BFM 2000 Applied Acquisition Financial Management Exam > Answered Latest 2025/26 - Defense Acquisition University.

BFM 2000 Applied Acquisition Financial Management Exam > Answered Latest 2025/26 - Defense Acquisition University. TO12.EO2 Given a scenario, recognize how the DWCF operates Question 1 of 35. You are a BFM who has been tasked with providing training to your junior personnel on how Working Capital Funds operate and how the surcharge is calculated. A subordinate asks about Working Capital Funds and how they operate. Which of the following best describes how a Working Capital Fund operates? O Private sector funds replenish the working capital fund corpus. ® Customer payments replenish the working capital fund corpus. O 0SD funds replenish the working capital fund corpus. O Annual appropriations from Congress replenish the working capital fund corpus. [ mark for follow up Question 2 of 35. You are a Navy Supply Corps Officer working in an aviation squadron. Your maintenance officer tells you that you need a new generator for one of the squadrons’ F-18s. You submit your requirement into the DWCF supply system. With regards to your squadron, which of the following will the DWCF provider NOT do now? (Select two.) () ship the part to your squadron Request bids for replacement parts (] Bill your squadron Ship the part to the supplier () mark for follow up [ Save / Return Later] [ SummaryJ [ Next»] TO7.EO1 Given a scenario, analyze cost and schedule performance to determine when it will impact req Question 3 of 35. The President signed the Appropriation bill on 1 October 2021, and you are under pressure to submit your funding documents. Which of the following is required before you can submit them? O Program Authority @® Budget Authority O Request Authority O selected Authority () mark for follow up Question 4 of 35. As a BFM in the Program Office, you are eagerly awaiting the Apportionment process to start so that you can get Budget Authority. What needs to occur before the Apportionment process begins so that you can submit your funding documents? ® 0&B apportions funds to the Service Comptroller. O The Authorization and Appropriation Bills are signed. O The Budget Resolution is signed. O The Sub-allocation process ends. () mark for follow upTO11.EO1 Given a scenario, identify solutions to unethical situations experienced by a financial man Question 5 of 35. Henrietta is a BFM working with a contractor on Project J. When speaking to one of the managers of the Contractor firm, Henrietta is notified that test data previously considered accurate is, in fact, incorrect. Knowing what she now knows about the flawed test data, which of the following is Henrietta’s ethical obligation? O Henrietta should try to find a second opinion to validate the accuracy of the test data. O Henrietta must report the problem to the DoD IG Fraud, Waste, & Abuse Hotline. @® Henrietta must report what she knows up the chain of command. O Henrietta should do nothing because Congress has already agreed to fund the project. () mark for follow up Question 6 of 35. Marvin is a BFM working with a contractor. When chatting with one of the managers of the Contractor firm, Marvin is offered three tickets to tonight’s basketball game. Each ticket costs $100. Which of the following would NOT be acceptable responses in keeping with DoD regulations? (Select two.) [J marvin can accept the tickets, but he must reimburse the contractor for the face value of each ticket. () Mmarvin can politely decline the tickets. Marvin can accept the tickets, go to the game, and have a great time! Marvin can accept the tickets and give them to his brother so he can attend the game. () mark for follow up [ « Back ] [ Save / Return Later ] [ Summary ] [ Next » ] TO3.EO1 Recognize how the Resource Management Decision (RMD) supports the budget justification mater Question 7 of 35. You are the business financial manager in the Navy’s new Big Ultra Bomb for Bad Associates (BUBBA) program office. As the financial manager, you received a budget cut; however, your reclama was unsuccessful on your program. You will now need to read two items to determine whether there is enough funding to support your program. Select the two items you need to