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CGFM Exam 1 ALL Questions and Correct
Answers/ Latest Update / Already Graded
doctrine of separation of powers provides a foundation for
Ans: government financial management
govt entity can be classed as
Ans: general or special purpose
US constitution written
Ans: 1787
Most school district in US
Ans: Independent District
Role of federal CFO
Ans: codified in the Chief Financial Officer act of 1990
telework
Ans: working from home or other remote location
All rights reserved © 2025/ 2026 |
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Anti-fraud policies
Ans: a formal code of conduct
frames the behavioral expectations for individuals
No. of the Federal Reserve Bank
Ans: 12 regional banks in major cities
if budget has not passed by the start of the new fiscal year
Ans: Government does not have legal authority to operate
supplemental appropriation
budget amendment
Ans: executive inform the legislative branch that more funds
are needed due to depletion of funds before the end of fiscal
year
most power in budget
Ans: legislative branch
All rights reserved © 2025/ 2026 |
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Appropriation of funds
Ans: budget bill that actually makes funds available
Authorization of funds
Ans: bill that approves programs
it prescribes what an agency will do if funding is available
Expanded Government framework
Ans: includes these steps: planning, programming, budgeting,
operations, accounting, reporting and auditing.
Type of performance audit
Ans: o Program effectiveness and results audits address the
effectiveness of a program and typically measure the extent to
which a program is achieving its goals and objectives.
o Economy and efficiency audit objectives concern whether an
entity is acquiring, protecting and using its resources in the
most productive manner to achieve program objectives.
o Program effectiveness and results audit objectives, as well as
economy and efficiency audit objectives, are often interrelated
and may be concurrently addressed in a performance audit.
All rights reserved © 2025/ 2026 |
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major form of government revenue
Ans: tax
progressive tax rate
Ans: income tax
higher incomes, higher tax rate
Tax expenditures
Ans: Exceptions to tax laws and regulations
They cost the public in terms of lost revenue that could
otherwise be used to fund programs or reduce tax rate
3 broad categories of tax
Ans: income
Wealth
Consumption
Income Tax
Ans: Base - all income
Graduated tax
All rights reserved © 2025/ 2026 |
CGFM Exam 1 ALL Questions and Correct
Answers/ Latest Update / Already Graded
doctrine of separation of powers provides a foundation for
Ans: government financial management
govt entity can be classed as
Ans: general or special purpose
US constitution written
Ans: 1787
Most school district in US
Ans: Independent District
Role of federal CFO
Ans: codified in the Chief Financial Officer act of 1990
telework
Ans: working from home or other remote location
All rights reserved © 2025/ 2026 |
, Page |2
Anti-fraud policies
Ans: a formal code of conduct
frames the behavioral expectations for individuals
No. of the Federal Reserve Bank
Ans: 12 regional banks in major cities
if budget has not passed by the start of the new fiscal year
Ans: Government does not have legal authority to operate
supplemental appropriation
budget amendment
Ans: executive inform the legislative branch that more funds
are needed due to depletion of funds before the end of fiscal
year
most power in budget
Ans: legislative branch
All rights reserved © 2025/ 2026 |
, Page |3
Appropriation of funds
Ans: budget bill that actually makes funds available
Authorization of funds
Ans: bill that approves programs
it prescribes what an agency will do if funding is available
Expanded Government framework
Ans: includes these steps: planning, programming, budgeting,
operations, accounting, reporting and auditing.
Type of performance audit
Ans: o Program effectiveness and results audits address the
effectiveness of a program and typically measure the extent to
which a program is achieving its goals and objectives.
o Economy and efficiency audit objectives concern whether an
entity is acquiring, protecting and using its resources in the
most productive manner to achieve program objectives.
o Program effectiveness and results audit objectives, as well as
economy and efficiency audit objectives, are often interrelated
and may be concurrently addressed in a performance audit.
All rights reserved © 2025/ 2026 |
, Page |4
major form of government revenue
Ans: tax
progressive tax rate
Ans: income tax
higher incomes, higher tax rate
Tax expenditures
Ans: Exceptions to tax laws and regulations
They cost the public in terms of lost revenue that could
otherwise be used to fund programs or reduce tax rate
3 broad categories of tax
Ans: income
Wealth
Consumption
Income Tax
Ans: Base - all income
Graduated tax
All rights reserved © 2025/ 2026 |
