CGMS Study Set Questions with 100%
Correct Answers | Graded A+
rder of Legal Precedence - CORRECT ANSWER-Constitution, Federal Statutes, Federal Regs,
State/Local/Tribal Laws & Regs, Executive Orders, OMB Policies, Agency/Other Guidance,
Federal Award Docs
Federal Grant & Contract Agreement Act (FGCAA) - CORRECT ANSWER-Defines funding
instruments (contracts, grants, cooperative agreements) to guide federal agencies in correct use
of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act - CORRECT ANSWER-Requires that
federal awarding agencies establish strategic plans that incorporate performance measures
Federal Awardee Performance and Integrity Information System (FAPIIS) - CORRECT ANSWER-
Web-based tool that is used to improve government's ability to evaluate business ethics &
performance quality of prospective grant recipients and contractors (agencies must use for
grants > $250,000)
Interest earned must be returned if... - CORRECT ANSWER-more than $500 of interest is
collected per year on federal cash balances
Federal Funding Accountability & Transparency Act (FFATA) - CORRECT ANSWER-Requires full
disclosure to the public of all entities or organizations receiving federal funds beginning in fiscal
year 2007
3 systems for grants management (FP3) - CORRECT ANSWER-(1) financial & performance
(2) procurement
, (3) property management
Office of Management & Budget (OMB) - CORRECT ANSWER-oversees the performance of
federal agencies and administers the federal budget
Federal Financial Assistance Management Improvement Act (FFAMIA) - CORRECT ANSWER-
required Office of Management and Budget (OMB) to streamline the federal grant reporting
process
Financial & performance reports must be submitted how often? - CORRECT ANSWER-annually
or quarterly
Annual report must be submitted... - CORRECT ANSWER-no later than 90 calendar days after the
required reporting period
Quarterly or semi-annual reports must be submitted... - CORRECT ANSWER-no later then 30
calendar days after the reporting period
Final reports must be submitted... - CORRECT ANSWER-no later than 120 calendar days after the
performance period end date
No-cost extension - CORRECT ANSWER-one-time extension of the period of performance by up
to 12 months -- requires prior written approval from awarding agency
3 procurement categories and $ thresholds - CORRECT ANSWER-1. informal (at or below $250k)
2. formal (above $250k)
3. noncompetitive
Correct Answers | Graded A+
rder of Legal Precedence - CORRECT ANSWER-Constitution, Federal Statutes, Federal Regs,
State/Local/Tribal Laws & Regs, Executive Orders, OMB Policies, Agency/Other Guidance,
Federal Award Docs
Federal Grant & Contract Agreement Act (FGCAA) - CORRECT ANSWER-Defines funding
instruments (contracts, grants, cooperative agreements) to guide federal agencies in correct use
of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act - CORRECT ANSWER-Requires that
federal awarding agencies establish strategic plans that incorporate performance measures
Federal Awardee Performance and Integrity Information System (FAPIIS) - CORRECT ANSWER-
Web-based tool that is used to improve government's ability to evaluate business ethics &
performance quality of prospective grant recipients and contractors (agencies must use for
grants > $250,000)
Interest earned must be returned if... - CORRECT ANSWER-more than $500 of interest is
collected per year on federal cash balances
Federal Funding Accountability & Transparency Act (FFATA) - CORRECT ANSWER-Requires full
disclosure to the public of all entities or organizations receiving federal funds beginning in fiscal
year 2007
3 systems for grants management (FP3) - CORRECT ANSWER-(1) financial & performance
(2) procurement
, (3) property management
Office of Management & Budget (OMB) - CORRECT ANSWER-oversees the performance of
federal agencies and administers the federal budget
Federal Financial Assistance Management Improvement Act (FFAMIA) - CORRECT ANSWER-
required Office of Management and Budget (OMB) to streamline the federal grant reporting
process
Financial & performance reports must be submitted how often? - CORRECT ANSWER-annually
or quarterly
Annual report must be submitted... - CORRECT ANSWER-no later than 90 calendar days after the
required reporting period
Quarterly or semi-annual reports must be submitted... - CORRECT ANSWER-no later then 30
calendar days after the reporting period
Final reports must be submitted... - CORRECT ANSWER-no later than 120 calendar days after the
performance period end date
No-cost extension - CORRECT ANSWER-one-time extension of the period of performance by up
to 12 months -- requires prior written approval from awarding agency
3 procurement categories and $ thresholds - CORRECT ANSWER-1. informal (at or below $250k)
2. formal (above $250k)
3. noncompetitive
