CDFM - Module 1 - Knowledge Check questions with
verified answers
After the DoD Appropriation Bill is signed into law, what does DoD request from
OMB? Ans✓✓✓ Apportionment
An administrative reservation of funds is known as what? Ans✓✓✓ Commitment
Approximately what percent of total federal spending is discretionary spending?
Ans✓✓✓ 30%
Article 1, Section 8, Clause 1, of the US Constitution empowers which branch of
the federal government to collect taxes? Ans✓✓✓ The Legislative Branch
For what program is the full scope of management responsibility defined in DoD
instruction 5010.40? Ans✓✓✓ DoD's Managers' Internal Control Program
How frequently does congress review the dod budget request? Ans✓✓✓
Annually
How frequently must federal agencies compile list of activities that are not
inherently governmental? Ans✓✓✓ Annually
How many branches of Government did the Constitution establish? Ans✓✓✓
Three
, How many standards are there in the GAO Standards of Internal Control?
Ans✓✓✓ Five
In federal budget process, which organizations actually prepare budget
estimates? Ans✓✓✓ Federal Agencies
In which article of the Constitution is the power to raise taxes found? Ans✓✓✓
Article 1
Segregation of duties is a type of which internal control standard? Ans✓✓✓
Control Activities
The DoD component head's Statement of Assurance must take one of how man
forms? Ans✓✓✓ Three
The Financial Manager's Financial Integrity Act report must include agency plans
to correct what type of weakness? Ans✓✓✓ Material weakness
The purposes of the Federal Managers' Financial Integrity Act of 1982 are to
prevent waste or misuse of agency funds or property and to assure the
accountability of what? Ans✓✓✓ Assets
True of False: The July 15, 2016 updated version of the OMB Circular A-123
requires CFO Act Agencies to hire a Chief Risk Officer for the purposes of
establishing an Enterprise Risk Management capability within the agency
Ans✓✓✓ False
verified answers
After the DoD Appropriation Bill is signed into law, what does DoD request from
OMB? Ans✓✓✓ Apportionment
An administrative reservation of funds is known as what? Ans✓✓✓ Commitment
Approximately what percent of total federal spending is discretionary spending?
Ans✓✓✓ 30%
Article 1, Section 8, Clause 1, of the US Constitution empowers which branch of
the federal government to collect taxes? Ans✓✓✓ The Legislative Branch
For what program is the full scope of management responsibility defined in DoD
instruction 5010.40? Ans✓✓✓ DoD's Managers' Internal Control Program
How frequently does congress review the dod budget request? Ans✓✓✓
Annually
How frequently must federal agencies compile list of activities that are not
inherently governmental? Ans✓✓✓ Annually
How many branches of Government did the Constitution establish? Ans✓✓✓
Three
, How many standards are there in the GAO Standards of Internal Control?
Ans✓✓✓ Five
In federal budget process, which organizations actually prepare budget
estimates? Ans✓✓✓ Federal Agencies
In which article of the Constitution is the power to raise taxes found? Ans✓✓✓
Article 1
Segregation of duties is a type of which internal control standard? Ans✓✓✓
Control Activities
The DoD component head's Statement of Assurance must take one of how man
forms? Ans✓✓✓ Three
The Financial Manager's Financial Integrity Act report must include agency plans
to correct what type of weakness? Ans✓✓✓ Material weakness
The purposes of the Federal Managers' Financial Integrity Act of 1982 are to
prevent waste or misuse of agency funds or property and to assure the
accountability of what? Ans✓✓✓ Assets
True of False: The July 15, 2016 updated version of the OMB Circular A-123
requires CFO Act Agencies to hire a Chief Risk Officer for the purposes of
establishing an Enterprise Risk Management capability within the agency
Ans✓✓✓ False
