CGFM Test 3 2025 Questions and
Answers
A-76 - --Answer --Directive issued by OMB that establishes federal policy
for the competition of commercial activities
Abuse - --Answer --behavior that is deficient or improper when compared
with behavior that a prudent person would consider reasonable and necessary
business practice given the facts and circumstances
Account cleanup - --Answer --process of researching, analyzing and
evaluating old accounts in an accounting system to determine if they should be
terminated or continued, and terminating those that meet the termination criteria
Accountability - --Answer --A process involving the rendering of an account
by public officials to the citizenry and other stakeholders, regarding such matters as
compliance to the laws, financial probity, efficient performance, and effective
service delivery. For it to function there need to be benchmarks against which
performance can be measured
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,Administrative Offset - --Answer --the process of collecting delinquent debt
by offsetting payments due to the debtor under other applicable government
programs like loans, grants or contracts
Analytical tests - --Answer --analyzing information about the auditee and are
performed at the start of each audit
Audit risk - --Answer --combination of inherent risk, control risk and
detection risk
Automated Clearinghouse System - --Answer --authorizes the government
to automatically deposit to or withdraw from a personal or corporate bank account
Benford Digital Analytics - --Answer --more transactions begin with the
number one than larger numbers
Blanket Purchase Agreements - --Answer --simplified method for filling
anticipated repetitive needs by entering into purchase orders or contracts with
qualified sources, and then providing for orders to be placed against the purchase
orders or contracts
Bulk Funding - --Answer --Funding provided to the contracting office for a
specific purpose rather than individual funding documents
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, Business Process Redesign - --Answer --process of identifying the most
efficient set and pattern of activities to accomplish a work process
Business Process Re-engineering - --Answer --analysis and design of
workflows and processes within an organization that enable it to fundamentally
rethink how it does its work in order to dramatically improve service and reduce
costs
Cause - --Answer --this is the reason for the condition
CFO Act - --Answer --established CFO in 24 departments and major
agencies, and charged that person to develop and maintain an integrated agency
accounting and FM system, including financial reporting and internal controls.
Required for federal agencies to produce annual financial reports
Change management - --Answer --management task of preparing the work
force for changes in work processes and procedures
citizen survey - --Answer --used in performance measurement and reporting
that is used to assess outcomes (results achieved) of governmental functions and
programs. Results of are often expressed as "percentage of citizens rating X service
as good or very good etc..". It can also be used to determine the services the
citizens want and/or how they should be measured
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
Answers
A-76 - --Answer --Directive issued by OMB that establishes federal policy
for the competition of commercial activities
Abuse - --Answer --behavior that is deficient or improper when compared
with behavior that a prudent person would consider reasonable and necessary
business practice given the facts and circumstances
Account cleanup - --Answer --process of researching, analyzing and
evaluating old accounts in an accounting system to determine if they should be
terminated or continued, and terminating those that meet the termination criteria
Accountability - --Answer --A process involving the rendering of an account
by public officials to the citizenry and other stakeholders, regarding such matters as
compliance to the laws, financial probity, efficient performance, and effective
service delivery. For it to function there need to be benchmarks against which
performance can be measured
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,Administrative Offset - --Answer --the process of collecting delinquent debt
by offsetting payments due to the debtor under other applicable government
programs like loans, grants or contracts
Analytical tests - --Answer --analyzing information about the auditee and are
performed at the start of each audit
Audit risk - --Answer --combination of inherent risk, control risk and
detection risk
Automated Clearinghouse System - --Answer --authorizes the government
to automatically deposit to or withdraw from a personal or corporate bank account
Benford Digital Analytics - --Answer --more transactions begin with the
number one than larger numbers
Blanket Purchase Agreements - --Answer --simplified method for filling
anticipated repetitive needs by entering into purchase orders or contracts with
qualified sources, and then providing for orders to be placed against the purchase
orders or contracts
Bulk Funding - --Answer --Funding provided to the contracting office for a
specific purpose rather than individual funding documents
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, Business Process Redesign - --Answer --process of identifying the most
efficient set and pattern of activities to accomplish a work process
Business Process Re-engineering - --Answer --analysis and design of
workflows and processes within an organization that enable it to fundamentally
rethink how it does its work in order to dramatically improve service and reduce
costs
Cause - --Answer --this is the reason for the condition
CFO Act - --Answer --established CFO in 24 departments and major
agencies, and charged that person to develop and maintain an integrated agency
accounting and FM system, including financial reporting and internal controls.
Required for federal agencies to produce annual financial reports
Change management - --Answer --management task of preparing the work
force for changes in work processes and procedures
citizen survey - --Answer --used in performance measurement and reporting
that is used to assess outcomes (results achieved) of governmental functions and
programs. Results of are often expressed as "percentage of citizens rating X service
as good or very good etc..". It can also be used to determine the services the
citizens want and/or how they should be measured
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
