AGA CGFM key terms Training Exam Questions and
Approved Performance Metrics 2024/2025
Situational Leadership - correct answer Encourages leaders to diagnose
developmental level of employees and vary their leadership style accordingly
Sovereignty - correct answer Means possessed supreme power. One
consequence of federal government sovereignty is that the federal government
cannot be sued without its permission
Special Purpose Government - correct answer organized for a single purpose or
a few closely related purposes. Examples include school districts and
conservation districts.
Stewardship - correct answer Principle that government is accountable for
safeguarding assets and promoting long-term economic security of its citizens
Tax Equity - correct answer Principle that taxes should treat tax payer's fairly.
Horizontal Equity - correct answer When it comes to income tax means that
different taxpayers with the same income level pay the same amount of taxes
Vertical Equity - correct answer Taxpayers with different income levels pay
different amount of taxes
Tax Expenditure - correct answer Provision of tax law or regulation that uses tax
deductions, tax credits, or income exemptions to encourage certain behavior by
individuals or businesses. It's an expenditure because it achieves, through the
tax system, certain political, economic or social goals that the government would
otherwise have to expend monies to accomplish
,Term Bonds - correct answer A block of bonds in which all bonds in the issue
mature on the same date or near the same date, usually many years after
issuance. Contrasts with serial bonds.
Use Tax - correct answer Tax charged on goods purchased from out-of-state
and used within the state. Tax is levied for the right to use the item in the state.
One form of a consumption tax.
User Fee - correct answer Fee imposed on the specific beneficiary of a good or
service. These fees range from the admission charge for a museum, to tuition at
a municipal day care center
Value added tax (VAT) - correct answer An indirect tax on consumption that
resembles a sales tax, but is paid at each stage in the development,
manufacturing or distribution process by the person or organization adding value
to the product.
Warrant - correct answer A negotiable monetary instrument issued by a state or
local government or the federal government
Wealth Tax - correct answer Category of taxation that includes real property,
personal property, intangibles, estate and inheritance taxes
AFR - correct answer Agency Financial Report
AGA - correct answer Association of Government Accountants
Bfelob - correct answer Budget Formulation and Execution Line of Business
CAFR - correct answer Comprehensive Annual Financial Report
, CEAR - correct answer Certificate of Excellence in Accountability Reporting
CFO - correct answer Chief Financial Officer
CGFM - correct answer Certified Government Financial Manager
ERP - correct answer Enterprise Resource Planning
FASAB - correct answer Federal Accounting Standards Advisory Board
FASB - correct answer Financial Accounting Standards Board
GAAP - correct answer Generally Accepted Accounting Principles
GAAS - correct answer Generally Accepted Auditing Standards
GAGAS - correct answer Generally Accepted Government Auditing Standards
GAO - correct answer Government Accountability Office
GAS - correct answer Government Auditing Standards
GASB - correct answer Governmental Accounting Standards Board
GPRA - correct answer Government Performance and Results Act
Approved Performance Metrics 2024/2025
Situational Leadership - correct answer Encourages leaders to diagnose
developmental level of employees and vary their leadership style accordingly
Sovereignty - correct answer Means possessed supreme power. One
consequence of federal government sovereignty is that the federal government
cannot be sued without its permission
Special Purpose Government - correct answer organized for a single purpose or
a few closely related purposes. Examples include school districts and
conservation districts.
Stewardship - correct answer Principle that government is accountable for
safeguarding assets and promoting long-term economic security of its citizens
Tax Equity - correct answer Principle that taxes should treat tax payer's fairly.
Horizontal Equity - correct answer When it comes to income tax means that
different taxpayers with the same income level pay the same amount of taxes
Vertical Equity - correct answer Taxpayers with different income levels pay
different amount of taxes
Tax Expenditure - correct answer Provision of tax law or regulation that uses tax
deductions, tax credits, or income exemptions to encourage certain behavior by
individuals or businesses. It's an expenditure because it achieves, through the
tax system, certain political, economic or social goals that the government would
otherwise have to expend monies to accomplish
,Term Bonds - correct answer A block of bonds in which all bonds in the issue
mature on the same date or near the same date, usually many years after
issuance. Contrasts with serial bonds.
Use Tax - correct answer Tax charged on goods purchased from out-of-state
and used within the state. Tax is levied for the right to use the item in the state.
One form of a consumption tax.
User Fee - correct answer Fee imposed on the specific beneficiary of a good or
service. These fees range from the admission charge for a museum, to tuition at
a municipal day care center
Value added tax (VAT) - correct answer An indirect tax on consumption that
resembles a sales tax, but is paid at each stage in the development,
manufacturing or distribution process by the person or organization adding value
to the product.
Warrant - correct answer A negotiable monetary instrument issued by a state or
local government or the federal government
Wealth Tax - correct answer Category of taxation that includes real property,
personal property, intangibles, estate and inheritance taxes
AFR - correct answer Agency Financial Report
AGA - correct answer Association of Government Accountants
Bfelob - correct answer Budget Formulation and Execution Line of Business
CAFR - correct answer Comprehensive Annual Financial Report
, CEAR - correct answer Certificate of Excellence in Accountability Reporting
CFO - correct answer Chief Financial Officer
CGFM - correct answer Certified Government Financial Manager
ERP - correct answer Enterprise Resource Planning
FASAB - correct answer Federal Accounting Standards Advisory Board
FASB - correct answer Financial Accounting Standards Board
GAAP - correct answer Generally Accepted Accounting Principles
GAAS - correct answer Generally Accepted Auditing Standards
GAGAS - correct answer Generally Accepted Government Auditing Standards
GAO - correct answer Government Accountability Office
GAS - correct answer Government Auditing Standards
GASB - correct answer Governmental Accounting Standards Board
GPRA - correct answer Government Performance and Results Act
