CGMS PRACTICE EXAM LATEST
QUESTIONS AND
ANSWERS 2026 - 2027
Under federal regulations, recipients must liquidate funds within how
many days after the end of the grant? - ANSWERS-90
Failure to comply with reporting requirements could result in what
action? - ANSWERS-The federal grantor to withhold payment to a
recipient
Unless federal awarding agency regulations or the terms and conditions
of the award provide otherwise, what should recipients do with program
income earned after the end of the project period? - ANSWERS-The
recipient must restrict its expenditure in accordance with grant terms
Unless otherwise stated by the grantor, what is the minimum frequency
of performance reporting? - ANSWERS-Not less than annually
What are the common contents of post-award grant files? - ANSWERS-
Approval grant agreement and financial progress reports
What are the phases of the grant management lifecycle? - ANSWERS-
Pre-award, award, post award, and closeout
END OF
PAGE
1
, CGMS PRACTICE EXAM LATEST
QUESTIONS AND
ANSWERS 2026 - 2027
At closeout, what must recipients do regarding real property that is no
longer needed to achieve the objective for which it was originally
purchased? - ANSWERS-Request disposition instructions from the
grantor.
Who is required to submit financial and performance reports? -
ANSWERS-Recipients during the award periods.
Recipients may negotiate with the federal awarding agency about which
of the following provisions? - ANSWERS-The transfer of funds among
direct cost categories to effect budget changes for awards
How may program income be used as specified in a federal grants
award? - ANSWERS-To further eligible activities for that grant
In addition to the award dollar amount, what other dollar amount is
provided on the notice of award? - ANSWERS-Non-federal cost share
END OF
PAGE
2
, CGMS PRACTICE EXAM LATEST
QUESTIONS AND
ANSWERS 2026 - 2027
In the absence of special conditions, when would exempt property be
returned or proceeds from the sale of that property be provided to the
grantor? - ANSWERS-Never
The federal recipient or subrecipient shall make equipment available for
use on other projects or programs currently or previously supported by
the federal government, providing that what condition applies? -
ANSWERS-That equipment has been depreciated to an amount less than
$5,000
Order of Legal Precedence - ANSWERS-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) - ANSWERS-
Defines funding instruments (contracts, grants, cooperative agreements)
to guide federal agencies in correct use of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act -
ANSWERS-Requires that federal awarding agencies establish strategic
plans that incorporate performance measures
END OF
PAGE
3
QUESTIONS AND
ANSWERS 2026 - 2027
Under federal regulations, recipients must liquidate funds within how
many days after the end of the grant? - ANSWERS-90
Failure to comply with reporting requirements could result in what
action? - ANSWERS-The federal grantor to withhold payment to a
recipient
Unless federal awarding agency regulations or the terms and conditions
of the award provide otherwise, what should recipients do with program
income earned after the end of the project period? - ANSWERS-The
recipient must restrict its expenditure in accordance with grant terms
Unless otherwise stated by the grantor, what is the minimum frequency
of performance reporting? - ANSWERS-Not less than annually
What are the common contents of post-award grant files? - ANSWERS-
Approval grant agreement and financial progress reports
What are the phases of the grant management lifecycle? - ANSWERS-
Pre-award, award, post award, and closeout
END OF
PAGE
1
, CGMS PRACTICE EXAM LATEST
QUESTIONS AND
ANSWERS 2026 - 2027
At closeout, what must recipients do regarding real property that is no
longer needed to achieve the objective for which it was originally
purchased? - ANSWERS-Request disposition instructions from the
grantor.
Who is required to submit financial and performance reports? -
ANSWERS-Recipients during the award periods.
Recipients may negotiate with the federal awarding agency about which
of the following provisions? - ANSWERS-The transfer of funds among
direct cost categories to effect budget changes for awards
How may program income be used as specified in a federal grants
award? - ANSWERS-To further eligible activities for that grant
In addition to the award dollar amount, what other dollar amount is
provided on the notice of award? - ANSWERS-Non-federal cost share
END OF
PAGE
2
, CGMS PRACTICE EXAM LATEST
QUESTIONS AND
ANSWERS 2026 - 2027
In the absence of special conditions, when would exempt property be
returned or proceeds from the sale of that property be provided to the
grantor? - ANSWERS-Never
The federal recipient or subrecipient shall make equipment available for
use on other projects or programs currently or previously supported by
the federal government, providing that what condition applies? -
ANSWERS-That equipment has been depreciated to an amount less than
$5,000
Order of Legal Precedence - ANSWERS-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) - ANSWERS-
Defines funding instruments (contracts, grants, cooperative agreements)
to guide federal agencies in correct use of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act -
ANSWERS-Requires that federal awarding agencies establish strategic
plans that incorporate performance measures
END OF
PAGE
3