read. (Select two.) Resource Management Decision (RMD) (] 1ssue Papers Funding Authorization Document (FAD) O Program Objective Memorandum () mark for follow up TO8.E02 Recognize how unmatched disbursements delay obligation closeouts and impact timeframes Question 8 of 35. The vast majority of obligations and expenditures are matched automatically. True False @ OTO06.EO01 Determine the minimum funding requirements permitted during a Continuing Resolution Authorit Question 9 of 35. You are starting a new fiscal year and are excited for the Appropriation bill to be signed. Unfortunately, Congress did not pass the Appropriation bill in time for the start of the fiscal year, although the President did sign a Continuing Resolution (CR) bill. Under the CR, you will be limited to which of the following? O One quarter of the total funding (O What was submitted in the President's Budget @® The current rate of operations based upon the amount appropriated in the prior year © None of the above [ mark for follow up Question 10 of 35. Which of the following efforts is a new start? O Increase to a MILPERS budget activity above the amount justified in the DoD budget request ® RDT&E Project previously justified by DoD and funded by Congress in the normal budget process O Increase to an O&M budget activity above the amount justified in the DoD budget request O Weapon system modification not funded by Congress in the normal budget process and not previously justified by DoD [ mark for follow up TO13.E02 Identify the activities associated with the Foreign Military Sales case management process Question 11 of 35. Which of the following combinations reflects the two broad categories of the Foreign Military Sales (FMS) case closure? (O Annual and Quarterly Reviews O None of the above O Purchaser and U.S. Government @® Accelerated and non-accelerated case closureTO1.EO1 Recognize how project costs, schedule, and performance parameters align with the Acquisition Question 12 of 35. Which of the following statements best describes the purpose of the Acquisition Program Baseline (APB)? ® itsan agreement between the PMO and acquisition chain regarding cost, schedule, and performance expectations. O It's driven from the Planning phase of the PPBE. O 1t provides information to Congress. O It's a document generated by the warfighter on what they need. (] mark for follow up Question 13 of 35. You are the lead BFM on Project TITAN and have realized that you have a funding shortfall. Given the following options, which is the best option for staying in alignment with Cost as an Independent Variable (CAIV) policy? @® Reduce performance while stretching the schedule. O Look for sweep-up funds from the Program Executive Office. O submita Program Object Memorandum (POM) for more money. O Re-align funding from another program element TO1.EO2 Analyze the Life Cycle Cost Estimate to determine how it supports the Acquisition Program Ba Question 14 of 35. Your Program Manager and cost estimators have quantified the risk for a project within the overall program; the cost estimator has identified some items with potentially unpredictable cost estimates. What should you, as the BFM, do to mitigate the cost risk? O wait to see whether the cost estimate materializes. @® Insert appropriate risk dollars into the budget. O Request additional funds from the Comptroller. © Do nothing: the Program Office does not budget for risk.TO5.EO01 Using a budget exhibit, identify how activities in one PPBE cycle influence or impact anothe Question 15 of 35. Today is August 4, 2021, your Requirements Officer (RO), CDR Jackson, asked you to determine total budget authority you are planning to request for 2023 to buy your allotted number of X-86 Helicopters. Given the Exhibit P-40 shown here, what do you tell her? EXHIBIT P - 40, BUDGET ITEM JUSTIFICATION DATE: Aug-20 Appropriation (Treasury) Code/CC/BA/BSA/Item Control Number Procurement Aircraft, Air Force, Budget Activity 05, Cargo, Line Item no. 42 P-1 Line Item Nomenclature X86 Helicopter Program Element for Code B Items 0604888F OTHER RELATED PROGRAM ELEMENTS 0604888F PY cy BY BY OCO FY BY+1 BY+2 BY+3 BY+4 10 Code Prior FY FY FY FY 2022 FY FY FY FY To X86 Helicopter Years Total | Complete | Total