CERTIFIED DEFENSE FINANCIAL MANAGER CDFM
EXAM ALL MODULES 1 -4 EXAM QUESTIONS WITH
CORRECT ANSWERS ALREDY GRADED A
MODULE 1
Annual performance plan requires OMB to establish federal priority goals and agencies to
establish priority goals. - CORRECT ANSWER 2010 GPRA Modernization Act
(1) Put in place 3 phased process to increase debt ceiling
(2) Mandated a vote on constitutional Balanced Budget amendment - CORRECT ANSWER
2011 Budget Control Act
What are the three phases of the budget cycle? - CORRECT ANSWER Budget formulation,
Congressional action, Budget Execution
What Act states the president must submit to congress his proposed budget for the next fiscal
year by the first monday in february? - CORRECT ANSWER 1974 Congressional Budget Act
Defined in OMB Circular A-11 as the lowest level of budgetary formulation? - CORRECT
ANSWER Object class
What are the three steps in the Budget Enactment process? - CORRECT ANSWER Budget
Resolution Process, Authorization Process, Appropriations Process
What happens during Budget Resolution Process? - CORRECT ANSWER OMB and
Secretary of the Treasury appear before the house budget committee and senate budget
committee to explain basis for budget proposals. Ends with a concurrent budget resolution.
What is the hierarchy of laws managing funds? - CORRECT ANSWER 31 USC 1514, OMB
Circular A-123, DOD FMR Volume 14
,CERTIFIED DEFENSE FINANCIAL MANAGER CDFM
EXAM ALL MODULES 1 -4 EXAM QUESTIONS WITH
CORRECT ANSWERS ALREDY GRADED A
What is the order of government financial activity? - CORRECT ANSWER 1. Congress
appropriates
2. OMB apportions
3. Agency allots, commits, obligates, outlays
What authority allows you to make payments in advance of an appropriations act? - CORRECT
ANSWER Entitlement authority (examples include social security, Medicare and
unemployment)
Financial control document issues pursuant to law and is normally for the funding stated in an
appropriation bill? - CORRECT ANSWER Appropriations warrant
The budget formulation process is governed by? - CORRECT ANSWER OMB Circular A-11
Establishes the format for the budget and guidance for submitting budget estimates? -
CORRECT ANSWER OMB Circular A-11
Contains a section on reporting on employment and personnel compensation. Rules for
calculating FTEs can be found here? - CORRECT ANSWER OMB Circular A-11
What requires individual federal managers to develop internal controls for results oriented
mangement? - CORRECT ANSWER OMB Circular A-123
What act shifted congress to focus on overall budget totals, created new budget committees in
each house and shifted the fiscal year from July to October? - CORRECT ANSWER 1974
Congressional Budget and Impoundment Control Act
What prohibts the president from witholding funds without sufficient reason? - CORRECT
ANSWER Impoundment Control Act of 1974
(1) Established deficit reduction goals aimed at a balanced budget in FY 1991/Sequestration
procedures - CORRECT ANSWER 1985 Balanced Budget and Emergency Deficit Control
Act
,CERTIFIED DEFENSE FINANCIAL MANAGER CDFM
EXAM ALL MODULES 1 -4 EXAM QUESTIONS WITH
CORRECT ANSWERS ALREDY GRADED A
What act divided spending into mandatory and discretionary; also established pay as you go for
ENTITLEMETNS? - CORRECT ANSWER 1990 Budget Enforcement Act
(1) Changed way budgets are to be justified and managed
(2) focused budget process on planning
(3) required agencies to submit strategic plans by September 30
(4) required annual performance plans
(5) required performance reports by March 31 2000 - CORRECT ANSWER 1993
Government Performance and Results Act
What is the guidance document for the Budget execution phase? - CORRECT ANSWER
OMB A-11
What form is used by certain senior officials and employees to disclose financial interests to the
executive branch? - CORRECT ANSWER SF 278
What form is used by less senior officials whos duties involve contracting, procurement, grants,
auditing, to file confidencial financial disclosure reports? - CORRECT ANSWER OGE form
450
What are some inherently government activities? - CORRECT ANSWER Monetary
transactions, entitlements, criminal investigations, combat support, prosecutions.
How can you deal with conflicts of interests? - CORRECT ANSWER 1. Recusal
2. Waivers
3. Certificate of divestiture
4. Trusts
Who attends the Fall Review - CORRECT ANSWER OSD and OMB
, CERTIFIED DEFENSE FINANCIAL MANAGER CDFM
EXAM ALL MODULES 1 -4 EXAM QUESTIONS WITH
CORRECT ANSWERS ALREDY GRADED A
OMB responsibilities - CORRECT ANSWER 1. Help President with spending policy
2. Manage executive branch budget
3. Provide advice and analysis on a broad range of topics
An Appropriation Provides - CORRECT ANSWER Budget Authority which is the legal
authority to incur obligations and make payments - Outlay
What does it take to amend a Concurrent Budget Resolution - CORRECT ANSWER 2/3 or
60% of both chambers
First step in the Congressional budget process - CORRECT ANSWER Concurrent Budget
Resolution by law 15 April
Where do you look for Researching Congressional intent - CORRECT ANSWER Conference
Reports
Floor Debate\Congressional records
Committee and sub Committee records
When a statutes language is not clear where do you get the interpretation - CORRECT
ANSWER Legislative History
Purpose Time and Amount laws - CORRECT ANSWER 31 USC 1301A, 31 USC 1502B, 31
USC 1341-1342-1517
Who approves and provides apportionment in Working Capital Funds - CORRECT ANSWER
OMB
What Authority does Apportionment provide - CORRECT ANSWER Obligation Authority
What Authority does Outlay Authority provide - CORRECT ANSWER Treasury
Appropriations Warrant
EXAM ALL MODULES 1 -4 EXAM QUESTIONS WITH
CORRECT ANSWERS ALREDY GRADED A
MODULE 1
Annual performance plan requires OMB to establish federal priority goals and agencies to
establish priority goals. - CORRECT ANSWER 2010 GPRA Modernization Act
(1) Put in place 3 phased process to increase debt ceiling
(2) Mandated a vote on constitutional Balanced Budget amendment - CORRECT ANSWER
2011 Budget Control Act
What are the three phases of the budget cycle? - CORRECT ANSWER Budget formulation,
Congressional action, Budget Execution
What Act states the president must submit to congress his proposed budget for the next fiscal
year by the first monday in february? - CORRECT ANSWER 1974 Congressional Budget Act
Defined in OMB Circular A-11 as the lowest level of budgetary formulation? - CORRECT
ANSWER Object class
What are the three steps in the Budget Enactment process? - CORRECT ANSWER Budget
Resolution Process, Authorization Process, Appropriations Process
What happens during Budget Resolution Process? - CORRECT ANSWER OMB and
Secretary of the Treasury appear before the house budget committee and senate budget
committee to explain basis for budget proposals. Ends with a concurrent budget resolution.
