2026 FLORIDA CERTIFIED ASSET
MANAGEMENT (FL-CAM).
EXAM STUDY GUIDE WITH QUESTIONS AND CORRECT ANSWERS |
GRADED A+
OFFICIAL EXAM BLUEPRINT REPLICA
SECTION 1: Florida Statutes & Administrative Rules (Chapter 274, 287) —
15 Questions
Q1: Under Florida Statute 274.01, who is designated as the primary custodian responsible for
tangible personal property owned by the state?
• A. The Governor of Florida
• B. The head of each state agency [CORRECT]
• C. The Florida Department of Financial Services exclusively
• D. The county sheriff in each jurisdiction
Correct Answer: B
Rationale: Correct because Florida Statute 274.01 designates the head of each state agency as
the primary custodian responsible for all tangible personal property under their control. This
statutory requirement establishes clear accountability at the agency level for asset stewardship,
inventory control, and proper utilization.
______________________________________________________________________
Q2: According to Florida Statute 274.05, what is the minimum threshold for an item to be
classified as 'tangible personal property' requiring inventory tracking?
• A. $100 per item
• B. $1,000 per item [CORRECT]
• C. $5,000 per item
• D. $10,000 per item
Correct Answer: B
Rationale: Correct because Florida Statute 274.05 establishes $1,000 as the minimum per-unit
acquisition cost threshold for classifying items as tangible personal property subject to inventory
tracking requirements. Items below this threshold may be tracked as controlled or consumable
,property depending on agency policy but are not classified as tangible personal property under
the statute.
______________________________________________________________________
Q3: Florida Administrative Code 69I-73.002 defines 'capital asset' as property with an
estimated useful life of:
• A. Less than one year
• B. One year or more [CORRECT]
• C. Exactly five years
• D. Ten years or more
Correct Answer: B
Rationale: Correct because Florida Administrative Code 69I-73.002 defines a capital asset as
property with an estimated useful life of one year or more. This definition aligns with standard
governmental accounting principles and distinguishes capital assets from consumable supplies
that are used up within a single fiscal period.
______________________________________________________________________
Q4: Under Florida Statute 287.055 (Consultants' Competitive Negotiation Act), which
procurement method is REQUIRED for professional services contracts exceeding $50,000?
• A. Invitation to Bid (ITB)
• B. Request for Proposals (RFP) [CORRECT]
• C. Purchase Order direct award
• D. Informal verbal agreement
Correct Answer: B
Rationale: Correct because Florida Statute 287.055 (the Consultants' Competitive Negotiation
Act, or CCNA) requires the use of a Request for Proposals (RFP) process for professional services
contracts exceeding $50,000. This competitive negotiation process emphasizes qualifications and
expertise over price alone, which is appropriate for professional asset management consulting
and related services.
______________________________________________________________________
Q5: Which Florida statute governs the disposal of surplus property by state agencies?
• A. Florida Statute 273.01
• B. Florida Statute 274.04 [CORRECT]
• C. Florida Statute 288.01
• D. Florida Statute 290.01
,Correct Answer: B
Rationale: Correct because Florida Statute 274.04 governs the disposal of surplus tangible
personal property by state agencies. This statute establishes the legal framework for
determining when property becomes surplus, the methods available for disposal (including
transfer, auction, donation, and trade-in), and the procedural requirements for each disposal
channel.
______________________________________________________________________
Q6: According to Florida Statute 274.02, what is the primary purpose of maintaining a tangible
personal property inventory?
• A. To calculate employee bonus allocations
• B. To ensure accountability, prevent loss, and support financial reporting [CORRECT]
• C. To determine office space assignments
• D. To establish social media content calendars
Correct Answer: B
Rationale: Correct because Florida Statute 274.02 requires state agencies to maintain accurate
inventories of tangible personal property to ensure accountability for public assets, prevent loss
and misuse, support accurate financial reporting, and facilitate audits. The inventory serves as
the foundational control document for asset stewardship.
