CGFM EXAM 1 – STUDY GUIDE WITH 100%
COMPLETE SOLUTIONS RATED A (830
QUESTIONS AND CORRECT ANSWERS) |
2024 UPDATE
"Budget Career Roadmap" - ✔✔✔ Correct Answer > document published by
BFELoB that covers array of competencies including budget development and
justification; budgetary accounting and control; planning and performance
evaluation; and financial analysis, forecasting and modeling.
"Sunshine Laws" - ✔✔✔ Correct Answer > freedom of information laws; govt
should operate in the sunshine
(fed Level) appropriations can be made from? - ✔✔✔ Correct Answer > general
funds, trust funds, or special funds.
(RSS) really simple syndication/Rich Site Summary - ✔✔✔ Correct Answer > used
to keep users abreast of developments in areas of interest.
1) Budgetary Control - ACCOUNT STRUCTURES - ✔✔✔ Correct Answer > budget
defined by program an object class (line-item)
manager must get approval to move funding from one source to another
10th Amendment - reserved clause - ✔✔✔ Correct Answer > Federal gov't may
not dictate how states and locals operate their programs:
"The powers not delegated to the US by the Constitution, not prohibited by it to
the states, are reserved for the states respectively, or to the people".
2 Proprietary Fund Types - ✔✔✔ Correct Answer > Enterprise Funds and Internal
Service Funds
,2) Budgetary Control - APPORTIONMENT & ALLOTMENTS - ✔✔✔ Correct Answer
> Funds are apportioned to the agency, then alloted to the department or
program
distribution of funds on schedule (i.e. quarterly) to prevent spending funds to
quickly and allow for mid-year reprogramming.
2012 Census - 90,107 government entities - ✔✔✔ Correct Answer > one national
50 state
90,056 local (5 types):
General Purpose: County, Municipality,
Township
Special Purpose: School district, special
purpose district
* independent school districts (special service governments) trending towards
consolidation (67,355 in 1952, 14,178 in 2012)
3 "E's" of Government Debt - ✔✔✔ Correct Answer > * Equity - debt should be
paid by those benefiting from the project
* Effectiveness - should provide sufficient funds for the project
* Efficiency - should be obtained at the lowest cost possible relative to risk
3 components of appropriations - ✔✔✔ Correct Answer > PTA: (1) purpose (2)
time (3) amount
3 main purposes of Govt budget - ✔✔✔ Correct Answer > (1) policy document; (2)
Sets financial plan; (3) Comms device
,3-Es of government debt - ✔✔✔ Correct Answer > Equity - repayment of debt
should be borne by those benefiting from the project
Effectiveness - the debt issue should provide sufficient funds for the project
Efficiency- loaned funds should be obtained at the lowest cost possible relative to
risk.
3) Budgetary Control - ACCOUNTING - ✔✔✔ Correct Answer > system of
requisitions, encumbrances, and reconciliations to prevent fraud
4 Types of Fiduciary (Trust and Agency) Funds - ✔✔✔ Correct Answer > Pension
Trust Fund, Agency Funds (i.e. CDBG), Investment Trust Funds, Private-Purpose
Trust Funds, and Tax Agency Funds (i.e., Citations)
4) Budgetary Control - AUDITING - ✔✔✔ Correct Answer > Internal and external
auditing tests the effectiveness of internal controls and accuracy of financial
statements.
Seek an "unmodified opinion" of financial reports
5 C.F.R. Part 2635 - Standards of Ethical Conduct for Employees of the Executive
Branch - ✔✔✔ Correct Answer > Legal basis outlining requirements on ethical
behavior for Federal employees
5 Types of Government Funds - ✔✔✔ Correct Answer > General Fund, Special
Revenue Funds, Capital Projects Funds, Debt Service Funds, and Permanent Funds
A government wants to ensure that those who benefit from a capital project
should pay the cost of financing. How should a project that has a 20-year useful
life be financed? - ✔✔✔ Correct Answer > Issue a serial bond with level debt
service
A government's budget should incorporate only a short-term perspective because
the budget is only for a one-year period. - ✔✔✔ Correct Answer > False. Although
the budget is only for a one-year period, an effective budget incorporates a long-
term perspective focusing on long range goals and objectives, The budget then, is
, a measure of what can be accomplished during the one-year period to achieve
the long-range goals and objectives.
A major disadvantage of a user fee is that only those who use the service are
charged. - ✔✔✔ Correct Answer > False. This is the major advantage of user fees-
only those who use the service have to pay for it.
Accountability - ✔✔✔ Correct Answer > * to both short and long term
obligations/commitments
* policy goals
* program objectives
* policy compliance
* timely/accurate reporting
* good stewardship and long-term sustainability
Accountability - ✔✔✔ Correct Answer > In a democracy, government operates by
the consent of the people. It must answer to, the people for its actions and
results, including the taking and using of people's resources
Accountability - ✔✔✔ Correct Answer > Principle that in a democracy,
government operates at the consent of the people. Therefore it must answer to
the people for its actions and results, including the taking and using of the
people's resources.
