AGA CGFM Terms/phrases Home Study Thorough Review
and Complete Answers Ace your first Attempt Updated
2024/2025
Grant - correct answer Funds transferred from one level of government to
another for specific and broad purposes
Impartial - correct answer Lack of favoritism, not partial or biased, and treating
or affecting all equally
Income Tax - correct answer Tax based on income and levied on individuals or
corporations. Used most often at national and state levels, though some states
allow local governments to impose income taxes
Independence - correct answer Free of relationships that may impair, or
appear to impair, one's ability to act with objectivity. Independence is the quality
of being free of any obligation to particular parties or interests
Inheritance Tax - correct answer Levied on a person receiving a bequest and
is a form of wealth tax
Initiative - correct answer Process that enables citizens to present their view of
a problem and a proposed solution, rather than depending on a solution devised
or enacted by the legislative branch. Allows direct citizen action to affect laws.
Intangibles Tax - correct answer Applied to assets such as stocks, bonds,
savings accounts, trademarks, and accounts receivable and is a form of wealth
tax
Internal Controls - correct answer Organization and activities designed to
ensure programs achieve their intended results, resources are used efficiently
,and effectively; programs and resources are protected from waste, fraud and
mismanagement, laws and regulations are followed; and reliable and timely
information is obtained, maintained and reported.
Judicial Review - correct answer Principle by which the judicial branch may
review actions by the legislative and executive branches and if appropriate,
declare them unconstitutional or illegal. Flows from separation of powers.
Lease-purchase - correct answer Practice by which a government entity
assumes a long-term lease on a capital asset and at the end of the lease period
the asset may transfer to the government. Usually these agreements do not
include voter approval
License Fee - correct answer Fee paid to the government for a specific
privilege, often related to an activity. Ranges from recreation to business. Fishing
License and Real Estate License
Line-item veto - correct answer Authority that allow the chief executive to strike
individual line items from the budget without vetoing the entire budget bill. US
presidents do not have this authority.
Lottery - correct answer State-controlled gambling, used in many states as a
source or revenue.
Management Cycle - correct answer Refers to the sequence of activities
entailed in managing a government and/or its operations. The activities include
planning, programming, budgeting, operations, accounting, reporting and
auditing
Mediation - correct answer Form of conflict resolution that involves objective,
third-party mediator who tries to bring the disputants together. Mediation is
normally voluntary and non-binding
, Note - correct answer Form of government debt used as a short-term financing
source. Due to the short maturity period, the principle and interest for a note are
frequently retired simultaneously upon maturity, so no periodic interest payment
Object Class - correct answer A budget or accounting category that defines
the resources to be applied to specific types of inputs, such as personnel, travel,
tools or supplies.
Objectivity - correct answer Imposes the obligation to be impartial,
intellectually honest and free of conflict of interest. Public officials are objective
when they uphold the expectation of fairness, make decisions on merit, and do
not allow prejudice or bias to influence their decisions or behavior
Operating Budget - correct answer Defines level of resources to be applied in
providing government programs and services; usually covers periods of one to
two years.
Ordinance - correct answer Law enacted by a legislative body below the state
level, such as county, city or town
Outcome - correct answer Results of government programs, such as the
number of gainfully employed graduates or reduction in road accidents. May take
many months or years to achieve. Outcomes are more difficult to measure than
outputs.
Performance and Accountability Reports - correct answer A single report that
combines financial results and performance results. Recent requirement for
federal executive agencies, but may be practice at other levels of government
and Complete Answers Ace your first Attempt Updated
2024/2025
Grant - correct answer Funds transferred from one level of government to
another for specific and broad purposes
Impartial - correct answer Lack of favoritism, not partial or biased, and treating
or affecting all equally
Income Tax - correct answer Tax based on income and levied on individuals or
corporations. Used most often at national and state levels, though some states
allow local governments to impose income taxes
Independence - correct answer Free of relationships that may impair, or
appear to impair, one's ability to act with objectivity. Independence is the quality
of being free of any obligation to particular parties or interests
Inheritance Tax - correct answer Levied on a person receiving a bequest and
is a form of wealth tax
Initiative - correct answer Process that enables citizens to present their view of
a problem and a proposed solution, rather than depending on a solution devised
or enacted by the legislative branch. Allows direct citizen action to affect laws.
Intangibles Tax - correct answer Applied to assets such as stocks, bonds,
savings accounts, trademarks, and accounts receivable and is a form of wealth
tax
Internal Controls - correct answer Organization and activities designed to
ensure programs achieve their intended results, resources are used efficiently
,and effectively; programs and resources are protected from waste, fraud and
mismanagement, laws and regulations are followed; and reliable and timely
information is obtained, maintained and reported.
Judicial Review - correct answer Principle by which the judicial branch may
review actions by the legislative and executive branches and if appropriate,
declare them unconstitutional or illegal. Flows from separation of powers.
Lease-purchase - correct answer Practice by which a government entity
assumes a long-term lease on a capital asset and at the end of the lease period
the asset may transfer to the government. Usually these agreements do not
include voter approval
License Fee - correct answer Fee paid to the government for a specific
privilege, often related to an activity. Ranges from recreation to business. Fishing
License and Real Estate License
Line-item veto - correct answer Authority that allow the chief executive to strike
individual line items from the budget without vetoing the entire budget bill. US
presidents do not have this authority.
Lottery - correct answer State-controlled gambling, used in many states as a
source or revenue.
Management Cycle - correct answer Refers to the sequence of activities
entailed in managing a government and/or its operations. The activities include
planning, programming, budgeting, operations, accounting, reporting and
auditing
Mediation - correct answer Form of conflict resolution that involves objective,
third-party mediator who tries to bring the disputants together. Mediation is
normally voluntary and non-binding
, Note - correct answer Form of government debt used as a short-term financing
source. Due to the short maturity period, the principle and interest for a note are
frequently retired simultaneously upon maturity, so no periodic interest payment
Object Class - correct answer A budget or accounting category that defines
the resources to be applied to specific types of inputs, such as personnel, travel,
tools or supplies.
Objectivity - correct answer Imposes the obligation to be impartial,
intellectually honest and free of conflict of interest. Public officials are objective
when they uphold the expectation of fairness, make decisions on merit, and do
not allow prejudice or bias to influence their decisions or behavior
Operating Budget - correct answer Defines level of resources to be applied in
providing government programs and services; usually covers periods of one to
two years.
Ordinance - correct answer Law enacted by a legislative body below the state
level, such as county, city or town
Outcome - correct answer Results of government programs, such as the
number of gainfully employed graduates or reduction in road accidents. May take
many months or years to achieve. Outcomes are more difficult to measure than
outputs.
Performance and Accountability Reports - correct answer A single report that
combines financial results and performance results. Recent requirement for
federal executive agencies, but may be practice at other levels of government
