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CGFM Exam 1 With Complete Questions And Answers 2024
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CGFM Exam 1 With Complete Questions And Answers 2024
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CGFM Exam 1 With Complete QuestionsAnd Answers 2024
doctrine hof hseparation hof hpowers hprovides ha hfoundation hfor h- hcorrect
hanswer.government hfinancial hmanagement
govt hentity hcan hbe hclassed has h- hcorrect hanswer.general hor hspecial hpurpose
US hconstitution hwritten h- hcorrect hanswer.1787
Most hschool hdistrict hin hUS h- hcorrect hanswer.Independent hDistrict
Role hof hfederal hCFO h- hcorrect hanswer.codified hin hthe hChief hFinancial hOfficer hact hof
h1990
telework h- hcorrect hanswer.working hfrom hhome hor hother hremote hlocation
Anti-fraud hpolicies h- hcorrect hanswer.a hformal hcode hof hconduct h
frames hthe hbehavioral hexpectations hfor hindividuals
No. hof hthe hFederal hReserve hBank h- hcorrect hanswer.12 hregional hbanks hin hmajor hcities
if hbudget hhas hnot hpassed hby hthe hstart hof hthe hnew hfiscal hyear h- hcorrect
hanswer.Government hdoes hnot hhave hlegal hauthority hto hoperate
supplemental happropriation
budget hamendment h- hcorrect hanswer.executive hinform hthe hlegislative hbranch hthat hmore
hfunds hare hneeded hdue hto hdepletion hof hfunds hbefore hthe hend hof hfiscal hyear
most hpower hin hbudget h- hcorrect hanswer.legislative hbranch
Appropriation hof hfunds h- hcorrect hanswer.budget hbill hthat hactually hmakes hfunds havailable
Authorization hof hfunds h- hcorrect hanswer.bill hthat happroves hprograms
it hprescribes hwhat han hagency hwill hdo hif hfunding his havailable
,Expanded hGovernment hframework h- hcorrect hanswer.includes hthese hsteps: hplanning,
hprogramming, hbudgeting, hoperations, haccounting, hreporting hand hauditing.
Type hof hperformance haudit h- hcorrect hanswer.o hProgram heffectiveness hand hresults
haudits haddress hthe heffectiveness hof ha hprogram hand htypically hmeasure hthe hextent hto
hwhich ha hprogram his hachieving hits hgoals hand hobjectives.
o hEconomy hand hefficiency haudit hobjectives hconcern hwhether han hentity his hacquiring,
hprotecting hand husing hits hresources hin hthe hmost hproductive hmanner hto hachieve hprogram
hobjectives.
o hProgram heffectiveness hand hresults haudit hobjectives, has hwell has heconomy hand
hefficiency haudit hobjectives, hare hoften hinterrelated hand hmay hbe hconcurrently haddressed
hin ha hperformance haudit.
major hform hof hgovernment hrevenue h- hcorrect hanswer.tax
progressive htax hrate h- hcorrect hanswer.income htax
higher hincomes, hhigher htax hrate
Tax hexpenditures h- hcorrect hanswer.Exceptions hto htax hlaws hand hregulations
They hcost hthe hpublic hin hterms hof hlost hrevenue hthat hcould hotherwise hbe hused hto hfund
hprograms hor hreduce htax hrate
3 hbroad hcategories hof htax h- hcorrect hanswer.income
Wealth
Consumption
Income hTax h- hcorrect hanswer.Base h- hall hincome
Graduated htax
Exemptions hand hdeductions happly hto henhance hhorizontal hand hvertical hequity
Medicare htax hrate h- hcorrect hanswer.1.45% hno hcap
sinking hfund h- hcorrect hanswer.money hset haside hon ha hperiodic hbasis hto hretire hterm hbonds
hat hmaturity
FSIO h- hcorrect hanswer.Financial hSystems hIntegration hOffice h(within hGSA)
SEA h- hcorrect hanswer.Service hEfforts hand hAccomplishments
Attestation hengagements h(External hAudits h) h- hcorrect hanswer.Engagement hprimarily
hconcerned hwith hexamining, hreviewing hor hperforming hagreed hupon hprocedures hon ha
hsubject hmatter, hor han hassertion habout ha hsubject hmatter, hand hreporting hon hthe hresults.
hThe hsubject hmatter hmay hbe hfinancial hor hnonfinancial hand hcan hbe hpart hof ha hfinancial
haudit hor hperformance haudit. hPossible hsubjects hinclude hreporting hon han hentity's hinternal
hcontrols, hcompliance hwith hlaw hor hperformance hmeasures.
,Block hgrants h- hcorrect hanswer.Intergovernmental hprovision hof hresources hfor hbroadly
hdefined hpurposes. hContrasts hwith hcategory hgrants.
Category hgrants h- hcorrect hanswer.Intergovernmental hprovision hof hresources hto hbe hused
hfor hactivities hin ha hspecific hcategory hof hpurpose. hMay hbe hfurther hclassified has
hdiscretionary hgrants hor hformula hgrants. hContrasts hwith hblock hgrants.
Central hManagement hAgencies h- hcorrect hanswer.Government hagencies hthat hprovide
hcentral hmanagement hservices hto hother hcomponents. hExample hwould hbe ha hstate
hgovernment hhr hoffice h(that hserves hall hstate hagencies) hor hthe hOMB hat hthe hfederal hlevel.