Accountability - ✔✔✔ Correct Answer > Principle that, in a democracy,
government operates by the consent of the people. Therefore, it is responsible to,
and must answer to, the people for its actions and results, including the taking
and using of the people's resources
Accountability in accounting stage - ✔✔✔ Correct Answer > Managers must
create and adhere to accounting structures that help to ensure resources are
tracked and expended properly
COMPLETE SOLUTIONS RATED A (830
QUESTIONS AND CORRECT ANSWERS) |
2024 UPDATE
"Budget Career Roadmap" - ✔✔✔ Correct Answer > document published by
BFELoB that covers array of competencies including budget development and
justification; budgetary accounting and control; planning and performance
evaluation; and financial analysis, forecasting and modeling.
"Sunshine Laws" - ✔✔✔ Correct Answer > freedom of information laws; govt
should operate in the sunshine
(fed Level) appropriations can be made from? - ✔✔✔ Correct Answer > general
funds, trust funds, or special funds.
(RSS) really simple syndication/Rich Site Summary - ✔✔✔ Correct Answer > used
to keep users abreast of developments in areas of interest.
1) Budgetary Control - ACCOUNT STRUCTURES - ✔✔✔ Correct Answer > budget
defined by program an object class (line-item)
manager must get approval to move funding from one source to another
10th Amendment - reserved clause - ✔✔✔ Correct Answer > Federal gov't may
not dictate how states and locals operate their programs:
"The powers not delegated to the US by the Constitution, not prohibited by it to
the states, are reserved for the states respectively, or to the people".
2 Proprietary Fund Types - ✔✔✔ Correct Answer > Enterprise Funds and Internal
Service Funds
,2) Budgetary Control - APPORTIONMENT & ALLOTMENTS - ✔✔✔ Correct Answer
> Funds are apportioned to the agency, then alloted to the department or
program
distribution of funds on schedule (i.e. quarterly) to prevent spending funds to
quickly and allow for mid-year reprogramming.
2012 Census - 90,107 government entities - ✔✔✔ Correct Answer > one national
50 state
90,056 local (5 types):
General Purpose: County, Municipality,
Township
Special Purpose: School district, special
purpose district
* independent school districts (special service governments) trending towards
consolidation (67,355 in 1952, 14,178 in 2012)
3 "E's" of Government Debt - ✔✔✔ Correct Answer > * Equity - debt should be
paid by those benefiting from the project
* Effectiveness - should provide sufficient funds for the project
* Efficiency - should be obtained at the lowest cost possible relative to risk
3 components of appropriations - ✔✔✔ Correct Answer > PTA: (1) purpose (2)
time (3) amount
3 main purposes of Govt budget - ✔✔✔ Correct Answer > (1) policy document; (2)
Sets financial plan; (3) Comms device
,3-Es of government debt - ✔✔✔ Correct Answer > Equity - repayment of debt
should be borne by those benefiting from the project
Effectiveness - the debt issue should provide sufficient funds for the project
Efficiency- loaned funds should be obtained at the lowest cost possible relative to
risk.
3) Budgetary Control - ACCOUNTING - ✔✔✔ Correct Answer > system of
requisitions, encumbrances, and reconciliations to prevent fraud
4 Types of Fiduciary (Trust and Agency) Funds - ✔✔✔ Correct Answer > Pension
Trust Fund, Agency Funds (i.e. CDBG), Investment Trust Funds, Private-Purpose
Trust Funds, and Tax Agency Funds (i.e., Citations)
4) Budgetary Control - AUDITING - ✔✔✔ Correct Answer > Internal and external
auditing tests the effectiveness of internal controls and accuracy of financial
statements.
Seek an "unmodified opinion" of financial reports
5 C.F.R. Part 2635 - Standards of Ethical Conduct for Employees of the Executive
Branch - ✔✔✔ Correct Answer > Legal basis outlining requirements on ethical
behavior for Federal employees
5 Types of Government Funds - ✔✔✔ Correct Answer > General Fund, Special
Revenue Funds, Capital Projects Funds, Debt Service Funds, and Permanent Funds
A government wants to ensure that those who benefit from a capital project
should pay the cost of financing. How should a project that has a 20-year useful
life be financed? - ✔✔✔ Correct Answer > Issue a serial bond with level debt
service
A government's budget should incorporate only a short-term perspective because
the budget is only for a one-year period. - ✔✔✔ Correct Answer > False. Although
the budget is only for a one-year period, an effective budget incorporates a long-
term perspective focusing on long range goals and objectives, The budget then, is
, a measure of what can be accomplished during the one-year period to achieve
the long-range goals and objectives.
A major disadvantage of a user fee is that only those who use the service are
charged. - ✔✔✔ Correct Answer > False. This is the major advantage of user fees-
only those who use the service have to pay for it.
Accountability - ✔✔✔ Correct Answer > * to both short and long term
obligations/commitments
* policy goals
* program objectives
* policy compliance
* timely/accurate reporting
* good stewardship and long-term sustainability
Accountability - ✔✔✔ Correct Answer > In a democracy, government operates by
the consent of the people. It must answer to, the people for its actions and
results, including the taking and using of people's resources
Accountability - ✔✔✔ Correct Answer > Principle that in a democracy,
government operates at the consent of the people. Therefore it must answer to
the people for its actions and results, including the taking and using of the
people's resources.
Accountability - ✔✔✔ Correct Answer > Principle that, in a democracy,
government operates by the consent of the people. Therefore, it is responsible to,
and must answer to, the people for its actions and results, including the taking
and using of the people's resources
Accountability in accounting stage - ✔✔✔ Correct Answer > Managers must
create and adhere to accounting structures that help to ensure resources are
tracked and expended properly
