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CDFM Exam Module 1 with Complete Solutions

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CDFM Exam Module 1 with Complete Solutions

Institution
CDFM - Certified Defense Financial Manager
Course
CDFM - Certified Defense Financial Manager

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CDFM Exam Module 1 with Complete
Solutions

how many branches of government did the Constitution establish - ANS-3 branches

What was the predecessor of the Constitution - ANS-Articles of Confederation

Where are the federal level laws enacted - ANS-Congress - U.S. Senate and U.S.
House of Representatives

In which article of the Constitution is the power to raise taxes found - ANS-Article 1
Section 8 Clause 1

Which article speaks about taxes duties and ports and excises? - ANS-article 1 section
8

how many days is a person have to sign the bill - ANS-10 days

What article talks about a bill become a law - ANS-article 1 section 7

What occurs when Congress is not in session and the President is does not sign a
properly presented enrolled bill within 10 days - ANS-Pocket Veto

how frequently does Congress review the DoD budget - ANS-Annually

approximately what percentage of the total federal spending is discretionary spending -
ANS-30%

Which branch of government implements laws - ANS-Executive Branch

Which branch of government is authorized to raise taxes and borrow money - ANS-
Legislative Branch (Congress)

Which committee attempts to resolve differences between house and Senate versions
of a bill - ANS-Conference Committees, sometimes referred to as "the third chamber"

Which agency issues directions for use by other agencies and submitting their budget
estimates - ANS-OMB (Office of Management and Budget)

What type of legislation provides an agency with budget authority - ANS-Appropriation
Acts provided budget authority

,What term is used to describe a subdivision of an appropriation - ANS-Allotment

What agency issues apportionments? - ANS-Office of Management and Budget (OMB)

Which branch of government conducts hearings on the effectiveness of government
programs - ANS-Congress (legislative branch)

And the federal budget process which organizations actually prepares budget estimates
- ANS-Federal agencies

What is the largest single source of federal government tax revenue - ANS-individual
income tax 50%

What are requests for funds in addition to amounts already appropriated called - ANS-
supplemental

What financial control document is issued by the Treasury department following
signature of the appropriations act - ANS-appropriation warrant

What term describes a postponement in the use of appropriation funds - ANS-deferral

What term describes the cancellation of appropriate is funds - ANS-recession

After the DOD appropriation spills signed into law what does DOD request from OBM -
ANS-apportionment

an administrative reservation of funds is known as what - ANS-commitment

What gives if it all agency the legal authority to operate a program - ANS-authorization
legislation

article 1 section 8 clause 1 of the US Constitution empowers which branch of the federal
government to collect taxes - ANS-legislative branch

who is responsible for scorekeeping in congressional enactment phase - ANS-CBO

What are the Genesis of the federal legislative process - ANS-declaration of
Independence adopted,
articles of confederation ratified, constitution ratified by nine states, constitution took
effect

What is the precursor to the constitution - ANS-The articles of confederation

What was explicit and guarding the independence of the states and did not provide for a
federal chief of executive or judicial system - ANS-article of consideration

, What provided a legislation system - ANS-The article of confederation

The early farmers of the articles were heavily influenced by the what? - ANS-The
Constitution of individual States and the principles underlying the declaration of
Independence

What does the separation of powers prevent - ANS-Congress and the president from
unilaterally making laws and treaties


What is the fourth phase of the federal budget formulation phase? - ANS-OMB reviews:
analyzes budget submission holds hearings with agency representatives on program
budget and management issues reviews economic outlook and fiscal policy. reviews
budget recommendations and decides on agency budget amounts and on overall
budget assumptions and policies.

This happens under office of management and budget (OMB) during September /
October

What is the fifth phase of the federal budget formulation phase? - ANS-The OMB
passback: president approves / advises agency budgets.

This happens in November / December under the president and advisors

What is the sixth phase of federal budget formulation phase? - ANS-President's budget
is sent to Congress: transmit budget to Congress between the first Monday in January
and the first Monday in February No later than the first Monday in February

This happens in January / February under the president and advisors

What is it called when OSD conducts an internal review of the budget submissions from
the services and defense agency at the same time. OMB budget examiners are
reviewing the budget submission from the other executive department agencies, and
when does it normally occur? - ANS-Fall review, normally occurs during September
through December.

Where are fall reviews held at? - ANS-At the Pentagon, OSD/OMB joint review

OMB may change funding, make adjustments to the agency budgets. What is this
known as? - ANS-This is formalized by the OMB passback

What are additional things that OMB does? - ANS-1. Help President with spending
policy
2. Manage executive branch budget
3. Provide advice and analyze on broad range of topics

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Institution
CDFM - Certified Defense Financial Manager
Course
CDFM - Certified Defense Financial Manager

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