mitigations when allocating funding during the budget execution process

Answer explanation

1. Stick to current Budget Phase Plans

2. Don’t overspend or go over budgeted allotment for the fy or quarter

3. Stick to the commanders intent

4. Manage ULO reports weekly to ensure no funding is tied up within the financial life cycle

5. Manage DTR daily to ensure that all procurement methods utilized have properly been phased within the financial cycle to include follow ups with vendors when needed to ensure that the cycle is not held up due to vendor actions

6. Follow up with unit G8 Comptroller sop and guidance to ensure compliance with budget execution.

 

What are the four components of a MID year Review?

• Cover Page

• Deficiency Summary Form

• Deficiency Justification Worksheet

• Sac 1 deficiencies

What is the goal when executing fiscal year Close-out?

Answer explanation

The Financial Community performs a year-end process to ensure that commands address year-to-date changes ,ascertain that all reports and ancillary actions in DAI are scheduled and completed to provide the data necessary for the year -end reports due in October , and to bring closure to execution of their funds.

What is the purpose of Financial Management?

Answer explanation

To effectively execute the LEGAL AND ADMINISTRATIVE responsibilities of funds across all levels.

What Commercial procurement method is used to negotiate, broker and electronically store the General Terms and Conditions (GT&C) and associated transactions between buyers and sellers for all inter and intragovernmental transactions?

(a)  

What commercial procurement is utilized to procure supplies and services from DOD components outside of the DON?

Answer explanation

Military Interdepartmental-Purchase Request/MIPR

What is a Fiscal requirement to buy supplies or services with the current fiscal year, that does not constitute fraud, waste and abuse?

(a)  

Who provides technical guidance and direction of financial matters throughout the organization as a staff service to the Commanding General or Commanding Officer?

(a)  

What Commercial Procurement method is utilized as a method of payment for invoices resulting from non-contractual procurement actions and where no other method of payment is authorized?

Answer explanation

Miscellaneous payment

What documents are utilized to fully assess the needs of a unit when formulating the budget for the upcoming FY?

Answer explanation

1. Historical Teep

2. Future Teep

3. MPR

4. Prior FY Budget

5. Historical Travel (DTS)’

6. Historical Data I.e. Contracts

7. SL3 Deficiency