Procurement Quantity A 0 4 8 12 0 90 186 a)ss Cost (SM) .990 535.922 792.561 0.000 792.561 1096.095 1089.133 1084.047 1078.835 | 16511.422 | 22494.92¢ Less PY Adv Proc (SM) 0.000 21.921 42.781 63.216 0.000 63.216 94.031 93.419 92.985 92.522 0.000 500.875 Plus CY Adv Proc (SM) 21.921 42,781 63.216 94,031 0.000 94,031 93.419 92,985 92.522 92.253 0.000 593.128 Net Procurment Cost (=P-1) 0.000 243.818 475.833 703.119 0.000 703.119 1045.854 | 1039.044 | 1034.223 | 1029.066 | 15694.400 | 21265.35¢ Initial Spares (SM) 0.000 20.312 39.655 58.628 0.000 58.628 50.853 50.522 50.288 50.037 817.022 1137.317 Total Procurement Cost (SM) 21.921 284.990 535.922 792.561 0.000 792.561 1096.095 | 1089.133 | 1084.047 | 1078.835 | 16511.422 | 22494.92¢ Flyaway Unit Cost (SM) 0.000 55.922 54.568 53.755 0.000 53.755 0.000 53.755 52.713 52.450 0.000 52.672 Wpn Sys Procurement Unit Cost 0.000 66.169 62.033 61.161 0.000 53.755 58.069 57.701 57.431 57.155 0.000 57.413 DESCRIPTION: The X-86 Helicopter joint program (Air Force, Army, and Navy) with Air Force as lead service is a multi-role helicopter utilizing a modular design to serve several roles. The three different roll in and roll-out modules allow the X-86 to support troop movement, logistic delivery, and troop support. The X-86T Module allows for the transport of 22 personnel along with 3,500 pounds of personal equipment on a mini-pallet. The X-86C module gives the capability to transport 10,000 pounds of cargo on mini-pallets. The X-86G modules provides gunship capability. It provides two 50 caliber G-386 laser sighted machine guns and requires three additional crew-members. It carries 10,000 rounds of ammunition. The X-86 will be carrier and land based and will be required to operate in extreme weather conditions; both high and low temperatures. It will incorporate next generation EMP, vibration, and stealth protective measures. The X-86T transport module will be developed first, followed by the X-86C, and finally the X-86G modules. All versions of the X-86 helicopter will incorporate the latest command and control capabilities. 'FY22 Program Justification These funds will be used to fund and procure LRIP 2 lot Aircraft, LRIP 2 lot Engines, and the assoclated Spares. These units will be used to fulfill the 10C requirements. ® $1,096,095,000 O $1,045,854,000 O $792,561,000 O $1,089,133,000Question 16 of 35. It’'s August 2021. You are the BFM for the X-86 Helicopter Program Office. You receive a phone call from the OSD Comptroller, who wants to understand why your 2022 budget request is higher than this year. Given the P-40 Budget Exhibit shown here (which you previously prepared), how would you respond? EXHIBIT P - 40, BUDGET ITEM JUSTIFICATION DATE: Aug-20 Appropriation (Treasury) Code/CC/BA/BSA/Item Control Number P-1 Line Item Nomenclature Procurement Aircraft, Air Force, Budget Activity 05, Cargo, Line Item no. 42 X86 Helicopter Program Element for Code B Items 0604888F OTHER RELATED PROGRAM ELEMENTS 0604888F PY cy BY BY OCO FY BY+1 BY+2 BY+3 BY+4 0Code | prior FY FY FY EY 2022 FY FY FY EY To X86 Helicopter Years Total | Complete | Total Procurement Quantity A 0 4 8 12 0 12 18 18 18 18 90 186 'Gross Cost (SM) .990 535.922 752.561 0.000 792.561 1096.095 | 1089.133 | 1084.047 | 1078.835 | 16511.422 | 22494.92¢ Less PY Adv Proc (M) 0..781 63.216 0.000 63.216 94.031 93.419 92.985 92.522 0.000 500.875 Plus CY Adv Proc (5M) 21.921 42,781 63.216 94,031 0.000 94,031 93.419 92.985 92.522 92.253 0.000 593.128 Net Procurment Cost (=P-1) 0.000 243.818 475.833 703.119 0.000 703.119 1045.854 | 1039.044 | 1034.223 | 1029.066 | 15694.400 | 21265.35¢ Initial Spares (SM) 0.000 20.312 39.655 58.628 0.000 58.628 50.853 50.522 50.288 50.037 817.022 1137.317 Total Procurement Cost (SM) 21.921 284.990 535.922 792.561 0.000 792.561 1096.095 | 1089.133 | 1084.047 | 1078.835 | 16511.422 | 22494.92¢ Flyaway Unit Cost (SM) 0.000 55.922 54.568 53,755 0.000 53,755 0.000 53,755 52.713 52.450 0.000 52.672 Wpn Sys Procurement Unit Cost 0.000 66.169 62.033 61.161 0.000 53.755 58.069 57.701 57.431 57.155 0.000 57.413 DESCRIPTION: The X-86 Helicopter joint program (Air Force, Army, and Navy) with Air Force as lead service is a multi-role helicopter utilizing a modular design to serve