CGFM EXAM 3 NEWEST 2024 WITH COMPLETE
QUESTIONS AND CORRECT VERIFIED ANSWERS
(DETAILED ANSWERS) ALREADY GRADED A+ 100%
GUARANTEED TO PASS CONCEPTS!!!
Three Major laws that affect Cash Management - ANSWER-Prompt Payment
ACt of 1982
Cash Management Improvement ACT of 1990
31 CFR Part 208 Management of Federal Agency Disbursements
Prompt Payment Act - ANSWER-law that requires federal agencies to pay
invoices in a timely manner, generally 30 days after receipt of the invoice
requires that cash discount should be taken when offered
Cash Management Improvement Act - ANSWER-passed to improve the transfer
of federal funds between the government states, and territories. objectives
include: 1 minimize the time between transfers of funds to a state and the
payout for program purposes. 2 ensure that federal funds are available when
requested 3 assess an interest liability to the federal government and or the
states to compensate for the lost value of the funds
31 CFR Part 208 Management of Federal Agency Disbursements - ANSWER-
requires federal agencies to disburse payments via electronic funds transfer,
with few exceptions. this regulation has resulted in an impressive improvement
in the management of federal funds
,float - ANSWER-the period between the time the the check is issued and the
time it is presented for the payment at the payer's bank .
The Federal Reserve System - ANSWER-Was founded by congress in 1913 as the
central bank of the united states
The Federal Reserve system composition - ANSWER-Board of Governors
nominated by the president & confirmed by the Senate
12 Federal Reserve Bank or districts
The 4 federal Reserve duties - ANSWER-1) conducting the nation's Monetary
Policy
2) Supervising and regulating banking institutions and protecting the credit
rights of consumers
3) Maintaining the stability of the financial system and containing systemic risk
that may arise in financial markets
4) providing certain financial
Collection services - ANSWER-includes over the counter collection for tax and
utility bills, processing paper checks, operating a lockbox
Concentration Banking Services - ANSWER-expediting the consolidation of
geographically dispersed deposits into a central account
Zero balance account (ZBA) - ANSWER-establishing accounts into which cash
from a master account is transferred at the close of the banking day to cover
checks presented for payment
, Payment Services - ANSWER-includes the processing paper checks as well as
providing for electronic payments through the automated clearing house or via
wire transfers
Short term borrowings - ANSWER-lines of credit or revolving credit facilities or
as loans to fund short term cash needs
compensating balance
7 Collection Systems - ANSWER-Checks and Cash Deposits
Lockbox Services
Concentration bank systems
over the counter collections
credit and debit cards
electronic collections
prepaid drawdown accounts
Warrants (bootcamp notes) - ANSWER-Treasury Warrant set up the
disbursement account
warrant at state level is like a draft or a check not negotiated at commercial
banks
Way to disburse - ANSWER-Warrants and checks
Electronic Payments
Automatic debit and credit card payments
Electronic Data Interchange (EDI)
Electronic Benefit Cards
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