Checks hand hbalances h- hcorrect hanswer.Process hby hwhich hone hbranch hof hgovernment
h(legislative, hexecutive hor hjudicial) hcan hconstrain hactions hof hthe hother hbranches. hFlows
hfrom hseparation hof hpowers. hNo hbranch hof hgovt his hcompletely hindependent hof hother
Conflict hof hinterest h- hcorrect hanswer.Arises hwhen hone hhas hpersonal hinterest hin hmatters
hrelating hto hofficial hduties hor hactivities. hSuch hconflicts hcan hdestroy hobjectivity hand
hindependence hand hprevent hthe hexercise hof hdue hcare
COOP-Continuity hof hOperations h- hcorrect hanswer.Refers hto hthe hefforts hto hensure hthe
horganization hcan hsustain hessential hoperations hregardless hof hplanned hor hunplanned
hincidents hor hdisruptions.
Earmarking h(dedicated hcollections hor htax) h- hcorrect hanswer.Variation hon huse hof hspecial
hfunds. hRevenue hfrom hspecific htaxes hor hother hsources his hset haside hfor hspecific hactivities.
hOne hexample his hthe hearmarking hof hgasoline htaxes hfor hhighway himprovements
project hgrants/discretionary hgrant h- hcorrect hanswer.Form hof hcategory hgrant. hTransfers
hfunds hbetween hgovernments hfor ha hspecific hpurpose; hwhether ha hgrant his hawarded hand
hthe hamount hof hthe haward hdepend hon hdiscretion hof hthe hentity hproviding hthe hfunds
Estate htax h- hcorrect hanswer.Form hof hwealth htax. hLevied hon hthe hestate hof hthe hdeceased
hperson hbefore hassets hare hdistributed hto hheirs
Ethics h- hcorrect hanswer.A hset hof hmoral hprinciples hand hvalues; hthe hprinciples hof hconduct
hgoverning han hindividual hor ha h(professional) hgroup. hA hcomplex hsystem hof hdiscipline hthat
hcivilized hsocieties himpose hon hthemselves hthrough hlaws, hcustoms, hstandards, hsocial
hetiquette hand hother hrules hto hgovern hmoral hconduct
Financial hReports h- hcorrect hanswer.External hreports hthat hdepict hfinancial hposition hand
hfinancial hresults hof hoperations hof hthe hentity
Formula hgrants h- hcorrect hanswer.Form hof hcategory hgrants. hThe hamount hof hthe hinter-
governmental htransfer his hbased hon ha hformula hcontained hin hlaw hor hregulation, hwhich
hdetermines hthe htotal hamount hrecipients hwill hreceive hif hbasic heligibility hrequirements hare
hsatisfied
, Income htax h- hcorrect hanswer.Tax hbased hon hincome hand hlevied hon hindividuals hor
hcorporations. hUsed hmost hoften hat hnational hand hstate hlevels, hthough hsome hstates hallow
hlocal hgovernments hto himpose hincome htaxes.
Independence h- hcorrect hanswer.Free hfrom hrelationships hthat hmay himpair, hor happear hto
himpair, hone's hability hto hact hwith hobjectivity. hIndependence his hthe hquality hof hbeing hfree hof
hany hobligation hto hparticular hparties hor hinterests. halso hfree hof hundue hinfluence.
Inheritance hTax h- hcorrect hanswer.Form hof hwealth htax. hLevied hon hthe hperson hreceiving
hthe hbequest
Myers-Briggs hType hAnalysis h- hcorrect hanswer.Personality hassessment hbased hon hthe
hpsychological htheory hof hCarl hJung hand hthe hdiagnostic hinstrument hdevelopbed hby hIsabel
hBriggs-Myers hand hher hmother hKatharine hBriggs
Operating hbudget h- hcorrect hanswer.Defines hlevel hor hresources hto hbe happlied hin
hproviding hgovernment hprograms hand hservices; husually hcovers hperiods hof hone hto htwo
hyears.
Situational hLeadership h- hcorrect hanswer.Leadership hmodel hdeveloped hby hKen
hBlanchard hand hPaul hHersey. hEncourages hleaders hto hdiagnose hdevelopmental hlevel hof
hemployees hand hvary htheir hleadership hstyle haccordingly.
Serial hbonds h- hcorrect hanswer.A hbond hissue hfeaturing hmaturities, hevery hyear, hover ha
hperiod hof hseveral hyears. hContrasts hwith hterm hbonds hin hwhich hthe hentire hissue hmatures
hon hthe hsame hdate hor hnear hthe hsame hdate.
Gov't hsovereignty hvs. hPopular hsovereignty h- hcorrect hanswer.The hnational hgovernment
hcannot hbe hsued hby hstates hor hcitizens hwithout hits hpermission. hPop: hPrinciple hthat, hwhile
hgovernments hare hsovereign hentities, hin ha hdemocracy, hultimate hsovereignty hrests hwith
hthe hpeople.
Judicial hreview h- hcorrect hanswer.Principle hby hwhich hthe hjudicial hbranch hmay hreview
hactions hby hthe hlegislative hand hexecutive hbranches hand, hif happropriate, hdeclare hthem
hunconstitutional hor hillegal. hFlows hfrom hthe hseparation hof hpowers.
Appropriation h- hcorrect hanswer.A hlegislative henactment h(law, hstatute hor hordinance) hthat
hcreates hspending hauthority; hthe hlegal hauthority hto hincur hexpenses hand hspend hmoney.
GAGAS h(Generally hAccepted hGovernment hAuditing hStandards) h- hcorrect hanswer.Issued
hby hthe hGovernment hAccountability hOffice h(GAO), hto hdefine hthe hexpected hlevels hof
hperformance hfor hthe hconduct hof han haudit hor hattestation hof ha hgovernment horganization,
hprogram, hactivity, hor hfunction(also hcalled hgovernment hauditing hstandards hor hYellow
hBook).
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