______________________________________________________________________
Q7: Florida Administrative Code 69I-73.003 requires that asset inventory records include all of
the following EXCEPT:
• A. Asset description and identification number
• B. Acquisition date and cost
• C. Employee home address [CORRECT]
• D. Location and responsible custodian
Correct Answer: C
Rationale: Correct because Florida Administrative Code 69I-73.003 specifies required inventory
record elements including asset description, identification number, acquisition date, acquisition
cost, current location, and responsible custodian. Employee home addresses are not required
inventory data elements and would raise privacy concerns unrelated to asset management
objectives.
______________________________________________________________________
, Q8: Under Florida Statute 274.06, what action must an agency take when tangible personal
property is lost, stolen, or destroyed?
• A. Wait until the next annual inventory to report the discrepancy
• B. Immediately report the incident and document the circumstances [CORRECT]
• C. Transfer the asset to another agency without documentation
• D. Remove the record from the inventory system without explanation
Correct Answer: B
Rationale: Correct because Florida Statute 274.06 requires agencies to immediately report
incidents of lost, stolen, or destroyed tangible personal property and to document the
circumstances surrounding the incident. Prompt reporting enables appropriate investigation,
insurance claims, law enforcement notification if applicable, and accurate financial adjustment.
______________________________________________________________________
Q9: Which entity has authority to establish uniform accounting and reporting standards for
Florida state agencies under Chapter 274?
• A. The Florida Legislature
• B. The Department of Financial Services [CORRECT]
• C. Individual agency directors
• D. County tax assessors
Correct Answer: B
Rationale: Correct because the Department of Financial Services (DFS) has authority under
Florida Statute 274 and related provisions to establish uniform accounting and reporting
standards for tangible personal property across state agencies. DFS provides guidance, forms,
and oversight to ensure consistency in asset valuation, depreciation, and financial reporting.
______________________________________________________________________
Q10: Florida Statute 287.042(1)(a) requires that state agencies make purchases through the
State of Florida MyFloridaMarketPlace (MFMP) system when:
• A. Only for purchases over $1 million
• B. For all purchases unless a specific exemption applies [CORRECT]
• C. Only for office supplies and furniture
• D. Only during the first quarter of the fiscal year
Correct Answer: B
Rationale: Correct because Florida Statute 287.042(1)(a) establishes the MyFloridaMarketPlace
(MFMP) system as the primary procurement portal for state agencies, requiring its use for all
MANAGEMENT (FL-CAM).
EXAM STUDY GUIDE WITH QUESTIONS AND CORRECT ANSWERS |
GRADED A+
OFFICIAL EXAM BLUEPRINT REPLICA
SECTION 1: Florida Statutes & Administrative Rules (Chapter 274, 287) —
15 Questions
Q1: Under Florida Statute 274.01, who is designated as the primary custodian responsible for
tangible personal property owned by the state?
• A. The Governor of Florida
• B. The head of each state agency [CORRECT]
• C. The Florida Department of Financial Services exclusively
• D. The county sheriff in each jurisdiction
Correct Answer: B
Rationale: Correct because Florida Statute 274.01 designates the head of each state agency as
the primary custodian responsible for all tangible personal property under their control. This
statutory requirement establishes clear accountability at the agency level for asset stewardship,
inventory control, and proper utilization.
______________________________________________________________________
Q2: According to Florida Statute 274.05, what is the minimum threshold for an item to be
classified as 'tangible personal property' requiring inventory tracking?
• A. $100 per item
• B. $1,000 per item [CORRECT]
• C. $5,000 per item
• D. $10,000 per item
Correct Answer: B
Rationale: Correct because Florida Statute 274.05 establishes $1,000 as the minimum per-unit
acquisition cost threshold for classifying items as tangible personal property subject to inventory
tracking requirements. Items below this threshold may be tracked as controlled or consumable
,property depending on agency policy but are not classified as tangible personal property under
the statute.
______________________________________________________________________
Q3: Florida Administrative Code 69I-73.002 defines 'capital asset' as property with an
estimated useful life of:
• A. Less than one year
• B. One year or more [CORRECT]
• C. Exactly five years
• D. Ten years or more
Correct Answer: B
Rationale: Correct because Florida Administrative Code 69I-73.002 defines a capital asset as
property with an estimated useful life of one year or more. This definition aligns with standard
governmental accounting principles and distinguishes capital assets from consumable supplies
that are used up within a single fiscal period.
