CGFM Exam 3 Section 1 Questions with
correct and Verified Answers
There is a large, one-time payment due tomorrow. - Answers -When would a federal
agency choose to make a payment?
FIFO - Answers -A company purchased inventory on the following dates, at the
following prices:
Feb. 5, 2018 - 50 units @ $25 each
March 23, 2018 - 75 units @ $20 each
April 12, 2018 - 60 units @ $25 each.
At the end of April, the company has sold 75 units of inventory, and the value of the
remaining inventory is $2,500. What valuation method is the company using?
Prompt Payment Act of 1982 - Answers -A company was awarded a federal contract to
perform research; payment for the first invoice is due on or before Dec 1. The company
can rely on the funds in their bank account on that date or receive on the late payment
because of the
Offsets - Answers -A federal agency is trying to collect delinquent debt from an
individual who should be receiving payments from another federal agency. The best
way to collect this debt is by the use of
Predictive modeling - Answers -A prevention activity that reduces improper payments is
post-payment verification - Answers -
By an independent party - Answers -A written investment policy should require that
collateral be held
Conducting a bid solicitation process - Answers -The best way for a government to
ensure that a project proposal receives the most competitive price by
A standard chart of accounts - Answers -An integrated financial management system is
supported by
Detection - Answers -The Dept. of Ed. operates a program in which grants are provided
to local school districts for special ed programs. Grants are provided in the form of
reimbursements sent each month based on actual expenditures. Grant amounts vary
from month to month based on the time of year and the types of activities performed
, during the month. Because the program is long-standing, with more than 15 years of
historical payment data, tools are used to isolate payment patterns and anomalies in
order to reduce improper payments. Which category used to reduce improper
payments, does this fall?
Implementation - Answers -Which of the following elements, within the systems
development lifecycle process, includes data conversion, data cleanup and training?
Platform as a service - Answers -Software development, storage and hosting accessed
as a service over the internet represents which cloud computing activity?
Limits on foreign exchange rates - Answers -
The number of years managing public funds - Answers -
Project manager must understand the re-engineering tools to be able to develop
alternatives for redesigning agency processes. - Answers -As part of the re-engineering
process when replacing a financial management system, the
The value of the inventory on hand - Answers -
Continuity of operations - Answers -A written contingency plan that provides guidance
for backing up and restoring the system after a disruption assures
use "small purchases" procedures - Answers -A government agency needs to procure a
vendor to clean the floors of several cabins at a state park. The total cost of the service
is expected to be $500. The most efficient method to procure a service is to
Emergency procurement processes - Answers -
The issuance of demand letters, expressing urgency and concern, noting consequences
of not bringing the account into current status. - Answers -
An external investment pool - Answers -When a state treasurer provides cooperative
investing agreements for cities and counties to enhance their investment opportunities
and operating efficiency, it is called
a blanket purchase agreement - Answers -A state's general services department enters
into an agreement with an office supply store. All departments within the state
government are allowed to purchase office supplies from this store without going
through a formal contracting process. This is an example of
Lock and key systems - Answers -
Historical cost of the property - Answers -
correct and Verified Answers
There is a large, one-time payment due tomorrow. - Answers -When would a federal
agency choose to make a payment?
FIFO - Answers -A company purchased inventory on the following dates, at the
following prices:
Feb. 5, 2018 - 50 units @ $25 each
March 23, 2018 - 75 units @ $20 each
April 12, 2018 - 60 units @ $25 each.
At the end of April, the company has sold 75 units of inventory, and the value of the
remaining inventory is $2,500. What valuation method is the company using?
Prompt Payment Act of 1982 - Answers -A company was awarded a federal contract to
perform research; payment for the first invoice is due on or before Dec 1. The company
can rely on the funds in their bank account on that date or receive on the late payment
because of the
Offsets - Answers -A federal agency is trying to collect delinquent debt from an
individual who should be receiving payments from another federal agency. The best
way to collect this debt is by the use of
Predictive modeling - Answers -A prevention activity that reduces improper payments is
post-payment verification - Answers -
By an independent party - Answers -A written investment policy should require that
collateral be held
Conducting a bid solicitation process - Answers -The best way for a government to
ensure that a project proposal receives the most competitive price by
A standard chart of accounts - Answers -An integrated financial management system is
supported by
Detection - Answers -The Dept. of Ed. operates a program in which grants are provided
to local school districts for special ed programs. Grants are provided in the form of
reimbursements sent each month based on actual expenditures. Grant amounts vary
from month to month based on the time of year and the types of activities performed
, during the month. Because the program is long-standing, with more than 15 years of
historical payment data, tools are used to isolate payment patterns and anomalies in
order to reduce improper payments. Which category used to reduce improper
payments, does this fall?
Implementation - Answers -Which of the following elements, within the systems
development lifecycle process, includes data conversion, data cleanup and training?
Platform as a service - Answers -Software development, storage and hosting accessed
as a service over the internet represents which cloud computing activity?
Limits on foreign exchange rates - Answers -
The number of years managing public funds - Answers -
Project manager must understand the re-engineering tools to be able to develop
alternatives for redesigning agency processes. - Answers -As part of the re-engineering
process when replacing a financial management system, the
The value of the inventory on hand - Answers -
Continuity of operations - Answers -A written contingency plan that provides guidance
for backing up and restoring the system after a disruption assures
use "small purchases" procedures - Answers -A government agency needs to procure a
vendor to clean the floors of several cabins at a state park. The total cost of the service
is expected to be $500. The most efficient method to procure a service is to
Emergency procurement processes - Answers -
The issuance of demand letters, expressing urgency and concern, noting consequences
of not bringing the account into current status. - Answers -
An external investment pool - Answers -When a state treasurer provides cooperative
investing agreements for cities and counties to enhance their investment opportunities
and operating efficiency, it is called
a blanket purchase agreement - Answers -A state's general services department enters
into an agreement with an office supply store. All departments within the state
government are allowed to purchase office supplies from this store without going
through a formal contracting process. This is an example of
Lock and key systems - Answers -
Historical cost of the property - Answers -
