FOB105 FM Body of Knowledge (FMBOK) Exam Questions and Answers

FOB105 FM Body of Knowledge (FMBOK) Exam Questions and Answers In a typical wing structure, who is responsible for the use of wing financial services for military and civilian personnel? - Correct Answer️️ -Comptroller Squadron The ____________ operates the wing's primary mission weapons system. - Correct Answer️️ -Operations Group Which is a function of a Cost Center Manager (CCM)? - Correct Answer️️ -Regulates the daily consumption of resources Which is a function of the Financial Management Analysis (FMA) Officer? - Correct Answer️️ -Manages the budget, cost, and accounting functions for the base The ______________ includes top-level managers, with membership tailored to the type of organization structure involved to determine priorities and ensure effective allocation of resources - Correct Answer️️ -FMB (Financial Management Board) The _____________ is the Chairperson of the Financial Working Group (FWG). - Correct Answer️️ -Financial Management Analysis Officer In a typical wing organization, Responsibility Center Managers (RCMs) are usually _____________. - Correct Answer️️ -Group Commanders TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD OWNER: EMILLYCHARLOTTE COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISHED: SEPTEMBER 2024 2/14 The ______________ provides a way to establish priorities, choose policies, and act to get the desired results and required resources at an acceptable cost. - Correct Answer️️ -Resource Management System Cost Center Managers (CCMs) are usually at the _____________ level. - Correct Answer️️ -Squadron The Financial Working Group (FWG) manages commodities and resources integral to: - Correct Answer️️ -Base/unit level operations activities "The established rule that is expenditure of public funds is proper only when authorized by Congress," describes: - Correct Answer️️ -Legislative Authority _____________ has the ability to appropriate funds to be spent by the federal government. - Correct Answer️️ -Congress The three main elements that must be reviewed and we must ensure are properly examined before funds are obligated are: - Correct Answer️️ -Purpose, Time, and Amount To apply reasonable discretion and flexibility, the Government Accountability Office (GAO) developed the concept known as the _______________ which consists of a three-part test. - Correct Answer️️ -Necessary Expense Rule The bona fida needs rule, as it pertains to supplies, states that generally. agencies must obligate funds from the fiscal year in which the supplies is if you are maintaining a stock of commonly used supplies (inventory), you are permitted to replenish those stocks TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD OWNER: EMILLYCHARLOTTE COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISHED: SEPTEMBER 2024 3/14 using current funding even if you may not use those supplies until the following fiscal year to avoid an interruption of operations. - Correct Answer️️ -True A(n) ________________ appropriation is to remain available until expended without fiscal year limitation. - Correct Answer️️ -No-year Under the "Seperation of Powers" doctrine, ________________ has the final word on how much money can be spent by given agency or program. - Correct Answer️️ - Congress The ADA imposes prohibitions (fiscal controls) at three levels: Appropriation Level, Apportionment Level, Formal Subdivision Level. - Correct Answer️️ -True The Anti Deficiency Act Principles sate that you can receive services without paying for them as a benefit to the government. - Correct Answer️️ -False The _____________ prohibits against over obligating or overspending on an appropriation. - Correct Answer️️ -Anti-Deficiency Act Responsibilities for voucher certification include verifying that the payment is __________, __________, and _______-. - Correct Answer️️ -Legal, proper, and correct Legal for the purpose of voucher certification means that: - Correct Answer️️ -Funds are for the intent authorized TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD OWNER: EMILLYCHARLOTTE COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISHED: SEPTEMBER 2024 4/14 Proper for the purpose of voucher certification means that: - Correct Answer️️ -Funds are appropriated for payment A voucher is considered correct if it: - Correct Answer️️ -Indicates the name, address, and computed dollar amount as accurate Pecuniary liability means you can be held financially responsible for illegal, improper, or incorrect payments. - Correct Answer️️ -True Which of these is not one of the 4 basic qualifications to be appointed a Certifying Officer: - Correct Answer️️ -Knowledge of what is legal, proper, and correct Accountable Officials (AOs) must be appointed by completing the: - Correct Answer️️ - DD Form 577 A travel order approving official is an Accountable Official (AO). - Correct Answer️️ - True ____________ is the failure to act as a reasonably prudent pers