______________________________________________________________________
Q4: Under Florida Statute 287.055 (Consultants' Competitive Negotiation Act), which
procurement method is REQUIRED for professional services contracts exceeding $50,000?
• A. Invitation to Bid (ITB)
• B. Request for Proposals (RFP) [CORRECT]
• C. Purchase Order direct award
• D. Informal verbal agreement
Correct Answer: B
Rationale: Correct because Florida Statute 287.055 (the Consultants' Competitive Negotiation
Act, or CCNA) requires the use of a Request for Proposals (RFP) process for professional services
contracts exceeding $50,000. This competitive negotiation process emphasizes qualifications and
expertise over price alone, which is appropriate for professional asset management consulting
and related services.
______________________________________________________________________
Q5: Which Florida statute governs the disposal of surplus property by state agencies?
• A. Florida Statute 273.01
• B. Florida Statute 274.04 [CORRECT]
• C. Florida Statute 288.01
• D. Florida Statute 290.01
,Correct Answer: B
Rationale: Correct because Florida Statute 274.04 governs the disposal of surplus tangible
personal property by state agencies. This statute establishes the legal framework for
determining when property becomes surplus, the methods available for disposal (including
transfer, auction, donation, and trade-in), and the procedural requirements for each disposal
channel.
______________________________________________________________________
Q6: According to Florida Statute 274.02, what is the primary purpose of maintaining a tangible
personal property inventory?
• A. To calculate employee bonus allocations
• B. To ensure accountability, prevent loss, and support financial reporting [CORRECT]
• C. To determine office space assignments
• D. To establish social media content calendars
Correct Answer: B
Rationale: Correct because Florida Statute 274.02 requires state agencies to maintain accurate
inventories of tangible personal property to ensure accountability for public assets, prevent loss
and misuse, support accurate financial reporting, and facilitate audits. The inventory serves as
the foundational control document for asset stewardship.
______________________________________________________________________
Q7: Florida Administrative Code 69I-73.003 requires that asset inventory records include all of
the following EXCEPT:
• A. Asset description and identification number
• B. Acquisition date and cost
• C. Employee home address [CORRECT]
• D. Location and responsible custodian
Correct Answer: C
Rationale: Correct because Florida Administrative Code 69I-73.003 specifies required inventory
record elements including asset description, identification number, acquisition date, acquisition
cost, current location, and responsible custodian. Employee home addresses are not required
inventory data elements and would raise privacy concerns unrelated to asset management
objectives.
______________________________________________________________________
, Q8: Under Florida Statute 274.06, what action must an agency take when tangible personal
property is lost, stolen, or destroyed?
• A. Wait until the next annual inventory to report the discrepancy
• B. Immediately report the incident and document the circumstances [CORRECT]
• C. Transfer the asset to another agency without documentation
• D. Remove the record from the inventory system without explanation
Correct Answer: B
Rationale: Correct because Florida Statute 274.06 requires agencies to immediately report
incidents of lost, stolen, or destroyed tangible personal property and to document the
circumstances surrounding the incident. Prompt reporting enables appropriate investigation,
insurance claims, law enforcement notification if applicable, and accurate financial adjustment.
______________________________________________________________________
Q9: Which entity has authority to establish uniform accounting and reporting standards for
Florida state agencies under Chapter 274?
• A. The Florida Legislature
• B. The Department of Financial Services [CORRECT]
• C. Individual agency directors
• D. County tax assessors
Correct Answer: B
Rationale: Correct because the Department of Financial Services (DFS) has authority under
Florida Statute 274 and related provisions to establish uniform accounting and reporting
standards for tangible personal property across state agencies. DFS provides guidance, forms,
and oversight to ensure consistency in asset valuation, depreciation, and financial reporting.
______________________________________________________________________
Q10: Florida Statute 287.042(1)(a) requires that state agencies make purchases through the
State of Florida MyFloridaMarketPlace (MFMP) system when:
• A. Only for purchases over $1 million
• B. For all purchases unless a specific exemption applies [CORRECT]
• C. Only for office supplies and furniture
• D. Only during the first quarter of the fiscal year
Correct Answer: B
Rationale: Correct because Florida Statute 287.042(1)(a) establishes the MyFloridaMarketPlace
(MFMP) system as the primary procurement portal for state agencies, requiring its use for all
