FAC1502 COMPREHENSIVE EXAM PREP
QUESTIONS AND SOLUTIONS VERIFIED
STUDY RESOURCE
●● Operations Group
Answer: The ____________ operates the wing's primary mission
weapons system.
●● Regulates the daily consumption of resources
Answer: Which is a function of a Cost Center Manager (CCM)?
●● Manages the budget, cost, and accounting functions for the base
Answer: Which is a function of the Financial Management Analysis
(FMA) Officer?
●● FMB (Financial Management Board)
Answer: The ______________ includes top-level managers, with
membership tailored to the type of organization structure involved to
determine priorities and ensure effective allocation of resources
●● Financial Management Analysis Officer
Answer: The _____________ is the Chairperson of the Financial
Working Group (FWG).
,●● Group Commanders
Answer: In a typical wing organization, Responsibility Center Managers
(RCMs) are usually _____________.
●● Resource Management System
Answer: The ______________ provides a way to establish priorities,
choose policies, and act to get the desired results and required resources
at an acceptable cost.
●● Squadron
Answer: Cost Center Managers (CCMs) are usually at the
_____________ level.
●● Base/unit level operations activities
Answer: The Financial Working Group (FWG) manages commodities
and resources integral to:
●● Legislative Authority
Answer: "The established rule that is expenditure of public funds is
proper only when authorized by Congress," describes:
●● Congress
, Answer: _____________ has the ability to appropriate funds to be spent
by the federal government.
●● Purpose, Time, and Amount
Answer: The three main elements that must be reviewed and we must
ensure are properly examined before funds are obligated are:
●● Necessary Expense Rule
Answer: To apply reasonable discretion and flexibility, the Government
Accountability Office (GAO) developed the concept known as the
_______________ which consists of a three-part test.
●● True
Answer: The bona fida needs rule, as it pertains to supplies, states that
generally. agencies must obligate funds from the fiscal year in which the
supplies is if you are maintaining a stock of commonly used supplies
(inventory), you are permitted to replenish those stocks using current
funding even if you may not use those supplies until the following fiscal
year to avoid an interruption of operations.
●● No-year
Answer: A(n) ________________ appropriation is to remain available
until expended without fiscal year limitation.
●● Congress
QUESTIONS AND SOLUTIONS VERIFIED
STUDY RESOURCE
●● Operations Group
Answer: The ____________ operates the wing's primary mission
weapons system.
●● Regulates the daily consumption of resources
Answer: Which is a function of a Cost Center Manager (CCM)?
●● Manages the budget, cost, and accounting functions for the base
Answer: Which is a function of the Financial Management Analysis
(FMA) Officer?
●● FMB (Financial Management Board)
Answer: The ______________ includes top-level managers, with
membership tailored to the type of organization structure involved to
determine priorities and ensure effective allocation of resources
●● Financial Management Analysis Officer
Answer: The _____________ is the Chairperson of the Financial
Working Group (FWG).
,●● Group Commanders
Answer: In a typical wing organization, Responsibility Center Managers
(RCMs) are usually _____________.
●● Resource Management System
Answer: The ______________ provides a way to establish priorities,
choose policies, and act to get the desired results and required resources
at an acceptable cost.
●● Squadron
Answer: Cost Center Managers (CCMs) are usually at the
_____________ level.
●● Base/unit level operations activities
Answer: The Financial Working Group (FWG) manages commodities
and resources integral to:
●● Legislative Authority
Answer: "The established rule that is expenditure of public funds is
proper only when authorized by Congress," describes:
●● Congress
, Answer: _____________ has the ability to appropriate funds to be spent
by the federal government.
●● Purpose, Time, and Amount
Answer: The three main elements that must be reviewed and we must
ensure are properly examined before funds are obligated are:
●● Necessary Expense Rule
Answer: To apply reasonable discretion and flexibility, the Government
Accountability Office (GAO) developed the concept known as the
_______________ which consists of a three-part test.
●● True
Answer: The bona fida needs rule, as it pertains to supplies, states that
generally. agencies must obligate funds from the fiscal year in which the
supplies is if you are maintaining a stock of commonly used supplies
(inventory), you are permitted to replenish those stocks using current
funding even if you may not use those supplies until the following fiscal
year to avoid an interruption of operations.
●● No-year
Answer: A(n) ________________ appropriation is to remain available
until expended without fiscal year limitation.
●● Congress
