CGFM Test 1 Questions With Complete Solutions
Accountability Correct Answers Principle that, in a democracy,
government operates by the consent of the people. Therefore, it
is responsible to, and must answer to, the people for its actions
and results, including the taking and using of the people's
resources
Actual Trading Return Correct Answers =(Shares
executed*current price)-Sum of(Number of shares executed
i*execution price i) - Fees
Allotment Correct Answers In the federal government, an
agency's distribution of apportioned budgetary authority to
various components within the agency. After the executive
agency receives its apportionment, it allots budgetary authority
to specific components within the agency
Anti-Deficiency Act Correct Answers At the federal level, a
law stating that officials can be fined and/or jailed if they
obligate the government to spend funds beyond the legally
authorized purpose, time, or amount
Apportionment Correct Answers Definitions may vary at
different levels of government. At the federal level, this is
OMB's approval to use a portion of the legislatively approved
budgetary authority
Appropriated Budget Correct Answers Budget that has been
passed by the legislative branch (and signed by the chief
executive, if required); has effect of law
,Appropriation Correct Answers A legislative enactment (law,
statute, or ordinance) that created spending authority; the legal
authority to incur expenses and spend money
Attestation Engagement Correct Answers Engagement
concerning with examining, reviewing, or performing agreed-
upon procedures on a limited subject matter, or a limited
assertion about a subject matter, and reporting on the results.
The subject matter may be financial or nonfinancial
Authorization Correct Answers Legislative enactment that
approves programs; prescribes what activities an agency may
pursue if funding is available
Block Grant Correct Answers One type of formula grant. Block
grants combine several service categories into one grant and,
thus, allow maximum flexibility to the grantee to use the funds
to meet local needs
BPV (formula) Correct Answers = ModDur*MV*.0001
Cap Rate E(R) Correct Answers =NOI/P + g - %
change(NOI/P)
Capital Budget Correct Answers Forecasts and controls
spending for "big-ticket" items that are acquired and used over a
period of several years, such as construction projects and major
equipment purchases. Used at state and local levels
, Capital Lease Correct Answers A lease of real property that
meets defined criteria requiring the government to report the
property as if it were purchased with the proceeds of long-term
debt
Cash-flow budget Correct Answers Forecasts the timing, as
well as amount of cash flows, for a period. Use to project
required cash levels
Categorical grant Correct Answers One type of formula grant
that can be used for a narrowly defined purpose
Central management agencies Correct Answers Government
agencies that provide central management services to other
components. An example would be a state government's human
resource office (that serves all state agencies) or the OMB at the
federal level
Certificate of Excellence in Accountability Reporting (CEAR)
Correct Answers An AGA program that helps federal agencies
and their components produce effective, high-quality
Performance and Accountability Reports/Agency Financial
Reports
Certificate of participation Correct Answers Form of share
government financing. In a typical form, several financial
institutions share in a loan arrangement with a government
entity
Characteristics of Return based attribution Correct Answers -
uses only total portfolio return
Accountability Correct Answers Principle that, in a democracy,
government operates by the consent of the people. Therefore, it
is responsible to, and must answer to, the people for its actions
and results, including the taking and using of the people's
resources
Actual Trading Return Correct Answers =(Shares
executed*current price)-Sum of(Number of shares executed
i*execution price i) - Fees
Allotment Correct Answers In the federal government, an
agency's distribution of apportioned budgetary authority to
various components within the agency. After the executive
agency receives its apportionment, it allots budgetary authority
to specific components within the agency
Anti-Deficiency Act Correct Answers At the federal level, a
law stating that officials can be fined and/or jailed if they
obligate the government to spend funds beyond the legally
authorized purpose, time, or amount
Apportionment Correct Answers Definitions may vary at
different levels of government. At the federal level, this is
OMB's approval to use a portion of the legislatively approved
budgetary authority
Appropriated Budget Correct Answers Budget that has been
passed by the legislative branch (and signed by the chief
executive, if required); has effect of law
,Appropriation Correct Answers A legislative enactment (law,
statute, or ordinance) that created spending authority; the legal
authority to incur expenses and spend money
Attestation Engagement Correct Answers Engagement
concerning with examining, reviewing, or performing agreed-
upon procedures on a limited subject matter, or a limited
assertion about a subject matter, and reporting on the results.
The subject matter may be financial or nonfinancial
Authorization Correct Answers Legislative enactment that
approves programs; prescribes what activities an agency may
pursue if funding is available
Block Grant Correct Answers One type of formula grant. Block
grants combine several service categories into one grant and,
thus, allow maximum flexibility to the grantee to use the funds
to meet local needs
BPV (formula) Correct Answers = ModDur*MV*.0001
Cap Rate E(R) Correct Answers =NOI/P + g - %
change(NOI/P)
Capital Budget Correct Answers Forecasts and controls
spending for "big-ticket" items that are acquired and used over a
period of several years, such as construction projects and major
equipment purchases. Used at state and local levels
, Capital Lease Correct Answers A lease of real property that
meets defined criteria requiring the government to report the
property as if it were purchased with the proceeds of long-term
debt
Cash-flow budget Correct Answers Forecasts the timing, as
well as amount of cash flows, for a period. Use to project
required cash levels
Categorical grant Correct Answers One type of formula grant
that can be used for a narrowly defined purpose
Central management agencies Correct Answers Government
agencies that provide central management services to other
components. An example would be a state government's human
resource office (that serves all state agencies) or the OMB at the
federal level
Certificate of Excellence in Accountability Reporting (CEAR)
Correct Answers An AGA program that helps federal agencies
and their components produce effective, high-quality
Performance and Accountability Reports/Agency Financial
Reports
Certificate of participation Correct Answers Form of share
government financing. In a typical form, several financial
institutions share in a loan arrangement with a government
entity
Characteristics of Return based attribution Correct Answers -
uses only total portfolio return
