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CGFM Exam 1- Study Guide Latest Update Questions and 100% Verified Correct Answers Guaranteed A+
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CGFM Exam 1- Study Guide Latest Update Questions and 100% Verified Correct Answers Guaranteed A+
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CGFM Exam 1 - Study Guide Latest Update 2024 -2025 850 Questions and 100% Verified Correct Answers Guaranteed A+ "Budget Career Roadmap" - CORRECT ANSWER: document published by BFELoB that covers array of competencies including budget development and justification; budgetary accounting and control; planning and performance evaluation; and financial analysis, forecasting and modeling. "Sunshine Laws" - CORRECT ANSWER: freedom of information laws; govt should operate in the sunshine (fed Level) appropriations can be made from? - CORRECT ANSWER: general funds, trust funds, or special funds. (RSS) really simple syndication/Rich Site Summary - CORRECT ANSWER: used to keep users abreast of developments in areas of interest. 1) Budgetary Control - ACCOUNT STRUCTURES - CORRECT ANSWER: budget defined by program an object class (line -item) manager must get approval to move funding from one source to another 10th Amendment - reserved clause - CORRECT ANSWER: Federal gov't may not dictate how states and locals operate their programs: "The powers not delegated to the US by the Constitution, not prohibited by it to the states, are reserved for the states respectively, or to the people". 2 Proprietary Fund Types - CORRECT ANSWER: Enterprise Funds and Internal Service Funds 2) Budgetary Control - APPORTIONMENT & ALLOTMENTS - CORRECT ANSWER: Funds are apportioned to the agency, then alloted to the department or program distribution of funds on schedule (i.e. quarterly) to prevent spending funds to quickly and allow for mid -year reprogramming. 2012 Census - 90,107 government entities - CORRECT ANSWER: one national 50 state 90,056 local (5 types): General Purpose: County, Municipality, Township Special Purpose: School district, special purpose district * independent school districts (special service governments) trending towards consolidation (67,355 in 1952, 14,178 in 2012) 3 "E's" of Government Debt - CORRECT ANSWER: * Equity - debt should be paid by those benefiting from the project * Effectiveness - should provide sufficient funds for the project * Efficiency - should be obtained at the lowest cost possible relative to risk 3 components of appropriations - CORRECT ANSWER: PTA: (1) purpose (2) time (3) amount 3 main purposes of Govt budget - CORRECT ANSWER: (1) policy document; (2) Sets financial plan; (3) Comms device 3-Es of government debt - CORRECT ANSWER: Equity - repayment of debt should be borne by those benefiting from the project Effectiveness - the debt issue should provide sufficient funds for the project Efficiency - loaned funds should be obtained at the lowest cost possible relative to risk. 3) Budgetary Control - ACCOUNTING - CORRECT ANSWER: system of requisitions, encumbrances, and reconciliations to prevent fraud 4 Types of Fiduciary (Trust and Agency) Funds - CORRECT ANSWER: Pension Trust Fund, Agency Funds (i.e. CDBG), Investment Trust Funds, Private -Purpose Trust Funds, and Tax Agency Funds (i.e., Citations) 4) Budgetary Control - AUDITING - CORRECT ANSWER: Internal and external auditing tests the effectiveness of internal controls and accuracy of financial statements. Seek an "unmodified opinion" of financial reports 5 C.F.R. Part 2635 - Standards of Ethical Conduct for Employees of the Executive Branch - CORRECT ANSWER: Legal basis outlining requirements on ethical behavior for Federal employees 5 Types of Government Funds - CORRECT ANSWER: General Fund, Special Revenue Funds, Capital Projects Funds, Debt Service Funds, and Permanent Funds A government wants to ensure that those who benefit from a capital project should pay the cost of financing. How should a project that has a 20-year useful life be financed? - CORRECT ANSWER: Issue a serial bond with level debt service A government's budget should incorporate only a short -term perspective because the budget is only for a one -year period. - CORRECT ANSWER: False. Although the budget is only for a one -year period, an effective budget incorporates a long -term perspective focusing on long range goals and objectives, The budget then, is a measure of what can be accomplished during the one -year period to achieve the long -range goals and objectives. A major disadvantage of a user fee is that only those who use the service are charged. - CORRECT ANSWER: False. This is the major advantage of user fees -only those who use the service have to pay for it. Accountability - CORRECT ANSWER: * to both short and long term obligations/commitments * policy goals * program objectives * policy compliance * timely/accurate reporting * good stewardship and long -term sustainability Accountability - CORRECT ANSWER: In a democracy, government operates by the consent of the people. It must answer to, the people for its actions and results, including the taking and using of people's resources Accountability - CORRECT ANSWER: Principle that in a democracy, government operates at the consent of the people. Therefore it must answer to the people for its actions and results, including the taking and using of the people's resources. Accountability - CORRECT ANSWER: 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 Accountability in accounting stage - CORRECT ANSWER: Managers must create and adhere to accounting structures that help to ensure resources are tracked and expended properly
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