Services Journeyman: APF and NAF Funds Quiz
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Questions and Answers

What is the primary source of funding for sustainment programs according to the text?

  • Continuing Resolution Authority
  • Fallout funds
  • APF Accounting Terms
  • Year-end spending reserves (correct)

    • What is the difference between commitment and obligation as described in the text?

  • Commitment is total allocation authority, and obligation is spending during continuing resolution authority.
  • Commitment is money set aside for future expenses, and obligation is money already spent but not cleared. (correct)
  • Commitment is funds paid to vendors, and obligation is expenses paid to contractors.
  • Commitment is money spent on awarded contracts, and obligation is funds set aside for future expenses.

    • What does Total Obligation Authority consist of according to the text?

  • Direct obligation authority plus accepted reimbursable orders (correct)
  • Activities beginning balance on 1 Oct each year
  • Accrued Expenses Paid (AEP)
  • Accepted reimbursable orders

    • What does Continuing Resolution Authority (CRA) grant government agencies?

    <p>Ability to continue operations temporarily</p> Signup and view all the answers

    What does Cost Center (CC) identify according to the text?

    <p>Basic production element</p> Signup and view all the answers

    What is the primary difference between APF and NAF funds?

    <p>APF funds are allocated by Congress, while NAF funds are self-generated.</p> Signup and view all the answers

    Why is it important to maintain separate lines of accounting for APF and NAF funds?

    <p>To ensure that APF and NAF funds are not mixed up in financial reports.</p> Signup and view all the answers

    What is the purpose of O&M funds within APFs?

    <p>For day-to-day operations like payroll, temporary duty, and supplies.</p> Signup and view all the answers

    Who typically controls the procurement funds within APFs?

    <p>MAJCOM-level personnel</p> Signup and view all the answers

    Which type of purchases are primarily financed by procurement funds?

    <p>Equipment with an initial cost of $50,000 or more</p> Signup and view all the answers

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