CGFM Exam: Section 1, Chapter 1 correctly answered to pass 2023

CGFM Exam: Section 1, Chapter 1 correctly answered to pass 2023Difference between a budget in public vs. private sector? - correct answer public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? - correct answer budget Financial Reports - correct answer primary mechanism by which public officials are able to demonstrate accountability. They show how much was raised, how it was spent, and whether spending was in compliance with the budget. State Authority - correct answer All the powers not set forth in the constitution are left to the states Govt Revenues are - correct answer involuntary revenue source - tax assessments, licenses, fees, permits and user fees legal accountability - correct answer the need to comply with various laws, rules and regulations performance accountability - correct answer ensuring that governments act in an efficient, effective or economic manner Fiscal Accountability - correct answer raising of resources and the allocation of those resources to accomplish objectives. Officials are accountable for the resources raised and how they are used. Operational Accountability - correct answer Involves stewardship of public resources. Public officials must ensure resources are used appropriately Which branch is accountable to public for raising of resources and for determining how those resources are to be used? - correct answer legislative