3/20/25, 7:55 AM CGFO - Financial Administration 2025 update|comprehensive 188 questions and verified answers (complete solutions) ASSUR…
CGFO - Financial Administration 2025
update|comprehensive 188 questions and
verified answers (complete solutions) ASSURED
SUCCESS|GRADE A+!!
Save
Terms in this set (188)
Torts
Theft of damage to, or destruction of assets
Business interuption
Errors or omissions
Job-related illnesses or injuries to employees
According to GASB 10, Acts of God
list the types of risk Any other risk of loss assumed under a policy or
participation contract issued by a public entity risk
pool
Risk of loss resulting when an entity agrees to
provide accident and health, dental, and other
medical benefits to its employees.
Manage an organization's activities to minimize
What are the two ways to
adverse effects of certain types of losses
mange risk?
Mitigate risk by purchasing insurance.
Create a safe workplace
What are three reasons
Prevent financial losses
to manage risk?
Provide stability (budget)
What are the three Investment portfolio policies (long-term and short-
approaches to managing term)
operational and financial Diversification strategies (spread risk)
risk> Custody of assets (procedures)
https://quizlet.com/1020651777/cgfo-financial-administration-2025-updatecomprehensive-188-questions-and-verified-answers-complete-solution… 1/20
,3/20/25, 7:55 AM CGFO - Financial Administration 2025 update|comprehensive 188 questions and verified answers (complete solutions) ASSUR…
Physical
Legal
Operational
What are 7 sources of
Political
risk?
Social
Economic
Cognitive (I.T. hack)
Risk transfer - shift the burden to another, purchase
What are three tools to insurance, or risk pool, level premiums for budget
minimize risk? Risk retention - assume risk responsibilities internally
Risk avoidance - Do not provide service
Risk Identification
What are the four parts of
Risk evaluation
a Risk Management
Risk treatment
Program?
Implementation
In the case of Risk Loss
Retention, if claims are
greater than premiums =
(Gain or Loss)
In the case of Risk Gain
Retention, if claims are
less than premiums =
(Gain or Loss)
Lower premiums
What is the advantages
Align incentives
of Risk Retention?
Create a safer work environment
What are the advantages Vehicle for government to pool funds.
of participating in a Risk Affordable cost through economies of scale
Pool? Provide services to reduce risk
Risk Pool - Premium = Revenue
Define IBNR Incurred but not reported claims
When is IBNR recorded? Record when event triggers coverage under policy
What amount is IBNR Amount based on estimate to settle claim.
recorded?
https://quizlet.com/1020651777/cgfo-financial-administration-2025-updatecomprehensive-188-questions-and-verified-answers-complete-solution… 2/20
, 3/20/25, 7:55 AM CGFO - Financial Administration 2025 update|comprehensive 188 questions and verified answers (complete solutions) ASSUR…
As an accrual based on probable loss that can be
How is IBNR recorded? reasonably estimated, recoreded as an
expense/liability.
Provide safety in the workplace
How do we minimize Inspect buildings
risk? Install extinquishers, sprinklers, smoke detectors
Training
One-time projects
What three areas should
Geography (example: stormwater)
we monitor for risks?
Unique Services
Create a Risk Management policy
Develop inspection programs
What should a Risk Design safety
Management Committee Create claims investigation system
accomplish? Identify safety measures
Develop disciplinary procedures
Establish review boards
Get staff involved
Why have a Risk
Gain employee "buy-in"
Management
Investigate serious injury and accidents to provide a
Committee?
safer environment and reduce risk
What are the benefits of Reduced lost workdays
a Risk Management Prevent day for accidental losses
Committee? Eliminate concerns associated with future projects
Identifies and assumes the risk
What are the benefits of
Sets premiums accordingly for employer to
Risk Transfer (Insurance)?
purchase
What are some of the Change of behavior due to purchase of insurance
disadvantages of Risk Industry has incentive
Transfer (Insurance)?
Damage and loss of property - Property Insurance
What are three risk
Negligence in performance - Liability Insurance
exposures that can be
Medical coverage for job related injuries - Workers'
transferred?
