CGFM Exam 1 ALL 2025 Questions and
Answers
doctrine of separation of powers provides a foundation for - --Answer --
government financial management
govt entity can be classed as - --Answer --general or special purpose
US constitution written - --Answer --1787
Most school district in US - --Answer --Independent District
Role of federal CFO - --Answer --codified in the Chief Financial Officer act
of 1990
telework - --Answer --working from home or other remote location
Anti-fraud policies - --Answer --a formal code of conduct
frames the behavioral expectations for individuals
No. of the Federal Reserve Bank - --Answer --12 regional banks in major
cities
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,if budget has not passed by the start of the new fiscal year - --Answer --
Government does not have legal authority to operate
supplemental appropriation
budget amendment - --Answer --executive inform the legislative branch that
more funds are needed due to depletion of funds before the end of fiscal year
most power in budget - --Answer --legislative branch
Appropriation of funds - --Answer --budget bill that actually makes funds
available
Authorization of funds - --Answer --bill that approves programs
it prescribes what an agency will do if funding is available
Expanded Government framework - --Answer --includes these steps:
planning, programming, budgeting, operations, accounting, reporting and auditing.
Type of performance audit - --Answer --o Program effectiveness and results
audits address the effectiveness of a program and typically measure the extent to
which a program is achieving its goals and objectives.
o Economy and efficiency audit objectives concern whether an entity is acquiring,
protecting and using its resources in the most productive manner to achieve
program objectives.
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,o Program effectiveness and results audit objectives, as well as economy and
efficiency audit objectives, are often interrelated and may be concurrently
addressed in a performance audit.
major form of government revenue - --Answer --tax
progressive tax rate - --Answer --income tax
higher incomes, higher tax rate
Tax expenditures - --Answer --Exceptions to tax laws and regulations
They cost the public in terms of lost revenue that could otherwise be used to fund
programs or reduce tax rate
3 broad categories of tax - --Answer --income
Wealth
Consumption
Income Tax - --Answer --Base - all income
Graduated tax
Exemptions and deductions apply to enhance horizontal and vertical equity
Medicare tax rate - --Answer --1.45% no cap
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, sinking fund - --Answer --money set aside on a periodic basis to retire term
bonds at maturity
FSIO - --Answer --Financial Systems Integration Office (within GSA)
SEA - --Answer --Service Efforts and Accomplishments
Attestation engagements (External Audits ) - --Answer --Engagement
primarily concerned with examining, reviewing or performing agreed upon
procedures on a subject matter, or an assertion about a subject matter, and
reporting on the results. The subject matter may be financial or nonfinancial and
can be part of a financial audit or performance audit. Possible subjects include
reporting on an entity's internal controls, compliance with law or performance
measures.
Block grants - --Answer --Intergovernmental provision of resources for
broadly defined purposes. Contrasts with category grants.
Category grants - --Answer --Intergovernmental provision of resources to be
used for activities in a specific category of purpose. May be further classified as
discretionary grants or formula grants. Contrasts with block grants.
Central Management Agencies - --Answer --Government agencies that
provide central management services to other components. Example would be a
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 4
Answers
doctrine of separation of powers provides a foundation for - --Answer --
government financial management
govt entity can be classed as - --Answer --general or special purpose
US constitution written - --Answer --1787
Most school district in US - --Answer --Independent District
Role of federal CFO - --Answer --codified in the Chief Financial Officer act
of 1990
telework - --Answer --working from home or other remote location
Anti-fraud policies - --Answer --a formal code of conduct
frames the behavioral expectations for individuals
No. of the Federal Reserve Bank - --Answer --12 regional banks in major
cities
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,if budget has not passed by the start of the new fiscal year - --Answer --
Government does not have legal authority to operate
supplemental appropriation
budget amendment - --Answer --executive inform the legislative branch that
more funds are needed due to depletion of funds before the end of fiscal year
most power in budget - --Answer --legislative branch
Appropriation of funds - --Answer --budget bill that actually makes funds
available
Authorization of funds - --Answer --bill that approves programs
it prescribes what an agency will do if funding is available
Expanded Government framework - --Answer --includes these steps:
planning, programming, budgeting, operations, accounting, reporting and auditing.
Type of performance audit - --Answer --o Program effectiveness and results
audits address the effectiveness of a program and typically measure the extent to
which a program is achieving its goals and objectives.
o Economy and efficiency audit objectives concern whether an entity is acquiring,
protecting and using its resources in the most productive manner to achieve
program objectives.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
,o Program effectiveness and results audit objectives, as well as economy and
efficiency audit objectives, are often interrelated and may be concurrently
addressed in a performance audit.
major form of government revenue - --Answer --tax
progressive tax rate - --Answer --income tax
higher incomes, higher tax rate
Tax expenditures - --Answer --Exceptions to tax laws and regulations
They cost the public in terms of lost revenue that could otherwise be used to fund
programs or reduce tax rate
3 broad categories of tax - --Answer --income
Wealth
Consumption
Income Tax - --Answer --Base - all income
Graduated tax
Exemptions and deductions apply to enhance horizontal and vertical equity
Medicare tax rate - --Answer --1.45% no cap
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
, sinking fund - --Answer --money set aside on a periodic basis to retire term
bonds at maturity
FSIO - --Answer --Financial Systems Integration Office (within GSA)
SEA - --Answer --Service Efforts and Accomplishments
Attestation engagements (External Audits ) - --Answer --Engagement
primarily concerned with examining, reviewing or performing agreed upon
procedures on a subject matter, or an assertion about a subject matter, and
reporting on the results. The subject matter may be financial or nonfinancial and
can be part of a financial audit or performance audit. Possible subjects include
reporting on an entity's internal controls, compliance with law or performance
measures.
Block grants - --Answer --Intergovernmental provision of resources for
broadly defined purposes. Contrasts with category grants.
Category grants - --Answer --Intergovernmental provision of resources to be
used for activities in a specific category of purpose. May be further classified as
discretionary grants or formula grants. Contrasts with block grants.
Central Management Agencies - --Answer --Government agencies that
provide central management services to other components. Example would be a
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 4
