FOB105 FM BODY OF KNOWLEDGE (FMBOK) EXAM WITH COMPLETE
QUESTIONS AND CORRECT VERIFIED ANSWERS(DETAILED ANSWERS)
ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS!!!
FMB (Financial Management Board) - CORRECT ANSWER-The ______________
includes top-level managers, with membership tailored to the type of
organization structure involved to determine priorities and ensure effective
allocation of resources
Financial Management Analysis Officer - CORRECT ANSWER-The
_____________ is the Chairperson of the Financial Working Group (FWG).
Group Commanders - CORRECT ANSWER-In a typical wing organization,
Responsibility Center Managers (RCMs) are usually _____________.
Resource Management System - CORRECT ANSWER-The ______________
provides a way to establish priorities, choose policies, and act to get the desired
results and required resources at an acceptable cost.
Comptroller Squadron - CORRECT ANSWER-In a typical wing structure, who is
responsible for the use of wing financial services for military and civilian
personnel?
,Operations Group - CORRECT ANSWER-The ____________ operates the wing's
primary mission weapons system.
Regulates the daily consumption of resources - CORRECT ANSWER-Which is a
function of a Cost Center Manager (CCM)?
Manages the budget, cost, and accounting functions for the base - CORRECT
ANSWER-Which is a function of the Financial Management Analysis (FMA)
Officer?
Squadron - CORRECT ANSWER-Cost Center Managers (CCMs) are usually at the
_____________ level.
Base/unit level operations activities - CORRECT ANSWER-The Financial Working
Group (FWG) manages commodities and resources integral to:
Legislative Authority - CORRECT ANSWER-"The established rule that is
expenditure of public funds is proper only when authorized by Congress,"
describes:
Congress - CORRECT ANSWER-_____________ has the ability to appropriate
funds to be spent by the federal government.
Purpose, Time, and Amount - CORRECT ANSWER-The three main elements that
must be reviewed and we must ensure are properly examined before funds are
obligated are:
, Necessary Expense Rule - CORRECT ANSWER-To apply reasonable discretion
and flexibility, the Government Accountability Office (GAO) developed the
concept known as the _______________ which consists of a three-part test.
True - CORRECT ANSWER-The bona fida needs rule, as it pertains to supplies,
states that generally. agencies must obligate funds from the fiscal year in which
the supplies is if you are maintaining a stock of commonly used supplies
(inventory), you are permitted to replenish those stocks using current funding
even if you may not use those supplies until the following fiscal year to avoid an
interruption of operations.
No-year - CORRECT ANSWER-A(n) ________________ appropriation is to
remain available until expended without fiscal year limitation.
Congress - CORRECT ANSWER-Under the "Seperation of Powers" doctrine,
________________ has the final word on how much money can be spent by given
agency or program.
True - CORRECT ANSWER-The ADA imposes prohibitions (fiscal controls) at
three levels: Appropriation Level, Apportionment Level, Formal Subdivision Level.
False - CORRECT ANSWER-The Anti Deficiency Act Principles sate that you can
receive services without paying for them as a benefit to the government.
QUESTIONS AND CORRECT VERIFIED ANSWERS(DETAILED ANSWERS)
ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS!!!
FMB (Financial Management Board) - CORRECT ANSWER-The ______________
includes top-level managers, with membership tailored to the type of
organization structure involved to determine priorities and ensure effective
allocation of resources
Financial Management Analysis Officer - CORRECT ANSWER-The
_____________ is the Chairperson of the Financial Working Group (FWG).
Group Commanders - CORRECT ANSWER-In a typical wing organization,
Responsibility Center Managers (RCMs) are usually _____________.
Resource Management System - CORRECT ANSWER-The ______________
provides a way to establish priorities, choose policies, and act to get the desired
results and required resources at an acceptable cost.
Comptroller Squadron - CORRECT ANSWER-In a typical wing structure, who is
responsible for the use of wing financial services for military and civilian
personnel?
,Operations Group - CORRECT ANSWER-The ____________ operates the wing's
primary mission weapons system.
Regulates the daily consumption of resources - CORRECT ANSWER-Which is a
function of a Cost Center Manager (CCM)?
Manages the budget, cost, and accounting functions for the base - CORRECT
ANSWER-Which is a function of the Financial Management Analysis (FMA)
Officer?
Squadron - CORRECT ANSWER-Cost Center Managers (CCMs) are usually at the
_____________ level.
Base/unit level operations activities - CORRECT ANSWER-The Financial Working
Group (FWG) manages commodities and resources integral to:
Legislative Authority - CORRECT ANSWER-"The established rule that is
expenditure of public funds is proper only when authorized by Congress,"
describes:
Congress - CORRECT ANSWER-_____________ has the ability to appropriate
funds to be spent by the federal government.
Purpose, Time, and Amount - CORRECT ANSWER-The three main elements that
must be reviewed and we must ensure are properly examined before funds are
obligated are:
, Necessary Expense Rule - CORRECT ANSWER-To apply reasonable discretion
and flexibility, the Government Accountability Office (GAO) developed the
concept known as the _______________ which consists of a three-part test.
True - CORRECT ANSWER-The bona fida needs rule, as it pertains to supplies,
states that generally. agencies must obligate funds from the fiscal year in which
the supplies is if you are maintaining a stock of commonly used supplies
(inventory), you are permitted to replenish those stocks using current funding
even if you may not use those supplies until the following fiscal year to avoid an
interruption of operations.
No-year - CORRECT ANSWER-A(n) ________________ appropriation is to
remain available until expended without fiscal year limitation.
Congress - CORRECT ANSWER-Under the "Seperation of Powers" doctrine,
________________ has the final word on how much money can be spent by given
agency or program.
True - CORRECT ANSWER-The ADA imposes prohibitions (fiscal controls) at
three levels: Appropriation Level, Apportionment Level, Formal Subdivision Level.
False - CORRECT ANSWER-The Anti Deficiency Act Principles sate that you can
receive services without paying for them as a benefit to the government.
