CGFM Exam 3 - Financial Management Functions fully solved 2023 verified

CGFM Exam 3 - Financial Management Functions fully solved 2023 verifiedPrompt Payment Act - correct answer A federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act - correct answer passed to improve the transfer of federal funds between the federal government and the states, territories, and the District of Columbia 31 CFR Part 2018 Management of Federal Agency Disbursements - correct answer requires federal agencies to disburse payments via electronic funds transfer, with few exceptions Lockbox - correct answer An arrangement whereby receipts are mailed directly from payers to a post office box that is serviced by a designated bank float - correct answer the period between the time the check is issued and the time it is presented for payment at the payer's bank Zero Balance Account (ZBA) - correct answer account into which cash from a master account is transferred at the close of the banking day to cover checks and debits presented for payment Concentration Bank Services - correct answer expediting the consolidation of geographically dispersed deposits into a central account Collection services - correct answer includes over the counter collection for tax and utility bills, processing paper checks, operating a lockbox Payment Services - correct answer includes the processing paper checks as well as providing for electronic payments through the automated clearing house or via wire transfers