CGFM Sample Questions & Answers

One way in which federal and state governments influence local governments is by: A.providing block grants.B.issuing ordinances.C.authorizing debt.D.setting budget authority.

A method used to assess accountability of state agencies includes: A.a bond rating review.B.program evaluation.C.judicial review.D.an ordinance compliance audit.

A discretionary grant is characterized by a: A.transfer of funds based upon a formula.B.transfer of funds for broadly-defined purposes.C.transfer of funds for specific purposes.D.voluntary contribution that confers no rights nor benefits to the giver.

A formal estimate of the resources a government or government unit plans to expend in a given period is a: A.PAR.B.CAFR.C.budget.D.cost benefit analysis.

Managerial accounting helps officials measure the cost-effectiveness of operations by: A.forecasting future revenue needs.B.controlling expenses under budgetary law.C.combining financial and non-financial data.D.demonstrating compliance with applicable laws and regulations.