CGMS Exam Questions and Answers
100% PASS
Order 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
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
100% PASS
Order 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
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
