1
CERTIFIED DEFENSE FINANCIAL MANAGER (CDFM)
ACTUAL EXAM TEST BANK QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
What was the predecessor to the Constitution? - (answer)Articles of
Confederation
Where are Federal-Level laws enacted? - (answer)Congress
What Article, Section and Clause empowers Congress to collect taxes -
(answer)Article 1, Section 8, Clause 1
What occurs when the President does not sign an enrolled bull within 10 days?
- (answer)Pocket Veto
Which branch of government implements laws? - (answer)Executive
Approximately what percent of federal spending is discretionary? -
(answer)30%
How frequently does congress review the DoD budget request? -
(answer)Annually
Who attempts to resolve differences between the House and Senate versions
of a bill? - (answer)Conference Committee
Which agency issues direction for submitting budget estimates? -
(answer)OMB
, 2
What type of legislation provides an agency with budget authority? -
(answer)Appropriation Acts
What term is used to describe a subdivision of an apportionment? -
(answer)Allotment
What agency issues apportionments? - (answer)OMB
Which branch of government conducts hearings on the effectiveness of
government programs? - (answer)Legislative
In the federal budget process, who is responsible for submitting budget
estimates? - (answer)Agencies
What is the largest source of federal government tax revenue? -
(answer)Individual Income Taxes
What are requests for funds in addition to amounts already appropriated? -
(answer)Supplemental
What financial control document is issued by the Treasury Department
following signature of the Appropriations Act? - (answer)Appropriations
Warrant
What term describes a postponement in the use of appropriated funds? -
(answer)Deferral
What term describes a cancellation of appropriated funds? -
(answer)Rescission
, 3
After the DoD Appropriations Bill is signed into law, what does DoD request
from OMB? - (answer)Apportionment
A legal reservation of funds in known as what? - (answer)Obligation
What term is used to identify a certification provided to a KO from the
comptroller authorizing Purpose, Time and Amount? - (answer)Fiduciary
Certification
A fiduciary certification is the basis for what? - (answer)Commitment
Define Budget Authority - (answer)Amount of money available to an
organization for obligation
Define Outlays - (answer)Funds that have actually been moved from the
Federal Treasury
Monitoring requirements in budget execution involves: - (answer)1.
Administrative control of funds
2. Reporting results
3. Assessment of applicability of results
4. Supply of financial info to DoD managers
Who conducts both financial and program audits to ensure the integrity of
programs? - (answer)Government Accountability Office (GAO)
The Government Performance and Results Act requires budget formulation be
based on what? - (answer)Performance planning/reporting
, 4
The 1921 Budget and Accounting Act was was responsible for the creation of
what? - (answer)OMB, GAO and the Comptroller General
What Act requires the President to submit an annual budget proposal to
Congress? - (answer)1921 Budget and Accountability Act
What act established sequestration? - (answer)1985 Balanced Budget and
Emergency Deficit Act
What Act established the pay-as-you-go (PAYGO) for entitlements -
(answer)1990 Budget Enforcement Act
What are the 1985 and 1987 Balanced Budget Acts ofter referred to as? -
(answer)Gramm-Rudman-Hollings Acts
GPRA requires what three things? - (answer)Strategic Planning
Performance Planning and Goal Setting
Performance Reporting
An administrative reservation of funds is known as what? -
(answer)Commitment
What establishes the DoD policy and procedures of administrative controls? -
(answer)DoD FMR 7000.14R, Volume 14, Chapter 1
What gives a Federal Agency the legal authority to operate a program? -
(answer)Authorization
CERTIFIED DEFENSE FINANCIAL MANAGER (CDFM)
ACTUAL EXAM TEST BANK QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
What was the predecessor to the Constitution? - (answer)Articles of
Confederation
Where are Federal-Level laws enacted? - (answer)Congress
What Article, Section and Clause empowers Congress to collect taxes -
(answer)Article 1, Section 8, Clause 1
What occurs when the President does not sign an enrolled bull within 10 days?
- (answer)Pocket Veto
Which branch of government implements laws? - (answer)Executive
Approximately what percent of federal spending is discretionary? -
(answer)30%
How frequently does congress review the DoD budget request? -
(answer)Annually
Who attempts to resolve differences between the House and Senate versions
of a bill? - (answer)Conference Committee
Which agency issues direction for submitting budget estimates? -
(answer)OMB
, 2
What type of legislation provides an agency with budget authority? -
(answer)Appropriation Acts
What term is used to describe a subdivision of an apportionment? -
(answer)Allotment
What agency issues apportionments? - (answer)OMB
Which branch of government conducts hearings on the effectiveness of
government programs? - (answer)Legislative
In the federal budget process, who is responsible for submitting budget
estimates? - (answer)Agencies
What is the largest source of federal government tax revenue? -
(answer)Individual Income Taxes
What are requests for funds in addition to amounts already appropriated? -
(answer)Supplemental
What financial control document is issued by the Treasury Department
following signature of the Appropriations Act? - (answer)Appropriations
Warrant
What term describes a postponement in the use of appropriated funds? -
(answer)Deferral
What term describes a cancellation of appropriated funds? -
(answer)Rescission
, 3
After the DoD Appropriations Bill is signed into law, what does DoD request
from OMB? - (answer)Apportionment
A legal reservation of funds in known as what? - (answer)Obligation
What term is used to identify a certification provided to a KO from the
comptroller authorizing Purpose, Time and Amount? - (answer)Fiduciary
Certification
A fiduciary certification is the basis for what? - (answer)Commitment
Define Budget Authority - (answer)Amount of money available to an
organization for obligation
Define Outlays - (answer)Funds that have actually been moved from the
Federal Treasury
Monitoring requirements in budget execution involves: - (answer)1.
Administrative control of funds
2. Reporting results
3. Assessment of applicability of results
4. Supply of financial info to DoD managers
Who conducts both financial and program audits to ensure the integrity of
programs? - (answer)Government Accountability Office (GAO)
The Government Performance and Results Act requires budget formulation be
based on what? - (answer)Performance planning/reporting
, 4
The 1921 Budget and Accounting Act was was responsible for the creation of
what? - (answer)OMB, GAO and the Comptroller General
What Act requires the President to submit an annual budget proposal to
Congress? - (answer)1921 Budget and Accountability Act
What act established sequestration? - (answer)1985 Balanced Budget and
Emergency Deficit Act
What Act established the pay-as-you-go (PAYGO) for entitlements -
(answer)1990 Budget Enforcement Act
What are the 1985 and 1987 Balanced Budget Acts ofter referred to as? -
(answer)Gramm-Rudman-Hollings Acts
GPRA requires what three things? - (answer)Strategic Planning
Performance Planning and Goal Setting
Performance Reporting
An administrative reservation of funds is known as what? -
(answer)Commitment
What establishes the DoD policy and procedures of administrative controls? -
(answer)DoD FMR 7000.14R, Volume 14, Chapter 1
What gives a Federal Agency the legal authority to operate a program? -
(answer)Authorization
