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CGFM EXAM 3 NEWEST 2024 ACTUAL EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!! $26.49
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CGFM EXAM 3 NEWEST 2024 ACTUAL EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!
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CGFM EXAM 3 NEWEST 2024 ACTUAL EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!

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  • October 3, 2024
  • 100
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • CGFM - Certified Government Financial Manager
  • CGFM - Certified Government Financial Manager

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CGFM EXAM 3 NEWEST 2024 ACTUAL
EXAM 100 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS) |ALREADY GRADED
A+||BRAND NEW VERSION!!




A large school district advertises for bids to supply the district
with its paper requirements for the year. It receives bids from six
commercial vendors. What type of contract is most appropriate
for this procurement?
a. fixed price
b. cost, plus a fixed fee
c. time and materials
d. cost sharing - ANSWER- a.
Explanation: A fixed price contract is generally the most
desirable type of contract and should be used when
appropriate specifications can be prepared, leading to
advertising for bids and effective price competition.

,2|Page


Which of the following approaches to procurement is most
likely to result in negotiation with the prospective providers of
services, based on the best approach to providing the service?
a. when the agency purchases from a state wide contract or
catalog
b. when the agency issues an invitation for bids (IFB)
c. when the agency purchases from a blanket purchase
agreement
d. when the agency issues a request for proposals (RFP) -
ANSWER- d.
Explanation: a request for proposals is generally used to
obtain proposals leading to negotiation of a contract based
on a variety of factors, in addition to price, such as the
contractor that proposes the best approach to providing the
service. The procedures in answers (a), (b), and (c) are not
used when there is need for negotiation based on which
contractor provides the best approach.


Which of the following best describes the basic objective of the
acquisition process when acquiring goods and services?
a. to obtain the highest quality product or service available
b. to obtain at last three competitive proposals
c. to obtain the best price considering quality and delivery
requirements

,3|Page


d. to ensure that all contractors on the bidders list have an
opportunity to submit bids or proposals - ANSWER- c.
Explanation: The basic objective of any procurement is to
get the best price, considering quality and delivery
requirements. Answer (a) may be "nice to have" but may
cost far more than is necessary to satisfy user needs.
Answers (b) and (d) are desirable goals, but do not describe
the basic objective of procurement.


What is a heritage asset? - ANSWER- A heritage asset is an
asset that governments retain for future generations because of
its historical significance, natural beauty, artistic merit, etc.


How does real property differ from personal property? -
ANSWER- Real property consists of land, buildings, and other
items attached to the land, i.e., items that cannot be moved.
Personal property consists of all other types of assets, such as
equipment, supplies, and intangible assets (copyrights, patents,
stocks and bonds, etc.).


Real property should be safeguarded from
a. terrorist attacks
b. fire
c. weather damage
d. all of the above - ANSWER- d. all of the above

, 4|Page




Name three ways to dispose of property - ANSWER- 1. sell it
2. trade it in
3. scrap it


What information would probably not be documented in
property record-keeping?
a. replacement value
b. acquisition cost
c. depreciaiton
d. accountability - ANSWER- c.
Explanation: Depreciation is an accounting entry. Property
management systems do not routinely track depreciation.


In supply control, which of the following is included in
"administrative lead time"?
a. time required to physically count the quantity of inventory on
hand
b. time required to order and receive delivery of stock
c. time required to coordinate customer needs before the year
begins
d. time required to prepare periodic management reports -
ANSWER- b.

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