PFMC EXAM 2 UPDATED QUESTIONS AND CORRECT ANSWERS
Phase - CORRECT ANSWER✅✅✅With respect to the acquisition life cycle, this has a specific set of
objective and a detailed plan on how to achieve the objective.
Time, Purpose, Amount - CORRECT ANSWER✅✅✅The three principles of fiscal Law
Planning Phase - CORRECT ANSWER✅✅✅In the PPBE process this identifies capability requirements.
Execution Phase - CORRECT ANSWER✅✅✅Expends resources and evaluates how we achieved
desired capabilities.
1982 Federal Managers Integrity Act - CORRECT ANSWER✅✅✅This key legislation established the
requirement for federal agencies to report on their internal controls
Monitoring - CORRECT ANSWER✅✅✅Information/communication, control environment, and
control activities, are one of the 5 GAO Standards
Budgeting - CORRECT ANSWER✅✅✅This translates programs in budget proposals
J-Books - CORRECT ANSWER✅✅✅The AF submits this to congress in support of its budget requests
Baseline, Fiscal Guidance, and Program Guidance - CORRECT ANSWER✅✅✅During the programming
phase, programmers need these three things to develop the POM.
Step 1, identify the issue, analyze the issue, develop the alternatives, evaluate the alternatives, make a
recommendation - CORRECT ANSWER✅✅✅What are the five steps of the decision support
framework.
Positive Control Environment. - CORRECT ANSWER✅✅✅With respect to MICP, X, is the foundation
for all other GAO standards for internal controls.
Phase - CORRECT ANSWER✅✅✅With respect to the acquisition life cycle, this has a specific set of
objective and a detailed plan on how to achieve the objective.
Time, Purpose, Amount - CORRECT ANSWER✅✅✅The three principles of fiscal Law
Planning Phase - CORRECT ANSWER✅✅✅In the PPBE process this identifies capability requirements.
Execution Phase - CORRECT ANSWER✅✅✅Expends resources and evaluates how we achieved
desired capabilities.
1982 Federal Managers Integrity Act - CORRECT ANSWER✅✅✅This key legislation established the
requirement for federal agencies to report on their internal controls
Monitoring - CORRECT ANSWER✅✅✅Information/communication, control environment, and
control activities, are one of the 5 GAO Standards
Budgeting - CORRECT ANSWER✅✅✅This translates programs in budget proposals
J-Books - CORRECT ANSWER✅✅✅The AF submits this to congress in support of its budget requests
Baseline, Fiscal Guidance, and Program Guidance - CORRECT ANSWER✅✅✅During the programming
phase, programmers need these three things to develop the POM.
Step 1, identify the issue, analyze the issue, develop the alternatives, evaluate the alternatives, make a
recommendation - CORRECT ANSWER✅✅✅What are the five steps of the decision support
framework.
Positive Control Environment. - CORRECT ANSWER✅✅✅With respect to MICP, X, is the foundation
for all other GAO standards for internal controls.
