FOB105 FM Body of Knowledge (FMBOK)
UPDATED ACTUAL Exam Questions and
CORRECT Answers
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?
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.
, 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.
UPDATED ACTUAL Exam Questions and
CORRECT Answers
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?
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.
, 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.
