CDFM Module 2 questions with verified answers
A working capital fund has an officer (O-4) properly assigned to the organization
and that officer is doing the work that would normally be performed by a GS-13.
For managerial cost accounting purposes, is the "cost" of that officer's pay and
benefits "charged" at the military O-4 rate or the civilian GS-13 rate? Ans✓✓✓
Civilian GS-13 rate (and the proper MILPER account is reimbursed for that
amount)
Advance Procurement is an exception to what funding policy? Ans✓✓✓ Full
Funding
Assume an agency has issued an Economy Act order to another Federal agency
for specific services, the cited appropriation has gone into an expired status, and
the servicing agency has neither provided the ordered services nor has entered
into an authorized contract with another entity to provide the ordered services.
What must now be done with those obligated funds? Ans✓✓✓ De-obligate
Assume today's date is 1 March 2020 and your organization knows about a new
project or requirement that will require its initial funding in FY 2027. What is the
first PPBE-related document which you could identify resources for that
requirement? Ans✓✓✓ POM 2023 - 2027
Assume your organization overpaid a contractor on a contract awarded with an
appropriation that is now in the cancelled status, and the contractor has sent in a
check for that overpayment. What can your organization legally do with that
refund from the contractor? Ans✓✓✓ Credit the refund to miscellaneous
receipts of the U.S. Treasury
, Cost Savings, Cost Avoidance, and Productivity Improvements are examples of
what type of cost benefits? Ans✓✓✓ Quantifiable Benefits
Federal agencies are required to submit to OMB and Congress several financial-
related reports on an annual basis. If the agency chooses to submit a consolidated
report to satisfy that requirement, it is called the Performance and Accountability
Report (PAR). Alternatively, the agency may submit separate financial reports.
What report or reports has DoD chosen to submit to satisfy the requirement?
Ans✓✓✓ Agency Financial Report; Annual Performance Report; Summary of
Performance and Financial Information
Following a review of a Component's budget submission and a potential budget
hearing in the fall timeframe, the reviewing USD(C) budget analyst prepares a
draft document that is submitted to DEPSECDEF or SECDEF for a decision. Once
signed by one of those senior officials, what is that document called? Ans✓✓✓
Program Budget Decision
For a perfect correlation to exist, what would be the coefficient? Ans✓✓✓ 1.0
In federal agencies, how often must strategic plans required under the GPRA
Modernization Act of 2010 be updated? Ans✓✓✓ Every 4 years
In regards to measures of central tendency, what is a mean? A mode? A median?
Ans✓✓✓ Mean is the arithmetic average; mode is the most frequent score in a
distribution of scores; median is the middle of arrayed values
Monies not appropriated by Congress that are generated primarily from the sale
of goods and services are known as what? Ans✓✓✓ Non-appropriated Funds
(NAF)
A working capital fund has an officer (O-4) properly assigned to the organization
and that officer is doing the work that would normally be performed by a GS-13.
For managerial cost accounting purposes, is the "cost" of that officer's pay and
benefits "charged" at the military O-4 rate or the civilian GS-13 rate? Ans✓✓✓
Civilian GS-13 rate (and the proper MILPER account is reimbursed for that
amount)
Advance Procurement is an exception to what funding policy? Ans✓✓✓ Full
Funding
Assume an agency has issued an Economy Act order to another Federal agency
for specific services, the cited appropriation has gone into an expired status, and
the servicing agency has neither provided the ordered services nor has entered
into an authorized contract with another entity to provide the ordered services.
What must now be done with those obligated funds? Ans✓✓✓ De-obligate
Assume today's date is 1 March 2020 and your organization knows about a new
project or requirement that will require its initial funding in FY 2027. What is the
first PPBE-related document which you could identify resources for that
requirement? Ans✓✓✓ POM 2023 - 2027
Assume your organization overpaid a contractor on a contract awarded with an
appropriation that is now in the cancelled status, and the contractor has sent in a
check for that overpayment. What can your organization legally do with that
refund from the contractor? Ans✓✓✓ Credit the refund to miscellaneous
receipts of the U.S. Treasury
, Cost Savings, Cost Avoidance, and Productivity Improvements are examples of
what type of cost benefits? Ans✓✓✓ Quantifiable Benefits
Federal agencies are required to submit to OMB and Congress several financial-
related reports on an annual basis. If the agency chooses to submit a consolidated
report to satisfy that requirement, it is called the Performance and Accountability
Report (PAR). Alternatively, the agency may submit separate financial reports.
What report or reports has DoD chosen to submit to satisfy the requirement?
Ans✓✓✓ Agency Financial Report; Annual Performance Report; Summary of
Performance and Financial Information
Following a review of a Component's budget submission and a potential budget
hearing in the fall timeframe, the reviewing USD(C) budget analyst prepares a
draft document that is submitted to DEPSECDEF or SECDEF for a decision. Once
signed by one of those senior officials, what is that document called? Ans✓✓✓
Program Budget Decision
For a perfect correlation to exist, what would be the coefficient? Ans✓✓✓ 1.0
In federal agencies, how often must strategic plans required under the GPRA
Modernization Act of 2010 be updated? Ans✓✓✓ Every 4 years
In regards to measures of central tendency, what is a mean? A mode? A median?
Ans✓✓✓ Mean is the arithmetic average; mode is the most frequent score in a
distribution of scores; median is the middle of arrayed values
Monies not appropriated by Congress that are generated primarily from the sale
of goods and services are known as what? Ans✓✓✓ Non-appropriated Funds
(NAF)
