CGFM Exam 1 ALL(rated A+)question with correct answers 2023

CGFM Exam 1 ALL(rated A+)question with correct answers 2023doctrine of separation of powers provides a foundation for - correct answer government financial management govt entity can be classed as - correct answer general or special purpose US constitution written - correct answer 1787 Most school district in US - correct answer Independent District Role of federal CFO - correct answer codified in the Chief Financial Officer act of 1990 telework - correct answer working from home or other remote location Anti-fraud policies - correct answer a formal code of conduct frames the behavioral expectations for individuals No. of the Federal Reserve Bank - correct answer 12 regional banks in major cities if budget has not passed by the start of the new fiscal year - correct answer Government does not have legal authority to operate supplemental appropriation budget amendment - correct answer executive inform the legislative branch that more funds are needed due to depletion of funds before the end of fiscal year most power in budget - correct answer legislative branch Appropriation of funds - correct answer budget bill that actually makes funds available Authorization of funds - correct answer bill that approves programs it prescribes what an agency will do if funding is available Expanded Government framework - correct answer includes these steps: planning, programming, budgeting, operations, accounting, reporting and auditing. Type of performance audit - correct answer o Program effectiveness and results audits address the effectiveness of a program and typically measure the extent to which a program is achieving its goals and objectives. o Economy and efficiency audit objectives concern whether an entity is acquiring, protecting and using its resources in the most productive manner to achieve program objectives. o Program effectiveness and results audit objectives, as well as economy and efficiency audit objectives, are often interrelated and may be concurrently addressed in a performance audit. major form of government revenue - correct answer tax progressive tax rate - correct answer income tax higher incomes, higher tax rate Tax expenditures - correct answer Exceptions to tax laws and regulations They cost the public in terms of lost revenue that could otherwise be used to fund programs or reduce tax rate 3 broad categories of tax - correct answer income Wealth Consumption