2024 NEW CGFM EXAM 1 ACTUAL QUESTIONS WITH ANSWERS VERIFIED
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2024 NEW CGFM
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2024 NEW CGFM
2024 NEW CGFM EXAM 1 ACTUAL QUESTIONS WITH ANSWERS VERIFIED 2024 NEW CGFM EXAM 1 ACTUAL QUESTIONS WITH ANSWERS VERIFIED 2024 NEW CGFM EXAM 1 ACTUAL QUESTIONS WITH ANSWERS VERIFIED 2024 NEW CGFM EXAM 1 ACTUAL QUESTIONS WITH ANSWERS VERIFIED 2024 NEW CGFM EXAM 1 ACTUAL QUESTIONS WITH ANSWERS VERIFIED...
2024 NEW CGFM EXAM 1 ACTUAL
QUESTIONS WITH ANSWERS
VERIFIED
II 17. A budget at any governmental level serves as all of the following EXCEPT -
CORRECT ANSWER>>>>Correct Answer: a vision document.
II 18. After the president has signed an appropriation into law, the OMB may further
control a federal agency's budget authority using which of the following? - CORRECT
ANSWER>>>>Correct Answer: apportionment
II 19. What legal authority establishes the U.S. government's right to coin money, while
prohibiting states from taking the same action? - CORRECT ANSWER>>>>Correct
Answer: U.S. Constitution
II 20. Which of the following limits are used in appropriations laws to control federal
spending? - CORRECT ANSWER>>>>Correct Answer: the amount of the
appropriation, the time period during which the appropriation is unexpired, and the
purpose for the appropriation
II 21. The table to the left provides details on the Transportation Security
Administration's annual operating appropriation. The budget authority has been
apportioned on a quarterly basis with object class breakouts. Figures below are in
millions of dollars. The Transportation Security Administration's financial managers
estimate Q2 labor costs will be approximately $8.5 million. Based on this information the
Transportation Security Administration staff should take which of following actions? -
CORRECT ANSWER>>>>Correct Answer: request an adjustment to the apportionment
distribution
II 22. The September 11th Victim Compensation Fund and similar funds established to
settle class-action lawsuits are examples of - CORRECT ANSWER>>>>Correct
Answer: special funds.
II 23. The concept of sovereign immunity - CORRECT ANSWER>>>>Correct Answer:
means that the U. S. government cannot be sued without its permission.
II 24. Apportionments and allotments are typically distributed by - CORRECT
ANSWER>>>>Correct Answer: quarter.
II 25. An apportionment may be subdivided by a federal agency into - CORRECT
ANSWER>>>>Correct Answer: allotments.
,II 26. Popular Sovereignty is - CORRECT ANSWER>>>>Correct Answer: the supreme
power the people possess over government and public policies.
II 27. From the perspective of the federal government, legislative earmarking is a
provision inserted into a discretionary spending by the - CORRECT
ANSWER>>>>Correct Answer: Congressional Appropriations Bill.
II 28. The fiscal powers of a local government include all of the following abilities
EXCEPT - CORRECT ANSWER>>>>Correct Answer: levy a tax on interstate internet
sales.
II 29. Time constraints for an agency's spending are imposed by which budgetary
control? - CORRECT ANSWER>>>>Correct Answer: appropriation
II 30. All of the following are constraints on the supreme sovereignty of the federal
government EXCEPT the - CORRECT ANSWER>>>>Correct Answer: decisions made
by the state supreme courts.
II 31. Language that members of Congress insert into bills or conference reports,
usually near the end of the legislative process, to fund specific projects are commonly
referred to as - CORRECT ANSWER>>>>Correct Answer: earmarks.
II 32. The judicial branch of the government influences the budget by - CORRECT
ANSWER>>>>Correct Answer: issuing decisions that restrain actions related to
programs.
II 33. Under the doctrine of sovereign immunity and the Supremacy Clause of the
Constitution - as interpreted by the Supreme Court - the federal government will
appropriately refuse to pay taxes when - CORRECT ANSWER>>>>Correct Answer: a
state entity doing business with the federal government directly bills the tax to the
federal agency.
II 34. Which organization publishes a guide to best practices in budgeting? - CORRECT
ANSWER>>>>Correct Answer: GFOA
III 1. The following attributes are associated with which governmental management
cycle phases? - Identifying mission and goals - Forecasting finances - Implementing
internal controls - CORRECT ANSWER>>>>Correct Answer: planning, budgeting,
operations
III 2. A federal agency that provides school lunch funding to low-income students is
considering expanding the program to provide take-home food supplementation for
weekends. The agency has been asked to provide information regarding the estimated
costs, utilization, and implementation. During which government management cycle
phase would these questions be addressed? - CORRECT ANSWER>>>>Correct
, Answer: during the programming phase, where resources needed to accomplish goals
and objectives are identified
III 3. Which task would be accomplished during the accounting phase of the government
management cycle? - CORRECT ANSWER>>>>Correct Answer: changes in net
position determined
III 4. Which of the following statements describes an interrelationship between
government management cycle phases? - CORRECT ANSWER>>>>Correct Answer:
Budgeting matches programming objectives with available resources.
III 5. Data from which phase of the government management cycle is used in reporting
and auditing? - CORRECT ANSWER>>>>Correct Answer: accounting
III 6. An outcome of the programming phase is the determination of the level of
resources to be requested in which government management phase? - CORRECT
ANSWER>>>>Correct Answer: budgeting
III 7. In the government management cycle, planning - CORRECT
ANSWER>>>>Correct Answer: should occur throughout the year.
III 8. All of the following are illustrations of how the phases in the government cycle are
interrelated EXCEPT - CORRECT ANSWER>>>>Correct Answer: the budgeting phase
influences findings in the auditing phase.
III 9. Which area of the expanded government framework enables users to have
confidence in government reports? - CORRECT ANSWER>>>>Correct Answer:
auditing
III 10. The first step in strategic planning includes the identification of - CORRECT
ANSWER>>>>Correct Answer: goals.
III 11. During which phase of the government management system is the most cost-
effective means for accomplishing goals and objectives determined? - CORRECT
ANSWER>>>>Correct Answer: programming
III 12. Which phase is considered the foundation of the government management cycle?
- CORRECT ANSWER>>>>Correct Answer: planning
III 13. Some of the steps of the government management cycle, in order, include -
CORRECT ANSWER>>>>Correct Answer: planning, budgeting, operations and
auditing.
III 14. A city prepares journal entries to record the effects of financial events on the city's
financial position. This function demonstrates which element of the government
management cycle? - CORRECT ANSWER>>>>Correct Answer: accounting
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