CGFM Exam 1 ALL Questions With Complete Solutions doctrine of separation of powers provides a foundation for - Correct Answers ✅government financial management govt entity can be classed as - Correct Answers ✅general or special purpose US constitution written - Correct Answers ✅1787 Most school district in US - Correct Answers ✅Independent District Role of federal CFO - Correct Answers ✅codified in the Chief Financial Officer act of 1990 telework - Correct Answers ✅working from home or other remote location Anti-fraud policies - Correct Answers ✅a formal code of conduct frames the behavioral expectations for individuals No. of the Federal Reserve Bank - Correct Answers ✅12 regional banks in major cities 1 / 4
CGFM Exam 1 ALL Questions With Complete Solutions if budget has not passed by the start of the new fiscal year - Correct Answers ✅Government does not have legal authority to operate supplemental appropriation budget amendment - Correct Answers ✅executive inform the legislative branch that more funds are needed due to depletion of funds before the end of fiscal year most power in budget - Correct Answers ✅legislative branch Appropriation of funds - Correct Answers ✅budget bill that actually makes funds available Authorization of funds - Correct Answers ✅bill that approves programs it prescribes what an agency will do if funding is available Expanded Government framework - Correct Answers
✅includes these steps: planning, programming, budgeting,
operations, accounting, reporting and auditing.Type of performance audit - Correct Answers ✅o Program effectiveness and results audits address the effectiveness of 2 / 4
CGFM Exam 1 ALL Questions With Complete Solutions a program and typically measure the extent to which a program is achieving its goals and objectives.
- Economy and efficiency audit objectives concern whether
- Program effectiveness and results audit objectives, as well
- broad categories of tax - Correct Answers ✅income
an entity is acquiring, protecting and using its resources in the most productive manner to achieve program objectives.
as economy and efficiency audit objectives, are often interrelated and may be concurrently addressed in a performance audit.major form of government revenue - Correct Answers ✅tax progressive tax rate - Correct Answers ✅income tax higher incomes, higher tax rate Tax expenditures - Correct Answers ✅Exceptions to tax laws and regulations They cost the public in terms of lost revenue that could otherwise be used to fund programs or reduce tax rate
Wealth Consumption Income Tax - Correct Answers ✅Base - all income 3 / 4
CGFM Exam 1 ALL Questions With Complete Solutions Graduated tax Exemptions and deductions apply to enhance horizontal and vertical equity Medicare tax rate - Correct Answers ✅1.45% no cap sinking fund - Correct Answers ✅money set aside on a periodic basis to retire term bonds at maturity FSIO - Correct Answers ✅Financial Systems Integration Office (within GSA) SEA - Correct Answers ✅Service Efforts and Accomplishments Attestation engagements (External Audits ) - Correct Answers ✅Engagement primarily concerned with examining, reviewing or performing agreed upon procedures on a subject matter, or an assertion about a subject matter, and reporting on the results. The subject matter may be financial or nonfinancial and can be part of a financial audit or performance audit. Possible subjects include reporting on an entity's internal controls, compliance with law or performance measures.
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