CPFO Budget Exam Questions with Verified Answers Already Passed
Types of performance measures - Answers inputs (resources), outputs, efficiency, and effectiveness
(outcomes).
Structural Balance - Answers Balance between operating expenditures and operating revenues over the
long term.
Performance benchmarks - Answers Comparative standards of performance and provide a frame of
reference for evaluating program and service quality and cost-effectiveness.
Line-item budgets - Answers Focus primarily on the inputs to be purchased.
Program budgets - Answers Focus on the outputs and outcomes to be achieved with a given level of
resources.
Coordination process involves - Answers Developing a calendar
Identifying responsibilities for completing various tasks
Ensuring that various parts of the budget process are properly integrated
Keeping the process on schedule
Producing reports, identifying issues and problems,
Ensuring that other requirements are met and quality standards are maintained.
Entity - Answers The government's financial report may not include all of the same entities and funds as
the budget document.
Performance evaluation provides - Answers Accountability and information on which to base
improvements.
Stakeholders' perceptions of the quality of public services - Answers An important factor in their overall
perception of the government and their level of confidence in governmental decision making.
Community's general social, demographic, and economic conditions
Organization-wide policies and goals - Answers Often presented in an introductory section of the
budget.
GASB issued Statement No. 34, Basic Financial Statementsand Management's
Discussion and Analysisfor State and Local Governments, which established a new financial
reporting model for state and local governments allows: - Answers choose to present mandated
budgetary comparisons either as part of the basic audited financial statements or as "required
supplementary information.
, Allowing budget to actual comparisons in unaudited RSI - Answers weakens an important control
Which of the following time periods are commonly used as a basis for the operating budget cycle? -
Answers 1 or 2 years
Fiscal Capacity - Answers The ability of a jurisdiction to generate taxes
and other revenues from its own sources.
A well-conceived and executed budget classification structure: - Answers Provides information in a
format and at a
level of detail to facilitate budget analysis
and decision making.
Reporting a budget to actual statement or schedule in a government's basic financial statements: -
Answers Should only be reported for the general fund
and major special revenue funds with annual
enacted budgets
Governmental funds include: - Answers General fund
Capital project fund
Debt service fund
Budget reserves can be used for: - Answers Temporary cash flow shortages
Emergencies
Unanticipated economic downturns
When setting program goals, which of the following should be the primary concern? - Answers The
required service level(s)
A major function of the NACSLB recommended practices is: - Answers To serve as tools to assist
governments in
improving their budget process.
Example of stabilization funds? - Answers Contingency fund
Rainy day fund
Working capital reserve fund
Types of performance measures - Answers inputs (resources), outputs, efficiency, and effectiveness
(outcomes).
Structural Balance - Answers Balance between operating expenditures and operating revenues over the
long term.
Performance benchmarks - Answers Comparative standards of performance and provide a frame of
reference for evaluating program and service quality and cost-effectiveness.
Line-item budgets - Answers Focus primarily on the inputs to be purchased.
Program budgets - Answers Focus on the outputs and outcomes to be achieved with a given level of
resources.
Coordination process involves - Answers Developing a calendar
Identifying responsibilities for completing various tasks
Ensuring that various parts of the budget process are properly integrated
Keeping the process on schedule
Producing reports, identifying issues and problems,
Ensuring that other requirements are met and quality standards are maintained.
Entity - Answers The government's financial report may not include all of the same entities and funds as
the budget document.
Performance evaluation provides - Answers Accountability and information on which to base
improvements.
Stakeholders' perceptions of the quality of public services - Answers An important factor in their overall
perception of the government and their level of confidence in governmental decision making.
Community's general social, demographic, and economic conditions
Organization-wide policies and goals - Answers Often presented in an introductory section of the
budget.
GASB issued Statement No. 34, Basic Financial Statementsand Management's
Discussion and Analysisfor State and Local Governments, which established a new financial
reporting model for state and local governments allows: - Answers choose to present mandated
budgetary comparisons either as part of the basic audited financial statements or as "required
supplementary information.
, Allowing budget to actual comparisons in unaudited RSI - Answers weakens an important control
Which of the following time periods are commonly used as a basis for the operating budget cycle? -
Answers 1 or 2 years
Fiscal Capacity - Answers The ability of a jurisdiction to generate taxes
and other revenues from its own sources.
A well-conceived and executed budget classification structure: - Answers Provides information in a
format and at a
level of detail to facilitate budget analysis
and decision making.
Reporting a budget to actual statement or schedule in a government's basic financial statements: -
Answers Should only be reported for the general fund
and major special revenue funds with annual
enacted budgets
Governmental funds include: - Answers General fund
Capital project fund
Debt service fund
Budget reserves can be used for: - Answers Temporary cash flow shortages
Emergencies
Unanticipated economic downturns
When setting program goals, which of the following should be the primary concern? - Answers The
required service level(s)
A major function of the NACSLB recommended practices is: - Answers To serve as tools to assist
governments in
improving their budget process.
Example of stabilization funds? - Answers Contingency fund
Rainy day fund
Working capital reserve fund