several roles. The three different roll in and roll-out modules allow the X-86 to support troop movement, logistic delivery, and troop support. The X-86T Module allows for the transport of 22 personnel along with 3,500 pounds of personal equipment on a mini-pallet. The X-86C module gives the capability to transport 10,000 pounds of cargo on mini-pallets. The X-86G modules provides gunship capability. It provides two 50 caliber G-386 laser sighted machine guns and requires three additional crew-members. It carries 10,000 rounds of ammunition. The X-86 will be carrier and land based and will be required to operate in extreme weather conditions; both high and low temperatures. It will incorporate next generation EMP, vibration, and stealth protective measures. The X-86T transport module will be developed first, followed by the X-86C, and finally the X-86G modules. All versions of the X-86 helicopter will incorporate the latest command and control capabilities. 'FY22 Program Justification 'These funds will be used to fund and procure LRIP 2 lot Aircraft, LRIP 2 lot Engines, and the assoclated Spares. These units will be used to fulfill the I0C requirements. @® In FY22, additional funds will be used to fund and procure aircraft, engines, and associated spares. O In FY22, additional funds will be used to fund LRIP 1 aircraft. O In FY22, additional funds will be used to fund Full Rate Production aircraft. O In FY22, additional funds will be used to fund the X-86T transport module. TO9.EO1 Recognize the purpose of the major financial management systems used in the funds execution Question 17 of 35. Reliable financial reporting includes maintaining Internal Controls Over Financial Reporting (ICOFR) and financial systems security. True False @ O TO10.EO1 Given a scenario, select the appropriate financial and budgetary action to execute program Question 18 of 35. Knowing that there is a long lead timeframe for new computers, your Program Manager has requested that you purchase new computers now with excess funds so that they will be ready for use in the next fiscal year. You say, “Sure thing!” because the exception to the Bona Fide Need rule allows it. True False O @Question 19 of 35. You are the BFM for the X-86 Helicopter Program Office. You receive a phone call from the OSD Comptroller, who wants to know the justification for your FY22 budget authority request. Given the P-40 Budget Exhibit you prepared (shown here), which of the following would you include in your response to the Comptro (Select three.) EXHIBIT P - 40, BUDGET ITEM JUSTIFICATION DATE: Aug-20 Appropriation (Treasury) Code/CC/BA/BSA/Item Control Number Procurement Aircraft, Air Force, Budget Activity 05, Cargo, Line Item no. 42 P-1 Line Item Nomenclature X86 Helicopter Program Element for Code B Items 0604888F OTHER RELATED PROGRAM ELEMENTS 0604888F PY cy BY BY OCO FY BY+1 BY+2 BY+3 BY+4 DCode | orior FY FY FY FY 2022 FY FY FY FY To X86 Helicopter Years Total Complete | To Procurement Quantity A 0 4 3 12 0 12 18 18 18 18 90 16 .GToss Cost (SM) .990 535.922 792.561 0.000 792.561 1096.095 | 1089.133 | 1084.047 | 1078.835 | 16511.422 | 2243 Less PY Adv Proc (SM) 0..781 63.216 0.000 63.2156 94.031 93.419 92.985 92.522 0.000 500. Plus CY Adv Proc (M) 21.921 42,731 63.216 $4.031 0.000 94,031 93.419 92.985 92.522 92.253 0.000 593, Net Procurment Cost (=P-1) 0.000 243.818 475.833 703.119 0.000 703.119 1045.854 1039.044 1034.223 1029..400 | 2126! Initial Spares (SM) 0.000 20.312 39.655 58.628 0.000 58.628 50.853 50.522 50.288 50.037 817.022 1137 Total Procurement Cost (SM) 21.921 284.990 535.922 792.561 0.000 792.561 1096.095 1089.133 1084.047 1078.835 | 16511.422 | 2249 Flyaway Unit Cost (SM) 0.000 55.922 54.568 53,755 0.000 53,755 0.000 53.755 52.713 52.450 0.000 52.1 Wpn Sys Procurement Unit Cost 0.000 66.169 62.033 61.161 0.000 53.755 58.069 57.701 57.431 57.155 0.000 574 DESCRIPTION: The X-86 Helicopter joint program (Air Force, Army, and Navy) with Air Force as lead service is a multi-role helicopter utilizing a modular design to serve several roles. The three different in and roll-out modules allow the X-86 to support troop movement, logistic delivery, and troop support. The X-86T Module allows for the transport of 22 personnel