CGFM Exam 1 Personalized Questions
And Answers
Legal authority and legal constraint to incur expenses and expend
money -
correct answer ✅Appropriation
Provide further controls to Appropriations by helping to ensure that
funds are spent for the proper purpose and that the rate of
spending corresponds with the fiscal year. At the federal level, this
is OMB's approval to use a portion of the legislatively approved
budgetary authority. -
correct answer ✅Apportionment and Allotments
What is OMB? -
correct answer ✅Office of Management and Budget
What branch of government is OMB in? -
correct answer ✅Executive Branch
an executive branch agency within the United States federal
government. It operates under the authority of the President of the
United States and is responsible for assisting the President in
preparing the federal budget and overseeing the implementation of
fiscal and management policies across government agencies. -
correct answer ✅OMB (Office of Management and Budget)
, CGFM Exam 1 Personalized Questions
And Answers
Legislative Earmarking is a provision inserted into a discretionary
spending by -
correct answer ✅Congressional Appropriations Bill
An apportionment may be subdivided by a federal agency into -
correct answer ✅allotments
Power to establish the money supply exercised by the federal
government. -
correct answer ✅Monetary Policy
Which organization publishes a guide to best practices in
budgeting? -
correct answer ✅GFOA (Government Finance Officers Association)
Defines GAAP for entities of the federal government; this includes
the national government as a whole plus distinct components. -
correct answer ✅Federal Accounting Standards Advisory Board
(FASAB)
And Answers
Legal authority and legal constraint to incur expenses and expend
money -
correct answer ✅Appropriation
Provide further controls to Appropriations by helping to ensure that
funds are spent for the proper purpose and that the rate of
spending corresponds with the fiscal year. At the federal level, this
is OMB's approval to use a portion of the legislatively approved
budgetary authority. -
correct answer ✅Apportionment and Allotments
What is OMB? -
correct answer ✅Office of Management and Budget
What branch of government is OMB in? -
correct answer ✅Executive Branch
an executive branch agency within the United States federal
government. It operates under the authority of the President of the
United States and is responsible for assisting the President in
preparing the federal budget and overseeing the implementation of
fiscal and management policies across government agencies. -
correct answer ✅OMB (Office of Management and Budget)
, CGFM Exam 1 Personalized Questions
And Answers
Legislative Earmarking is a provision inserted into a discretionary
spending by -
correct answer ✅Congressional Appropriations Bill
An apportionment may be subdivided by a federal agency into -
correct answer ✅allotments
Power to establish the money supply exercised by the federal
government. -
correct answer ✅Monetary Policy
Which organization publishes a guide to best practices in
budgeting? -
correct answer ✅GFOA (Government Finance Officers Association)
Defines GAAP for entities of the federal government; this includes
the national government as a whole plus distinct components. -
correct answer ✅Federal Accounting Standards Advisory Board
(FASAB)
