1/25/25, 4:23 PM Training detail: Curriculum
> Test Results: BFM 2000 Applied Acquisition Financial Management Exam >
Review Questions
Test results are summarized below. Change the view to see only Correct or Incorrect questions.
Review Test Questions
View: All Questions Correct Questions Incorrect Questions (12 Results)
ID Question Correct
Which of the following best describes the relationship between the Statement of Work
221655 correct
and the Statement of Objectives when both are used for the same contractual effort?
Answer: The Statement of Objectives (SOO) states the Government’s desired outcomes (the
“what”), and offerors use it to write their own Statement of Work (SOW) that describes the tasks
and methods (the “how”). For the awarded contract, the winning offeror’s proposed SOW—
derived from the SOO—is incorporated into the contract; the SOO normally is not part of the final
contract.
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
221727 correct
should each of the components provide OUSD(C) their Budget Estimate Submission
(BES)?
Answer: By early September 2021 (around 1 September). Components submit their
Budget Estimate Submission (BES) to OUSD(C) in late Aug/early Sept each year so
OSD can conduct the fall budget review and build the President’s Budget released the
following February (here, PB FY 2023).
You are the BFM for the X-86 Helicopter Program Office. You receive a phone call from the
OSD Comptroller, who wants to confirm your total budget amount for Initial Spares (in
221747 correct
$M) for FY22. Given the P-40 Budget Exhibit shown here (which you previously prepared),
how would you respond?
1) Open the Procurement P-40 (or P-40A) for the X-86 line item for FY22. 2) Find the cost
breakout table that lists End Item, Initial Spares, Support Equipment, etc., by fiscal year.
3) In the FY22 column, read the line labeled “Initial Spares.” 4) Report it in $ millions. If
the exhibit splits Base and OCO/OMA lines, add them to give the total FY22 Initial Spares:
Total FY22 Initial Spares = FY22 Base Initial Spares + FY22 OCO Initial Spares. 5) If the
question asks “total budget amount,” do not include End Item or Support Equipment—
only the Initial Spares line(s). Round to one decimal place if the exhibit rounds that way.
Which of the following would normally NOT be permitted under a Continuing Resolution?
243154 correct
(Select three.)
• Start a new program/project/activity (a “new start”) that did not receive prior-year funding.
• Increase procurement quantities or production rates above the prior-year level.
• Enter into multi-year or full-year contracts/options that would obligate beyond the CR’s
limited/apportioned amounts (i.e., commitments that assume full-year appropriations).
Which of the following statements are true concerning the authorization phase of the
221798 correct
budget enactment process? (Select two.)
• The authorization bill (from HASC/SASC) establishes/continues programs and sets policy and
ceilings; it authorizes appropriations but does not provide budget authority to obligate funds.
Appropriations are still required.
• The product of this phase is the National Defense Authorization Act (NDAA), which typically
covers one fiscal year and includes matters such as end-strengths, multiyear procurement
authority, limitations, and other policy provisions.
> Test Results: BFM 2000 Applied Acquisition Financial Management Exam >
Review Questions
Test results are summarized below. Change the view to see only Correct or Incorrect questions.
Review Test Questions
View: All Questions Correct Questions Incorrect Questions (12 Results)
ID Question Correct
Which of the following best describes the relationship between the Statement of Work
221655 correct
and the Statement of Objectives when both are used for the same contractual effort?
Answer: The Statement of Objectives (SOO) states the Government’s desired outcomes (the
“what”), and offerors use it to write their own Statement of Work (SOW) that describes the tasks
and methods (the “how”). For the awarded contract, the winning offeror’s proposed SOW—
derived from the SOO—is incorporated into the contract; the SOO normally is not part of the final
contract.
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
221727 correct
should each of the components provide OUSD(C) their Budget Estimate Submission
(BES)?
Answer: By early September 2021 (around 1 September). Components submit their
Budget Estimate Submission (BES) to OUSD(C) in late Aug/early Sept each year so
OSD can conduct the fall budget review and build the President’s Budget released the
following February (here, PB FY 2023).
You are the BFM for the X-86 Helicopter Program Office. You receive a phone call from the
OSD Comptroller, who wants to confirm your total budget amount for Initial Spares (in
221747 correct
$M) for FY22. Given the P-40 Budget Exhibit shown here (which you previously prepared),
how would you respond?
1) Open the Procurement P-40 (or P-40A) for the X-86 line item for FY22. 2) Find the cost
breakout table that lists End Item, Initial Spares, Support Equipment, etc., by fiscal year.
3) In the FY22 column, read the line labeled “Initial Spares.” 4) Report it in $ millions. If
the exhibit splits Base and OCO/OMA lines, add them to give the total FY22 Initial Spares:
Total FY22 Initial Spares = FY22 Base Initial Spares + FY22 OCO Initial Spares. 5) If the
question asks “total budget amount,” do not include End Item or Support Equipment—
only the Initial Spares line(s). Round to one decimal place if the exhibit rounds that way.
Which of the following would normally NOT be permitted under a Continuing Resolution?
243154 correct
(Select three.)
• Start a new program/project/activity (a “new start”) that did not receive prior-year funding.
• Increase procurement quantities or production rates above the prior-year level.
• Enter into multi-year or full-year contracts/options that would obligate beyond the CR’s
limited/apportioned amounts (i.e., commitments that assume full-year appropriations).
Which of the following statements are true concerning the authorization phase of the
221798 correct
budget enactment process? (Select two.)
• The authorization bill (from HASC/SASC) establishes/continues programs and sets policy and
ceilings; it authorizes appropriations but does not provide budget authority to obligate funds.
Appropriations are still required.
• The product of this phase is the National Defense Authorization Act (NDAA), which typically
covers one fiscal year and includes matters such as end-strengths, multiyear procurement
authority, limitations, and other policy provisions.