Compensation
https://quizlet.com/1020651777/cgfo-financial-administration-2025-updatecomprehensive-188-questions-and-verified-answers-complete-solution… 3/20
CGFO - Financial Administration 2025
update|comprehensive 188 questions and
verified answers (complete solutions) ASSURED
SUCCESS|GRADE A+!!
Save
Terms in this set (188)
Torts
Theft of damage to, or destruction of assets
Business interuption
Errors or omissions
Job-related illnesses or injuries to employees
According to GASB 10, Acts of God
list the types of risk Any other risk of loss assumed under a policy or
participation contract issued by a public entity risk
pool
Risk of loss resulting when an entity agrees to
provide accident and health, dental, and other
medical benefits to its employees.
Manage an organization's activities to minimize
What are the two ways to
adverse effects of certain types of losses
mange risk?
Mitigate risk by purchasing insurance.
Create a safe workplace
What are three reasons
Prevent financial losses
to manage risk?
Provide stability (budget)
What are the three Investment portfolio policies (long-term and short-
approaches to managing term)
operational and financial Diversification strategies (spread risk)
risk> Custody of assets (procedures)
https://quizlet.com/1020651777/cgfo-financial-administration-2025-updatecomprehensive-188-questions-and-verified-answers-complete-solution… 1/20
,3/20/25, 7:55 AM CGFO - Financial Administration 2025 update|comprehensive 188 questions and verified answers (complete solutions) ASSUR…
Physical
Legal
Operational
What are 7 sources of
Political
risk?
Social
Economic
Cognitive (I.T. hack)
Risk transfer - shift the burden to another, purchase
What are three tools to insurance, or risk pool, level premiums for budget
minimize risk? Risk retention - assume risk responsibilities internally
Risk avoidance - Do not provide service
Risk Identification
What are the four parts of
Risk evaluation
a Risk Management
Risk treatment
Program?
Implementation
In the case of Risk Loss
Retention, if claims are
greater than premiums =
(Gain or Loss)
In the case of Risk Gain
Retention, if claims are
less than premiums =
(Gain or Loss)
Lower premiums
What is the advantages
Align incentives
of Risk Retention?
Create a safer work environment
What are the advantages Vehicle for government to pool funds.
of participating in a Risk Affordable cost through economies of scale
Pool? Provide services to reduce risk
Risk Pool - Premium = Revenue
Define IBNR Incurred but not reported claims
When is IBNR recorded? Record when event triggers coverage under policy
What amount is IBNR Amount based on estimate to settle claim.
recorded?
https://quizlet.com/1020651777/cgfo-financial-administration-2025-updatecomprehensive-188-questions-and-verified-answers-complete-solution… 2/20
, 3/20/25, 7:55 AM CGFO - Financial Administration 2025 update|comprehensive 188 questions and verified answers (complete solutions) ASSUR…
As an accrual based on probable loss that can be
How is IBNR recorded? reasonably estimated, recoreded as an
expense/liability.
Provide safety in the workplace
How do we minimize Inspect buildings
risk? Install extinquishers, sprinklers, smoke detectors
Training
One-time projects
What three areas should
Geography (example: stormwater)
we monitor for risks?
Unique Services
Create a Risk Management policy
Develop inspection programs
What should a Risk Design safety
Management Committee Create claims investigation system
accomplish? Identify safety measures
Develop disciplinary procedures
Establish review boards
Get staff involved
Why have a Risk
Gain employee "buy-in"
Management
Investigate serious injury and accidents to provide a
Committee?
safer environment and reduce risk
What are the benefits of Reduced lost workdays
a Risk Management Prevent day for accidental losses
Committee? Eliminate concerns associated with future projects
Identifies and assumes the risk
What are the benefits of
Sets premiums accordingly for employer to
Risk Transfer (Insurance)?
purchase
What are some of the Change of behavior due to purchase of insurance
disadvantages of Risk Industry has incentive
Transfer (Insurance)?
Damage and loss of property - Property Insurance
What are three risk
Negligence in performance - Liability Insurance
exposures that can be
Medical coverage for job related injuries - Workers'
transferred?
Compensation
https://quizlet.com/1020651777/cgfo-financial-administration-2025-updatecomprehensive-188-questions-and-verified-answers-complete-solution… 3/20
