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CGFM TEST 1 EXAM 2024 WITH 100% CORRECT ANSWERS
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CGFM TEST 1 EXAM 2024 WITH 100% CORRECT ANSWERS 
 
Compare and contrast the concepts of "government sovereignty" and "popular sovereignty" - correct answer Gov sov means the national gov can't be sued by states or citizens without its permission. Pop sov means citizens hold ultimate authority through the ballot and is accountable to citizens. 
 
What is the implication of the "reserved clause" in the 10th ammendment? - correct answer Powers not delegated to the nat gov, nor prohibited to ...
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CGFM EXAM 1 2024 WITH 100% CORRECT ANSWERS
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CGFM EXAM 1 2024 WITH 100% CORRECT ANSWERS 
 
 
I1. A significant difference between special-purpose and general-purpose governments is that general-purpose governments - correct answer Correct Answer: perform multiple functions, while special-purpose governments are typically formed to perform one or two specific functions. 
 
I2. A commission that manages water and sewer services for several counties is an example of a - correct answer Correct Answer: jointly-governed organization. 
 
I3. A c...
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CGFM EXAM 1 2024 WITH 100% CORRECT ANSWERS
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CGFM EXAM 1 2024 WITH 100% CORRECT ANSWERS 
 
 
Federalism - correct answer Power is distributed among different levels of government, no one level has complete authority 
 
Sovereignty - correct answer National government cant be sued by states or citizens without its permission 
 
Popular Sovereignty - correct answer Citizens hold ultimate authority through the ballot; even a sovereign government is accountable to citizens 
 
Primary Purpose of Government - correct answer Provide services to i...
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CGFM Exam 2 | CGFM Exam 2 (2024) Questions With 100% Solved Answers!
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CGFM Exam 2 | CGFM Exam 2 (2024) Questions With 100% Solved Answers!
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CGFM PACKAGE DEAL
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CGFM Exam 2 with Questions and Answers| 100% Passed
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1. A significant difference between special-purpose and general-purpose governments is that general- 
purpose governments - Correct Answer: perform multiple functions, while special-purpose 
governments are typically formed to perform one or two specific functions. 
I2. A commission that manages water and sewer services for several counties is an example of a - 
Correct Answer: jointly-governed organization. 
I3. A county commission meets to address the budget. In attendance are the five members...
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CGFM Exam with Questions and Answers| 100% Passed
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doctrine of separation of powers provides a foundation for - government financial management 
govt entity can be classed as - general or special purpose 
US constitution written - 1787 
Most school district in US - Independent District 
Role of federal CFO - codified in the Chief Financial Officer act of 1990 
telework - working from home or other remote location
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CGFM Test 2 with Questions and Answers| 100% Passed
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Governments exist to provide services - no profit motive, no single measure of success 
Primary funding source = - taxes (involuntary payments, because there is no ability to match 
services to those who provide the resource) 
Budget process = - primary control device in government 
US Constitution provides two levels of government - Federal and State
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CGFM Test with Questions and Answers| 100% Passed
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Three Broad Government Spending Purposes - 1) Current Operations 
2) Capital Outlays 
3) Debt Service 
Present Value Analysis - Three Components - Determines what $$ Rec'd in Future is Worth Today 
1) inflation component - year over year loss in value 
2) enterprise component - inherent risk 
3) unique component - 
Budget Accounting and Procedures Act of 1950 - Requires the head of each federal agency to 
establish and maintain I/C's.
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CGFM - Exam 1: Government Environment with Questions and Answers| 100% Passed
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Government Sovereignty - Nat'l government can't be sued by states or by citizens w/out its 
permission. 
Government Authority - Derived from constitutions or charters (local versions of a constitution), 
statutes, executive orders & regulations. 
3 Levels - 1) National 
2) State 
3) Local 
The primary purpose of each is to provide services to citizens. Separate and distinct, yet they may 
coordinate their efforts.
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