along with 3,500 pou of personal equipment on a mini-pallet. The X-86C module gives the capability to transport 10,000 pounds of cargo on mini-pallets. The X-86G modules provides gunship capability. It provides two 50 caliber G-386 laser sighted machine guns and requires three additional crew-members. It carries 10,000 rounds of ammunition. The X-86 will be carrier and land based and will be required to operate in extreme weather conditions; both high and low temperatures. It will incorporate next generation EMP, vibratior and stealth protective measures. The X-86T transport module will be developed first, followed by the X-86C, and finally the X-86G modules. All versions of the X-86 helicopter will incorporate the latest command and control capabilities. FY22 Program Justification These funds will be used to fund and procure LRIP 2 lot Aircraft, LRIP 2 lot Engines, and the assoclated Spares. These units will be used to fulfill the 10C requirements. Procure Associated Spares in the amount of $58.628 Procure LRIP 2 lot engines () Procure Initial Spares in the amount of $1,137.317 million Procure LRIP 2 aircraft TO13.E01 Identify the stakeholders in the case development process Question 20 of 35. Other Implementing Agencies (IAs) that work for Foreign Military Sales (FMS) cases may conduct military education and training and sell defense articles to eligible foreign countries. True False @ O TO2.EO1 Support milestone reviews by aligning financial planning to the Acquisition Strategy. Question 21 of 35. Prior to a milestone review, the GOLIATH program discovers that a Nunn-McCurdy cost breach is expected to occur with respect to its Program Acquisition Unit Cost (PAUC). Over the next thirty days, the GOLIATH Program Manager will most likely be required to do which of the following? (Select three.) Notify the MDA Notify the component leadership Submit a Program Deviation Report (PDR) () Inform the HASC and SASCTO6.E02 Demonstrate the steps used in the appeal process Question 22 of 35. Which of the following is true concerning the authorization phase of the Congressional budget enactment process? @® Itinvolves the Armed Services Committees of the House and the Senate. Ot provides budget authority for acquisition programs. O Itis required by the Constitution. O It was established by the Congressional Budget and Impoundment Control Act of 1974. (] Mark for follow up TO11.EO2 Given a scenario, identify the factors that should be considered in making ethical decision Question 23 of 35. Jin is a governmental Level-1 Product Team Manager who works with Federal contractors and is thinking about leaving government service. She recently asked one of the contractors in her office about the possibility of working at the contractor’s firm. Such inquiries are perfectly acceptable and do not violate any ethical principles. True False O @ TO8.EO1 Identify Unliquidated Obligations and the appropriate actions to ensure program success Question 24 of 35. You are the financial manager for your program office and are about to conduct your Dormant Account Review — Quarterly (DAR-Q) process. Which of the following must you do in your review? (Select two.) [J Request additional funds () None of the above Identify dormant commitments and unliquidated obligations Reconcile the accounts payable balances TO4.EO1 Address the primary concerns/focus of each organization with a significant role in the Budge Question 25 of 35. The Department of Defense Financial Management Regulation (DoD FMR) requires each Component to prepare and submit a complete set of budget exhibits twice per year. True False @ O —TO3.E02 Recognize how the Financial Manager uses the Resource Allocation Process (RAP) chart to help Question 26 of 35. Which organization maintains the FYDP database? O Office of the Secretary of Defense (OSD) ® Cost Analysis & Program Evaluation (CA&PE) O U.S. Congress O Program Office TO6.EO3 Determine the appropriate response to a Congressional mark Question 27 of 35. The President’s Budget requested $457 million for DoD's Program Y. The House Armed Services Committee has decided to grant Program Y $450 million. To whom should DoD now appeal for the $457 million? O senate Armed Services Committee O House Armed