CDFM Cirtification Exam Module 1
The Government Resource Management Environment is a political process in which each part of the Federal government has an influence on resources eventually passed down to your activity. Also, keep in mind that this section ties directly to the Defense Resource Management Environment of this module. Understand the system and process, and then use this knowledge to benefit your organization. Knowledge of this area will also prepare you for advancement in a financial management career field outside your current specialty.
- 1.Under the current Federal budget process, what statement is TRUE about thePresident’s budget?
- A.
The President approves the budget request and, after consultation with Congressional leaders, establishes an appropriate submission date.
- B.
The President approves and budget must be submitted by February 1.
- C.
The President and selected Congressional leaders approve and budget must be submitted by first Monday in February
- D.
The President approves and budget must be submitted by the first Monday in February
- 2.The Federal Managers’ Financial Integrity Act of 1982 requires the establishmentof internal accounting and administrative controls to ensure that:
- A.
Revenues and expenses are properly recorded
- B.
Funds and property are safeguarded against waste or misuse
- C.
Data are available to produce reliable financial statements
- D.
Managers receive timely and accurate financial information
- 3.What statement characterizes the authority of the authorizing and appropriatingcommittees of Congress with regard to the defense bills?
- A.
Authorizing committees must adhere to decisions made by the appropriating committees
- B.
Appropriating committees must adhere to decisions made by the authorizing committees
- C.
Appropriating committees generally adhere to decisions made by the authorizing committees unless the appropriate authorization chairperson grants a waiver
- D.
Appropriating committees generally adhere to decisions made by the authorizing committees but are not required to do so
- 4.What docuemnt was the precursor to the constitution?
- A.
The Articles of state, ratified in 1781
- B.
The Articles of the New States, ratified in 1781
- C.
The Articles of Confederation, ratified in 1781
- D.
Decleration of Independence
- 5.What is the precursor to the constitution called?
- A.
Articles of Confederation: Ratified: 1788
- B.
Articles of Constituion: Ratified: 1788
- C.
Articles of theb free states: Ratified: 1788
- D.
Articles of Confederation: Ratified: 1781
- 6.How many states were required to amend any amendment to the Articles of Confederation?
- A.
Unanimous approval of all the states
- B.
50 % of all the states
- C.
75 % of all the states
- D.
10 % of all the states
- 7.What was the Articles of Confederation particularly concerned about?
- A.
Limiting the pwers of the Federal Government over the states and guranteeing the freedom of each individual citizen.
- B.
Protecting the rights of the colonies
- C.
Guranteeing the freedom of each individual citizen
- D.
Paying less taxes to the British
- E.
Limiting the pwers of the Federal Government over the states
- 8.The Instructions on Budget Execution can be found in OMB Circular A-34.
- A.
A-34
- B.
A-45
- C.
A-53
- D.
A-315
- 9.What is the authority provided by Congress in an Appropriations Act
- A.
Budget Authority
- B.
Legal Authority
- C.
Obligation Authority
- D.
Spending Authority
- 10.What is the authority to enter into obligations called?
- A.
Spending Authority
- B.
Obligation Authority
- C.
Budget Authority
- D.
Legal Authority
- 11.What is the shift from one purpose or activity to another within the different appropriations.
- A.
Reprograming
- B.
Transfer
- C.
Movement
- 12.What occurs when a check is issued (or funds are transferred electronically) to a contractor in response to an invoice/payment request for costs incurred, services rendered, products delivered.
- A.
Transfer of funds
- B.
Legal Obligation
- C.
Payment
- D.
Expenditure
- 13.If Congress and the President do not complete action on all appropriation by 30th of September; what is passed by both houses to avoid a shutdown of government.
- A.
Budget extention
- B.
Suplemental funding
- C.
Aontinuing Resolution Authority (CRA)
- 14.When Congress is adjourned and President fails to sign a bill in the 10-day period and the bill does not become law, what is it called
- A.
Put aside veto
- B.
Shirt Veto
- C.
Veto
- D.
Pocket Veto
- 15.In what article of the Constitution is the power to raise taxes found?
- A.
Article I
- B.
Article II
- C.
Article III
- D.
Article IV
- 16.What CFO Act specified organization and reporting requirements to improve government-wide financial management.
- A.
CFO Act of 1800
- B.
CFO Act of 1995
- C.
CFO Act of 1990
- 17.The Executive power shall be vested in in who?
- A.
Concgress
- B.
President of the United States of America
- C.
Senate
- D.
House Speaker
- 18.The 1990 Budget Enforcement Act divided spending into which two major categories
- A.
Legal and Non Legal
- B.
Mandatory and Discretionary
- C.
CRA and Budget
- 19.How many months out does the Budget formulation phase starts?
- A.
As early as 36 months out
- B.
As early as 24 months out
- C.
As early as 21 months out
- D.
As early as 18 months out
- 20.The document that preceded the US Constitution and was used as a basis for foundation of the US Government was?
- A.
The Articles of Confederation.
- B.
The declration of States
- C.
Independence document
- 21.What are the four distinct phases of the budget cycle
- A.
Formulation, Congressional action, Formulation, Congressional action, Budget Execution and performance review and Audit
- B.
Formulation, Congressional action, Budget Execution and performance review and Audit
- 22.What are the four phases of the budget cycle?Formulation, Congressional action, Budget Execution and performance review and Audit
- A.
Formulation, Congressional action, Budget Execution and performance review and Audit
- B.
False
- 23.Budget formulation is the phase in which organizations draft their budgets and each agency consolidates and prepares the budget for the President and Congress
- A.
True
- B.
False
- 24.Who drafts the Presidenst's budget message and prepares other parts of the budget?
- 25.WHo Issus the alloawance letter with planning levels for 5 years and policy guidance
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