CGFM BUNDLED Exam 2023 with 100% correct answers

Three Broad Government Spending Purposes - correct answer1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - correct answerDetermines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise ...

Governments exist to provide services - correct answerno profit motive, no single measure of success Primary funding source = - correct answertaxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = - correct answerprimary c...

Federal - correct answerrefers to national government Federalism - correct answermeans that power is distributed among different levels of government Sovereignty - correct answergovernment cannot be sued by states or by citizens without its permission Popular Sovereignty - correct answercit...

Cash Management Improvement Act 1990 - correct answerImprove the transfer of federal funds 31 CFR Part 208 Management of Federal Agency Disbursements - correct answerRequires EFT payments Cash Management - correct answer1) mutually beneficial relationships with banks 2) collecting and recordi...

Difference between a budget in public vs. private sector? - correct answerPublic sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? - correct answerbudget Financial Reports - correct answerprimary mechanism by which public officials are...

I1. A significant difference between special-purpose and general-purpose governments is that general-purpose governments - correct answerCorrect Answer: perform multiple functions, while special-purpose governments are typically formed to perform one or two specific functions. I2. A commission th...

Non-Spendable Fund Balance - correct answerAssets not in spendable form-Inventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fees Restricted Fund Balance - correct answerS...

Financial management systems - correct answerinformation systems that support financial managers in accomplishing their tasks and achieving their objectives data visualization - correct answerthe creation and study of the visual representation of data, meaning information that has been abstracted...

Financial management systems - correct answerinformation systems that support financial managers in accomplishing their tasks and achieving their objectives data visualization - correct answerthe creation and study of the visual representation of data, meaning information that has been abstracted...

Prompt Payment Act - correct answerA federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act - correct answerpassed to improve the transfer of federal funds between the federal gover...

Prompt Payment Act - correct answerA federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act - correct answerpassed to improve the transfer of federal funds between the federal gover...

doctrine of separation of powers provides a foundation for - correct answergovernment financial management govt entity can be classed as - correct answergeneral or special purpose US constitution written - correct answer1787 Most school district in US - correct answerIndependent District ...

AGA - correct answerAssociation of Government Accountants CEAR - correct answerCertificate of Excellence in Accountability Reporting CFO - correct answerChief Financial Officer CGFM - correct answerCertified Government Financial Manager ERP - correct answerEnterprise Resource Planning ...

Reasons Governments are not Run Like Businesses - correct answer1) Goals and objectives differ considerably from those in the private sector. 2) Exists to provide services, not gain profits. 3) Goals and objectives are sometimes established with input from the public. 4) Resources are derived pri...