FOB105 FM Body of Knowledge (FMBOK) Questions and Answers

FOB105 FM Body of Knowledge (FMBOK) Questions and Answers In a typical wing structure, who is responsible for the use of wing financial services for military and civilian personnel? - Answer-Comptroller Squadron The ____________ operates the wing's primary mission weapons system. - Answer-Operations Group Which is a function of a Cost Center Manager (CCM)? - Answer-Regulates the daily consumption of resources Which is a function of the Financial Management Analysis (FMA) Officer? - Answer-Manages the budget, cost, and accounting functions for the base The ______________ includes top-level managers, with membership tailored to the type of organization structure involved to determine priorities and ensure effective allocation of resources - Answer-FMB (Financial Management Board) The _____________ is the Chairperson of the Financial Working Group (FWG). - Answer-Financial Management Analysis Officer In a typical wing organization, Responsibility Center Managers (RCMs) are usually _____________. - Answer-Group Commanders EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISH SEPTEMBER 2024 2/13 The ______________ provides a way to establish priorities, choose policies, and act to get the desired results and required resources at an acceptable cost. - Answer- Resource Management System Cost Center Managers (CCMs) are usually at the _____________ level. - Answer-Squadron The Financial Working Group (FWG) manages commodities and resources integral to: - Answer-Base/unit level operations activities "The established rule that is expenditure of public funds is proper only when authorized by Congress," describes: - Answer-Legislative Authority _____________ has the ability to appropriate funds to be spent by the federal government. - Answer-Congress The three main elements that must be reviewed and we must ensure are properly examined before funds are obligated are: - Answer-Purpose, Time, and Amount To apply reasonable discretion and flexibility, the Government Accountability Office (GAO) developed the concept known as the _______________ which consists of a three-part test. - Answer-Necessary Expense Rule 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. - Answer-True EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISH SEPTEMBER 2024 3/13 A(n) ________________ appropriation is to remain available until expended without fiscal year limitation. - Answer-No-year Under the "Seperation of Powers" doctrine, ________________ has the final word on how much money can be spent by given agency or program. - Answer-Congress The ADA imposes prohibitions (fiscal controls) at three levels: Appropriation Level, Apportionment Level, Formal Subdivision Level. - Answer-True The Anti Deficiency Act Principles sate that you can receive services without paying for them as a benefit to the government. - Answer-False The _____________ prohibits against over obligating or ov