Exam (elaborations)
FM 1-06 Financial Management Operations questions with answers.
- Course
- Institution
FM 1-06 Financial Management Operations questions with answers.
[Show more]
Seller
Follow
Content preview
FM 1-06 Financial ManagementOperations questions with answers.
1. What is Financial Operations? ANS -The sustainment of U.S. Army, joint, interagency,
interdepartmental, and multinational operations through the execution of two mutually supporting core
functions.
2. What are the 2 core functions of FM (Financial Management)? ANS -1. Resource Management
2. Finance Operations
3. What is the RM (Resource Management) Mission? ANS -To analyze resource requirements, ensure
commanders are aware of existing resource implications in order for them to make resource information
decisions and obtain the necessary funding that allows the commander to accomplish the overall
mission.
4. What is the FM Mission? ANS -To ensure that proper financial resources are available to accomplish
the mission in accordance with commanders' priorities.
5. What are the 6 Principles of Financial Management? ANS -1.Stewardship.
2. Synchronization.
3. Anticipation.
4. Improvisation.
5. Simplicity.
6. Consistency.
6. What are the 6 FM Core Competencies? ANS -1. Fund the Force
2. Banking & Disbursing.
3. Pay Support.
4. Accounting Support & Cost Management
5. FM Planning & Operations.
, 6. Management Internal Controls.
7. FM leaders and planners develop and execute plans and orders that? ANS -1. Foster missions
command by clearly conveying the commander's intent.
2. Assign tasks and purposes to subordinates.
3. Contain the minimum coordinating measures necessary to synchronize the operation.
4. Allocate or reallocate resources.
5. Direct preparation activities and establish times or conditions for execution.
8. What is "The Fiscal Triad"? ANS -The legally binding process that governs the critical path between
contracting and FM for acquisition management, internal controls, and fiscal law prescribed for the
procurement process.
9. What comprises "The Fiscal Triad"? ANS -1. Financial Management
2. Staff Judge Advocate.
3. Operational Contract Support.
10. Initial FM capability includes? ANS -1. Fund the Force
2. Banking & disbursing support
3. Pay support
11. What is involved in "Fund the Force"? ANS -a. Identify and obtain appropriate funding
b. Certify funds and track costs
12. What is involved in "Banking & Disbursing Support"? ANS -a. Currency Support
b. Procurement Support
c. E-Commerce program support
13. What is involved in "Pay Support"? ANS -Start applicable deployment entitlements.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67232 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now