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CERTIFIED DEFENSE FINANCIAL
MANAGER (CDFM) ACTUAL EXAM
TEST BANK 270 QUESTIONS AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
Constitution? Ans: Articles of Confederation
Where are Federal-Level laws enacted? Ans: Congress
What Article, Section and Clause empowers Congress to collect
taxes Ans: Article 1, Section 8, Clause 1
What occurs when the President does not sign an enrolled bull
within 10 days? Ans: Pocket Veto
Which branch of government implements laws? Ans: Executive
Approximately what percent of federal spending is discretionary?
Ans: 30%
How frequently does congress review the DoD budget request?
Ans: Annually
Who attempts to resolve differences between the House and
Senate versions of a bill? Ans: Conference Committee
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Which agency issues direction for submitting budget estimates?
Ans: OMB
What type of legislation provides an agency with budget
authority? Ans: Appropriation Acts
What term is used to describe a subdivision of an apportionment?
Ans: Allotment
What agency issues apportionments? Ans: OMB
Which branch of government conducts hearings on the
effectiveness of government programs? Ans: Legislative
In the federal budget process, who is responsible for submitting
budget estimates? Ans: Agencies
What is the largest source of federal government tax revenue?
Ans: Individual Income Taxes
What are requests for funds in addition to amounts already
appropriated? Ans: Supplemental
What financial control document is issued by the Treasury
Department following signature of the Appropriations Act? Ans:
Appropriations Warrant
What term describes a postponement in the use of appropriated
funds? Ans: Deferral
What term describes a cancellation of appropriated funds? Ans:
Rescission
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After the DoD Appropriations Bill is signed into law, what does DoD
request from OMB? Ans: Apportionment
A legal reservation of funds in known as what? Ans: Obligation
What term is used to identify a certification provided to a KO from
the comptroller authorizing Purpose, Time and Amount? Ans:
Fiduciary Certification
A fiduciary certification is the basis for what? Ans: Commitment
Define Budget Authority Ans: Amount of money available to an
organization for obligation
Define Outlays Ans: Funds that have actually been moved from
the Federal Treasury
Monitoring requirements in budget execution involves: Ans: 1.
Administrative control of funds
2. Reporting results
3. Assessment of applicability of results
4. Supply of financial info to DoD managers
Who conducts both financial and program audits to ensure the
integrity of programs? Ans: Government Accountability Office
(GAO)
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The Government Performance and Results Act requires budget
formulation be based on what? Ans: Performance
planning/reporting
The 1921 Budget and Accounting Act was was responsible for the
creation of what? Ans: OMB, GAO and the Comptroller General
What Act requires the President to submit an annual budget
proposal to Congress? Ans: 1921 Budget and Accountability Act
What act established sequestration? Ans: 1985 Balanced Budget
and Emergency Deficit Act
What Act established the pay-as-you-go (PAYGO) for entitlements
Ans: 1990 Budget Enforcement Act
What are the 1985 and 1987 Balanced Budget Acts ofter referred
to as? Ans: Gramm-Rudman-Hollings Acts
GPRA requires what three things? Ans: Strategic Planning
Performance Planning and Goal Setting
Performance Reporting
An administrative reservation of funds is known as what? Ans:
Commitment
What establishes the DoD policy and procedures of administrative
controls? Ans: DoD FMR 7000.14R, Volume 14, Chapter 1
CERTIFIED DEFENSE FINANCIAL
MANAGER (CDFM) ACTUAL EXAM
TEST BANK 270 QUESTIONS AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
Constitution? Ans: Articles of Confederation
Where are Federal-Level laws enacted? Ans: Congress
What Article, Section and Clause empowers Congress to collect
taxes Ans: Article 1, Section 8, Clause 1
What occurs when the President does not sign an enrolled bull
within 10 days? Ans: Pocket Veto
Which branch of government implements laws? Ans: Executive
Approximately what percent of federal spending is discretionary?
Ans: 30%
How frequently does congress review the DoD budget request?
Ans: Annually
Who attempts to resolve differences between the House and
Senate versions of a bill? Ans: Conference Committee
, Page | 2
Which agency issues direction for submitting budget estimates?
Ans: OMB
What type of legislation provides an agency with budget
authority? Ans: Appropriation Acts
What term is used to describe a subdivision of an apportionment?
Ans: Allotment
What agency issues apportionments? Ans: OMB
Which branch of government conducts hearings on the
effectiveness of government programs? Ans: Legislative
In the federal budget process, who is responsible for submitting
budget estimates? Ans: Agencies
What is the largest source of federal government tax revenue?
Ans: Individual Income Taxes
What are requests for funds in addition to amounts already
appropriated? Ans: Supplemental
What financial control document is issued by the Treasury
Department following signature of the Appropriations Act? Ans:
Appropriations Warrant
What term describes a postponement in the use of appropriated
funds? Ans: Deferral
What term describes a cancellation of appropriated funds? Ans:
Rescission
, Page | 3
After the DoD Appropriations Bill is signed into law, what does DoD
request from OMB? Ans: Apportionment
A legal reservation of funds in known as what? Ans: Obligation
What term is used to identify a certification provided to a KO from
the comptroller authorizing Purpose, Time and Amount? Ans:
Fiduciary Certification
A fiduciary certification is the basis for what? Ans: Commitment
Define Budget Authority Ans: Amount of money available to an
organization for obligation
Define Outlays Ans: Funds that have actually been moved from
the Federal Treasury
Monitoring requirements in budget execution involves: Ans: 1.
Administrative control of funds
2. Reporting results
3. Assessment of applicability of results
4. Supply of financial info to DoD managers
Who conducts both financial and program audits to ensure the
integrity of programs? Ans: Government Accountability Office
(GAO)
, Page | 4
The Government Performance and Results Act requires budget
formulation be based on what? Ans: Performance
planning/reporting
The 1921 Budget and Accounting Act was was responsible for the
creation of what? Ans: OMB, GAO and the Comptroller General
What Act requires the President to submit an annual budget
proposal to Congress? Ans: 1921 Budget and Accountability Act
What act established sequestration? Ans: 1985 Balanced Budget
and Emergency Deficit Act
What Act established the pay-as-you-go (PAYGO) for entitlements
Ans: 1990 Budget Enforcement Act
What are the 1985 and 1987 Balanced Budget Acts ofter referred
to as? Ans: Gramm-Rudman-Hollings Acts
GPRA requires what three things? Ans: Strategic Planning
Performance Planning and Goal Setting
Performance Reporting
An administrative reservation of funds is known as what? Ans:
Commitment
What establishes the DoD policy and procedures of administrative
controls? Ans: DoD FMR 7000.14R, Volume 14, Chapter 1