What is the hierarchy of laws managing funds? - CORRECT ANSWER 31 USC 1514, OMB
Circular A-123, DOD FMR Volume 14
,CERTIFIED DEFENSE FINANCIAL MANAGER CDFM
EXAM ALL MODULES 1 -4 EXAM QUESTIONS WITH
CORRECT ANSWERS ALREDY GRADED A
What is the order of government financial activity? - CORRECT ANSWER 1. Congress
appropriates
2. OMB apportions
3. Agency allots, commits, obligates, outlays
What authority allows you to make payments in advance of an appropriations act? - CORRECT
ANSWER Entitlement authority (examples include social security, Medicare and
unemployment)
Financial control document issues pursuant to law and is normally for the funding stated in an
appropriation bill? - CORRECT ANSWER Appropriations warrant
The budget formulation process is governed by? - CORRECT ANSWER OMB Circular A-11
Establishes the format for the budget and guidance for submitting budget estimates? -
CORRECT ANSWER OMB Circular A-11
Contains a section on reporting on employment and personnel compensation. Rules for
calculating FTEs can be found here? - CORRECT ANSWER OMB Circular A-11
What requires individual federal managers to develop internal controls for results oriented
mangement? - CORRECT ANSWER OMB Circular A-123
What act shifted congress to focus on overall budget totals, created new budget committees in
each house and shifted the fiscal year from July to October? - CORRECT ANSWER 1974
Congressional Budget and Impoundment Control Act
What prohibts the president from witholding funds without sufficient reason? - CORRECT
ANSWER Impoundment Control Act of 1974
(1) Established deficit reduction goals aimed at a balanced budget in FY 1991/Sequestration
procedures - CORRECT ANSWER 1985 Balanced Budget and Emergency Deficit Control
Act
,CERTIFIED DEFENSE FINANCIAL MANAGER CDFM
EXAM ALL MODULES 1 -4 EXAM QUESTIONS WITH
CORRECT ANSWERS ALREDY GRADED A
What act divided spending into mandatory and discretionary; also established pay as you go for
ENTITLEMETNS? - CORRECT ANSWER 1990 Budget Enforcement Act
(1) Changed way budgets are to be justified and managed
(2) focused budget process on planning
(3) required agencies to submit strategic plans by September 30
(4) required annual performance plans
(5) required performance reports by March 31 2000 - CORRECT ANSWER 1993
Government Performance and Results Act
What is the guidance document for the Budget execution phase? - CORRECT ANSWER
OMB A-11
What form is used by certain senior officials and employees to disclose financial interests to the
executive branch? - CORRECT ANSWER SF 278
What form is used by less senior officials whos duties involve contracting, procurement, grants,
auditing, to file confidencial financial disclosure reports? - CORRECT ANSWER OGE form
450
What are some inherently government activities? - CORRECT ANSWER Monetary
transactions, entitlements, criminal investigations, combat support, prosecutions.
How can you deal with conflicts of interests? - CORRECT ANSWER 1. Recusal
2. Waivers
3. Certificate of divestiture
4. Trusts
Who attends the Fall Review - CORRECT ANSWER OSD and OMB
, CERTIFIED DEFENSE FINANCIAL MANAGER CDFM
EXAM ALL MODULES 1 -4 EXAM QUESTIONS WITH
CORRECT ANSWERS ALREDY GRADED A
OMB responsibilities - CORRECT ANSWER 1. Help President with spending policy
2. Manage executive branch budget
3. Provide advice and analysis on a broad range of topics
An Appropriation Provides - CORRECT ANSWER Budget Authority which is the legal
authority to incur obligations and make payments - Outlay
What does it take to amend a Concurrent Budget Resolution - CORRECT ANSWER 2/3 or
60% of both chambers
First step in the Congressional budget process - CORRECT ANSWER Concurrent Budget
Resolution by law 15 April
Where do you look for Researching Congressional intent - CORRECT ANSWER Conference
Reports
Floor Debate\Congressional records
Committee and sub Committee records
When a statutes language is not clear where do you get the interpretation - CORRECT
ANSWER Legislative History
Purpose Time and Amount laws - CORRECT ANSWER 31 USC 1301A, 31 USC 1502B, 31
USC 1341-1342-1517
Who approves and provides apportionment in Working Capital Funds - CORRECT ANSWER
OMB
What Authority does Apportionment provide - CORRECT ANSWER Obligation Authority
What Authority does Outlay Authority provide - CORRECT ANSWER Treasury
Appropriations Warrant
