CGFM EXAM 1 & 2 (CERTIFIED GOVERNMENT FINANCIAL MANAGER – CGFM EXAM 1 & 2) WITH 500 QUESTIONS AND CORRECT ANSWERS (BRAND NEW!)

CGFM EXAM 1 – STUDY GUIDE WITH 100%
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COMPLETE SOLUTIONS RATED A (830 Q
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UESTIONS AND CORRECT ANSWERS) | 20
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24 UPDATE g



"BudgetgCareergRoadmap"g-
g✔✔✔gCorrectgAnswerg>gdocumentgpublishedgbygBFELoBgthatgcoversgarraygofgcom

petenciesgincludinggbudgetgdevelopmentgandgjustification;gbudgetarygaccountingg
andgcontrol;gplanninggandgperformancegevaluation;gandgfinancialganalysis,gforecas
tinggandgmodeling.
"SunshinegLaws"g-
g✔✔✔gCorrectgAnswerg>gfreedomgofginformationglaws;ggovtgshouldgoperategingthe

gsunshine


(fedgLevel)gappropriationsgcangbegmadegfrom?g-
g✔✔✔gCorrectgAnswerg>ggeneralgfunds,gtrustgfunds,gorgspecialgfunds.


(RSS)greallygsimplegsyndication/RichgSitegSummaryg-
g✔✔✔gCorrectgAnswerg>gusedgtogkeepgusersgabreastgofgdevelopmentsgingareasgofgi

nterest.
1) BudgetarygControlg-gACCOUNTgSTRUCTURESg-
g✔✔✔gCorrectgAnswerg>gbudgetgdefinedgbygprogramgangobjectgclassg(line-item)




managergmustggetgapprovalgtogmovegfundinggfromgonegsourcegtoganother
10thgAmendmentg-greservedgclauseg-
g✔✔✔gCorrectgAnswerg>gFederalggov'tgmaygnotgdictateghowgstatesgandglocalsgoper

ategtheirgprograms:


"ThegpowersgnotgdelegatedgtogthegUSgbygthegConstitution,gnotgprohibitedgbygitgtogt
hegstates,garegreservedgforgthegstatesgrespectively,gorgtogthegpeople".
2gProprietarygFundgTypesg-
g✔✔✔gCorrectgAnswerg>gEnterprisegFundsgandgInternalgServicegFunds

,2) BudgetarygControlg-gAPPORTIONMENTg&gALLOTMENTSg-g✔✔✔gCorrectgAnswer
>gFundsgaregapportionedgtogthegagency,gthengallotedgtogthegdepartmentgorgprogra
m


distributiongofgfundsgongscheduleg(i.e.gquarterly)gtogpreventgspendinggfundsgtogqui
cklygandgallowgforgmid-yeargreprogramming.
2012gCensusg-g90,107ggovernmentgentitiesg-
✔✔✔gCorrectgAnswerg>gonegnationalg50gstate
g


90,056glocalg(5gtypes):
GeneralgPurpose:gCounty,gMunicipality,gTown
ship
SpecialgPurpose:gSchoolgdistrict,gspecialgpurpo
segdistrict


* independentgschoolgdistrictsg(specialgserviceggovernments)gtrendinggtowards
gconsolidationg(67,355ging1952,g14,178ging2012)



3g"E's"gofgGovernmentgDebtg-g✔✔✔gCorrectgAnswerg>g*gEquityg-
gdebtgshouldgbegpaidgbygthosegbenefitinggfromgthegproject




* Effectivenessg-gshouldgprovidegsufficientgfundsgforgthegproject


* Efficiencyg-gshouldgbegobtainedgatgtheglowestgcostgpossiblegrelativegtogrisk
3gcomponentsgofgappropriationsg-
g✔✔✔gCorrectgAnswerg>gPTA:g(1)gpurposeg(2)gtimeg(3)gamount


3gmaingpurposesgofgGovtgbudgetg-
g✔✔✔gCorrectgAnswerg>g(1)gpolicygdocument;g(2)gSetsgfinancialgplan;g(3)gCommsgdevic

e

,3-Esgofggovernmentgdebtg-g✔✔✔gCorrectgAnswerg>gEquityg-
grepaymentgofgdebtgshouldgbegbornegbygthosegbenefitinggfromgthegproject


Effectivenessg-gthegdebtgissuegshouldgprovidegsufficientgfundsgforgthegproject
Efficiency-
gloanedgfundsgshouldgbegobtainedgatgtheglowestgcostgpossiblegrelativegtogrisk.


3) BudgetarygControlg-gACCOUNTINGg-
g✔✔✔gCorrectgAnswerg>gsystemgofgrequisitions,gencumbrances,gandgrec

onciliationsgtogpreventgfraud
4gTypesgofgFiduciaryg(TrustgandgAgency)gFundsg-
g✔✔✔gCorrectgAnswerg>gPensiongTrustgFund,gAgencygFundsg(i.e.gCDBG),gInvestme

ntgTrustgFunds,gPrivate-
PurposegTrustgFunds,gandgTaxgAgencygFundsg(i.e.,gCitations)
4) BudgetarygControlg-gAUDITINGg-
g✔✔✔gCorrectgAnswerg>gInternalgandgexternalgauditinggtestsgthegeffectivenessgo

fginternalgcontrolsgandgaccuracygofgfinancialgstatements.


Seekgang"unmodifiedgopinion"gofgfinancialgreports
5gC.F.R.gPartg2635g-
gStandardsgofgEthicalgConductgforgEmployeesgofgthegExecutivegBranchg-

g✔✔✔gCorrectgAnswerg>gLegalgbasisgoutlininggrequirementsgongethicalgbehaviorgf

orgFederalgemployees
5gTypesgofgGovernmentgFundsg-
g✔✔✔gCorrectgAnswerg>gGeneralgFund,gSpecialgRevenuegFunds,gCapitalgProjectsgFund

s,gDebtgServicegFunds,gandgPermanentgFunds
Aggovernmentgwantsgtogensuregthatgthosegwhogbenefitgfromgagcapitalgprojectgsho
uldgpaygthegcostgofgfinancing.gHowgshouldgagprojectgthatghasgag20-
yeargusefulglifegbegfinanced?g-
g✔✔✔gCorrectgAnswerg>gIssuegagserialgbondgwithglevelgdebtgservice


Aggovernment'sgbudgetgshouldgincorporategonlygagshort-
termgperspectivegbecausegthegbudgetgisgonlygforgagone-yeargperiod.g-
g✔✔✔gCorrectgAnswerg>gFalse.gAlthoughgthegbudgetgisgonlygforgagone-

yeargperiod,gangeffectivegbudgetgincorporatesgaglong-

, gtermgperspectivegfocusinggonglonggrangeggoalsgandgobjectives,gThegbudgetgthen,gi
s