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FM 1-06 Financial Management Operations questions with answers.
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FM 1-06 Financial Management Operations questions with answers.
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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.
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