CGFM Exam 1- Study Guide Questions

CGFM Exam 1- Study Guide Questions with Complete Solutions (Latest 2025) "Budget Career Roadmap" - Correct Answers ✅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 Answers ✅freedom of information laws; govt should operate in the sunshine (fed Level) appropriations can be made from? - Correct Answers ✅general funds, trust funds, or special funds.(RSS) really simple syndication/Rich Site Summary - Correct Answers ✅used to keep users abreast of developments in areas of interest.1) Budgetary Control - ACCOUNT STRUCTURES - Correct Answers ✅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 Answers ✅Federal gov't may not dictate how states and locals

operate their programs: 1 / 4

CGFM Exam 1- Study Guide Questions with Complete Solutions (Latest 2025) "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".

• Proprietary Fund Types - Correct Answers ✅Enterprise

Funds and Internal Service Funds 2) Budgetary Control - APPORTIONMENT & ALLOTMENTS - Correct Answers ✅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 Answers ✅one national 50 state

90,056 local (5 types):

General Purpose: County, Municipality,

Township

Special Purpose: School district, special

purpose district 2 / 4

CGFM Exam 1- Study Guide Questions with Complete Solutions (Latest 2025)

• independent school districts (special service governments)

trending towards consolidation (67,355 in 1952, 14,178 in 2012)

• "E's" of Government Debt - Correct Answers ✅* 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 Answers ✅PTA:

(1) purpose (2) time (3) amount

• main purposes of Govt budget - Correct Answers ✅(1)

policy document; (2) Sets financial plan; (3) Comms device 3-Es of government debt - Correct Answers ✅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 / 4

CGFM Exam 1- Study Guide Questions with Complete Solutions (Latest 2025) 3) Budgetary Control - ACCOUNTING - Correct Answers ✅system of requisitions, encumbrances, and reconciliations to prevent fraud

• Types of Fiduciary (Trust and Agency) Funds - Correct

Answers ✅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 Answers ✅Internal and external auditing tests the effectiveness of internal controls and accuracy of financial statements.Seek an "unmodified opinion" of financial reports

• C.F.R. Part 2635 - Standards of Ethical Conduct for

Employees of the Executive Branch - Correct Answers ✅Legal basis outlining requirements on ethical behavior for Federal employees

• Types of Government Funds - Correct Answers ✅General

Fund, Special Revenue Funds, Capital Projects Funds, Debt Service Funds, and Permanent Funds

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