Cgfm test 1 stuvia Study guides, Class notes & Summaries
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CGFM TEST 3 Questions With Correct Answers
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Three Broad Government Spending Purposes - Answer 1) Current Operations 
2) Capital Outlays 
3) Debt Service 
 
Present Value Analysis - Three Components - Answer Determines what $$ Rec'd in Future is Worth Today 
 
1) inflation component - year over year loss in value 
2) enterprise component - inherent risk 
3) unique component - 
 
Budget Accounting and Procedures Act of 1950 - Answer Requires the head of each federal agency to establish and maintain I/C's. 
 
Federal Managers Financial Int...
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CGFM Test 1 Questions With Verified Answers
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Federal - Answer refers to national government 
 
Federalism - Answer means that power is distributed among different levels of government 
 
Sovereignty - Answer government cannot be sued by states or by citizens without its permission 
 
Popular Sovereignty - Answer citizens hold the ultimate authority through the ballot and even a sovereign government is accountable to citizens 
 
Three levels of government - Answer Federal, State, Local - each may not enact laws that violate the constitution...
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