Certified Government Financial Manager® (CGFM®) Tests Bundle Set

Federalism CORRECT ANSWER Power is distributed among different levels of government, no one level has complete authority Sovereignty CORRECT ANSWER National government cant be sued by states or citizens without its permission Popular Sovereignty CORRECT ANSWER Citizens hold ultimate authority ...

Three Broad Government Spending Purposes CORRECT ANSWER 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components CORRECT ANSWER Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise co...

I1. A significant difference between special-purpose and general-purpose governments is that general-purpose governments CORRECT ANSWER Correct Answer: perform multiple functions, while special-purpose governments are typically formed to perform one or two specific functions. I2. A commission tha...

Cash Management Improvement Act 1990 CORRECT ANSWER Improve the transfer of federal funds 31 CFR Part 208 Management of Federal Agency Disbursements CORRECT ANSWER Requires EFT payments Cash Management CORRECT ANSWER 1) mutually beneficial relationships with banks 2) collecting and recording ...

Difference between a budget in public vs. private sector? CORRECT ANSWER Public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? CORRECT ANSWER budget Financial Reports CORRECT ANSWER primary mechanism by which public officials are ab...

Reasons Governments are not Run Like Businesses CORRECT ANSWER 1) Goals and objectives differ considerably from those in the private sector. 2) Exists to provide services, not gain profits. 3) Goals and objectives are sometimes established with input from the public. 4) Resources are derived prim...

Government Management Model Phases CORRECT ANSWER 1. Planning 2. Programming 3. Budgeting 4. Operations 5. Accounting 6. Reporting 7. Auditing Planning in a traditional model CORRECT ANSWER Identifying and prioritizing attainable objectives, as well as specific, sequenced actions to attain ...

I 1.The Defense Logistics Agency holds jet fuel as inventory, which it sells to support flight operations. The table on the left provides beginning/ending fiscal year 2017 inventory levels and purchase information. Assuming the agency uses the FIFO inventory valuation method, what was the cost of go...

Taxes CORRECT ANSWER Resources for gov are derived primarily from Grants and shared revenues CORRECT ANSWER Gobs receive revenue from other levels of gov through Budget CORRECT ANSWER Primary control device in gov Financial reporting CORRECT ANSWER Primary mechanism to demonstrate accountab...

Senior economists in the Executive Office of the President prepare agency budgets and submit them to Congress for approval. True or false? CORRECT ANSWER False. The Office of Management and Budget (within the Executive Office of the President) provides guidance to agencies regarding assumptions to u...

Audit definition CORRECT ANSWER an independent, systematic, objective and unbiased assessment that provides answers to a set of questions. "Material" meaning CORRECT ANSWER use "material" in the context of whether reasonable people would consider that an omission or misstatement would have ch...