Services Committee O House Appropriations Committee @® Authorization Conference r02.E03 Differentiate between a Statement of Work (SOW) and a Statement of Objectives (S00) Juestion 28 of 35. Which of the following best describes the purpose of the Statement of Work? O To specify the price of each coniract deliverable O To list the FAR clauses applicable to the contract O To provide broad goals to be met by the acquisition ® To identify the tasks to be performed and the outer limits of the contractor’s effort TO12.E01 Identify the criteria that determine whether a business activity can be included in a DWCF Question 29 of 35. Working capital funds are revolving funds that finance the operations of some governmental units. True False @ OTO10.EO02 Recognize when to apply fiscal law exceptions to support program execution Question 30 of 35. You are the Business Financial Manager in the Navy’s new Big Ultra Bomb for Bad Associates (BUBBA) program office. Your new Program Manager has asked you to help him understand how the Long-lead Exception to the Bona Fide Needs Rule applies. Which explanation should you provide? O The Bona Fide Need Rule applies only to the Stock-level exception rule. O The Bona Fide Need Rule applies only to RDT&E funding. O Agencies are not permitted to consider normal production lead time in determining Bona Fide Need for a purchase. @ Agencies are permitted to consider normal production lead time in determining Bona Fide Need for a purchase. () mark for follow up Question 31 of 35. It is September 2030. You are the Business Financial Manager in the Navy's new Big Ultra Bomb for Bad Associates (BUBBA) program office. Due to the uncertainty with the Appropriations Act being passed on-time—and based on a huge sale that your office supply vendor is having—your Program Manager has asked you to buy 12 months' worth of office supplies with current year funds even though this replacement stock will not be used until the following fiscal year. Additionally, your current on-hand stock level has not reached low limit. Which of the following statements best describes the action you should take? O You should order the supplies because it is allowed per the Severable Services Contract exception to the Bona Fide Needs Rule. O You should order the supplies while they are on sale because it is the right thing to do as it is saving the taxpayers money. O You should order the supplies because Bona Fide Needs Rule allows it. @® You should not order the supplies because stockpiling of supplies in excess of normal usage requirements is prohibited. () mark for follow up TO4.EO02 Evaluate a program’s budget plan to make fiduciary decisions that support program objectives Question 32 of 35. It is August 2021. For your new program, you are in charge of the Research, Development, Test & Evaluation (RTD&E) funds. For you to receive your funding, when should each of the components provide OUSD(C) their Budget Estimate Submission (BES)? @® September 2021 O February 2022 O Mmay 2021 O October 2021 [ mark for follow up TO7.E02 Determine the appropriate timeframe for submitting funding documents Question 33 of 35. You are the BFM in your Program Office. When should you expect to receive your Procurement apportionment? O Quarterly O Monthly O Daily @® Annually (] mark for follow upTO9.EO2 Given a scenario, apply configuration data management principles to support Program Office g Question 34 of 35. During a recent review of your obligation performance to get ready for your mid-year review with FMB, you notice that you are behind on your spend plan. Which of the following will FMB NOT be looking for during the mid-year review? O The appropriated funds that are being obligated O Obligations and expenditures that are meeting benchmarks @® Which of your program contracts are active O Any funds that are not being spent as forecasted AAarl far fallr nin TO2.E02 Determine program requirements as they pertain to the Integrated Master Schedule Question 35 of 35. Which of the following are true about an Integrated Master Schedule? (Select two.) It is not integrated with the phased budget plan. (] 1t must align with the Phased Budget Plan. () 1t must align with the Acquisition Strategy. [ Itis part of the FYDP.