Contracting Flashcards 6C011

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Questions and Answers

What is a Fiscal Year (FY)?

A year used for taxing or accounting purposes from October 1 through September 30 (correct)

A year used for financial reporting

A year determined randomly

A year indicated for personal purposes

What does The Misappropriations Act prohibit?

The use of the wrong type of funds (color of money).

What does The Anti-Deficiency Act prohibit?

Government agencies from obligating the government in excess of or in advance of appropriations.

What is Military Construction money used for?

Specifically for new or large dollar construction projects (5 years). Signup and view all the answers

What is the time limit for Military Personnel money?

1 year. Signup and view all the answers

What is Operation & Maintenance (O&M) money used for?

To purchase goods and services needed for everyday activities (1 year). Signup and view all the answers

What does the Bona-fide Needs Rule restrict?

The use of existing fiscal year appropriated funds on the next fiscal year's requirements. Signup and view all the answers

What is a Gratuity?

A favor or gift, usually in the form of money, given in return for service. Signup and view all the answers

What is the minimum rank required for Superintendent Requirements?

SMSgt Signup and view all the answers

What is the Career Field Education and Training Plan (CFETP)?

A consolidated reference for training and education necessary for a clear career path from AB to CMSgt. Signup and view all the answers

What is an Obligation?

A legally binding commitment. Signup and view all the answers

What are Appropriated Funds?

Money made available by Congress. Signup and view all the answers

What does the Financial Management Regulation (FMR) provide?

The primary resource guidance on fiscal law. Signup and view all the answers

What is Strategic Sourcing responsible for?

Purchasing commonly used items on a large scale Signup and view all the answers

What is the time limit for Procurement?

3 years, 5 years for ship building & conversion, Navy. Signup and view all the answers

What is a Personal Conflict of Interest?

Arises when an employee has a financial interest, personal activity, or relationship that could impair their ability to act impartially. Signup and view all the answers

What constitutes a Conflict of Interest?

Interest(s) of the member directly oppose the interest of the government. Signup and view all the answers

What is a Particular Matter?

Something that involves deliberation, decision, or an action. Signup and view all the answers

Study Notes

Fiscal Guidelines and Regulations

Fiscal Year (FY): Defined as October 1 through September 30; used for taxing and accounting.
Misappropriations Act: Prohibits the misuse of funds; ensures funds are used for their intended purpose.
Anti-Deficiency Act: Prevents government agencies from exceeding or pre-committing to appropriations.

Funding Types and Time Limits

Military Construction Funding: Allocated for new or significant construction projects; valid for 5 years.
Military Personnel Funds: Covers salaries and benefits; typically valid for 1 year.
Operation & Maintenance (O&M) Funds: Funds everyday operations and services; valid for 1 year.
Research, Deployment, Test & Evaluation (RDT&E): Used for new military models; valid for 2 years.
Procurement Funding: For large item purchases like ships and aircraft; validity varies (3-5 years depending on specifics).

Legal and Ethical Considerations

Bona-fide Needs Rule: Restricts using current fiscal year's appropriations for future needs.
Financial Interest: Includes not just personal interests but also immediate family.
Gratuity: Defined as a favor or monetary gift given for services rendered.
Personal Conflict of Interest: Occurs when an employee's financial or personal interests could impair impartiality.
Conflict of Interest: When a member's interests oppose governmental interests.

Training and Career Development

Chief Enlisted Manager Requirements (CEM): Requires CMSgt ranking; one per MAJCOM, totaling 10.
Superintendent Requirements: Requires a minimum rank of SMSgt and a CCAF degree along with PME completion.
Craftsman Requirements: Involves 7 Level CDCs and 12 months of OJT; minimum rank SSgt and APDP Level 1 standard.
Journeyman Requirements: Completion of 5 Level CDCs and all core tasks; minimum training is 12 months (9 months for retrainees).
Specialty Training Standard (STS): Outlines core tasks necessary for specific roles.
Career Field Education and Training Plan (CFETP): Comprehensive guide for training and education from AB to CMSgt.

Procurement and Acquisition Systems

Federal Acquisitions System: Mechanism for the government to purchase essential items and services.
Systems Contracting: Focuses on acquiring items critical for public safety and national defense.
Operational Contracting: Provides cradle-to-grave contract support, as per AFI 64-102, for installation and deployed commanders.
Strategic Sourcing: Aims at large-scale purchases of commonly used items.

Financial Terminology

Outlay: Refers to any form of payment made.
Obligation: A legally binding commitment to utilize funds.
Appropriated Funds: Funds allocated by Congress for specific purposes.
Financial Management Regulation (FMR): Fundamental guidance on fiscal law.
Commitment: An administrative action to reserve funds.

Miscellaneous

Particular Matter: Involves deliberation, decision-making, or certain actions related to government interests.

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Description

Test your knowledge of key contracting terms with this set of flashcards focused on fiscal policies and laws. Each card presents a term along with its definition, providing a comprehensive overview helpful for accounting and contracting professionals.