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| By Mjhennick

Mjhennick

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Quizzes Created: 1 | Total Attempts: 419

Questions: 100 | Attempts: 419 | Updated: Mar 20, 2023

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Questions and Answers

1.

What should you do before conducting an in depth funds analysis?
- A.
  
  Develop financial plan
- B.
  
  Conduct preliminary research
- C.
  
  Monitor reimbursement program
- D.
  
  Develop economic impact statement
Correct Answer
B. Conduct preliminary research

Explanation
Before conducting an in-depth funds analysis, it is important to conduct preliminary research. This involves gathering relevant information and data about the funds that will be analyzed. This research helps to provide a foundation for the analysis and ensures that the analysis is based on accurate and up-to-date information. Conducting preliminary research allows for a better understanding of the funds and their context, which ultimately leads to a more comprehensive and accurate analysis. Developing a financial plan, monitoring reimbursement programs, and developing an economic impact statement may be important steps in the overall financial management process, but they are not directly related to conducting an in-depth funds analysis.

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2.

An economic analyss (EA) is an aid to rational choice among competing alternatives. How many steps are in a formal EA?
- A.
  
  Three
- B.
  
  Four
- C.
  
  Five
- D.
  
  Six
Correct Answer
D. Six

Explanation
A formal economic analysis typically consists of six steps. These steps include defining the problem, collecting relevant data, formulating a model or hypothesis, testing the model through data analysis, drawing conclusions based on the results, and finally, communicating the findings. Each step is crucial in the process of conducting an economic analysis and helps in making rational choices among different alternatives.

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3.

Risk from imperfect knowledge about the state of the world lead to what type of risk?
- A.
  
  Schedule
- B.
  
  Technical
- C.
  
  Requirements
- D.
  
  Cost estimating
Correct Answer
C. Requirements

Explanation
Imperfect knowledge about the state of the world can lead to risks related to requirements. When there is a lack of understanding or clarity about the project requirements, it becomes difficult to accurately plan and execute tasks. This can result in delays, rework, and ultimately impact the success of the project. Therefore, the risk from imperfect knowledge about the state of the world is categorized as a requirements risk.

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4.

Funding variances occur when reprogramming actions take place, identify the two types of funding variances?
- A.
  
  Macro and micro
- B.
  
  Slippage and stoppage
- C.
  
  Slippage and accelaration
- D.
  
  Acceleration and stoppage
Correct Answer
C. Slippage and accelaration

Explanation
The correct answer is slippage and acceleration. Funding variances occur when there are changes or adjustments made to the allocated funds. Slippage refers to the situation where there is a delay or lag in the spending of funds, resulting in a variance between the planned and actual expenditure. Acceleration, on the other hand, refers to the situation where there is an increase in the rate of spending, also resulting in a variance. These two types of funding variances highlight different patterns of fund utilization and can have implications for budget management and planning.

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5.

The key to successfully accomplishing your role as a financial analyst is your
- A.
  
  Determination
- B.
  
  Hard work and knowledge
- C.
  
  Professional education and other classes
- D.
  
  Professional reputation and in depth knowledge of your wing's mission and structure
Correct Answer
D. Professional reputation and in depth knowledge of your wing's mission and structure

Explanation
The key to successfully accomplishing your role as a financial analyst is having a professional reputation and in-depth knowledge of your wing's mission and structure. This means that not only do you need to have a good standing in your professional community, but you also need to understand the goals and objectives of your organization and how it operates. This knowledge allows you to make informed financial decisions and provide valuable insights that align with the overall mission of your wing.

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6.

While standard organizational structuresare defined n Air Force Instruction AFI 38-101, who determines the organzational structure of your base?
- A.
  
  The DFAS
- B.
  
  The SAF
- C.
  
  The FSO
- D.
  
  The MAJCOM
Correct Answer
D. The MAJCOM

Explanation
The MAJCOM, or Major Command, determines the organizational structure of a base in the Air Force. This is because the MAJCOM is responsible for overseeing and managing specific functional areas within the Air Force, such as combat operations, logistics, or training. They have the authority to establish the organizational structure that best supports their mission and objectives at each base under their command. The DFAS (Defense Finance and Accounting Service), SAF (Secretary of the Air Force), and FSO (Financial Services Officer) do not have the same level of authority or responsibility in determining the organizational structure of a base.

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7.

Under which group in an objective wing would you find weapon systems operators such as pilots, navigators, flight engineers, and missle launch officers?
- A.
  
  Operations
- B.
  
  Logistics
- C.
  
  Support
- D.
  
  Medical
Correct Answer
A. Operations

Explanation
In an objective wing, weapon systems operators such as pilots, navigators, flight engineers, and missile launch officers would be found under the "Operations" group. This group is responsible for carrying out the operational missions and tasks of the wing, which includes the operation and maintenance of weapon systems.

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8.

The group in a wing responsible for supply, transportation, and contracting is
- A.
  
  Operations
- B.
  
  Logistics
- C.
  
  Medical
- D.
  
  Support
Correct Answer
B. Logistics

Explanation
The group in a wing responsible for supply, transportation, and contracting is Logistics. Logistics is the process of planning, implementing, and controlling the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption. In this context, the logistics group would be responsible for managing the supply chain, ensuring that supplies are transported and delivered on time, and handling any contracting or procurement needs.

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9.

Which group within a wing is responsible for the housing, feeding, security, communications, and recreational activities of the base?
- A.
  
  Medical
- B.
  
  Support
- C.
  
  Logistics
- D.
  
  Operations
Correct Answer
B. Support

Explanation
The Support group within a wing is responsible for the housing, feeding, security, communications, and recreational activities of the base. This group plays a crucial role in providing the necessary support services to ensure the smooth functioning of the base and the well-being of its personnel. They handle logistics, supply chain management, and various support functions to meet the needs of the base and its personnel.

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10.

The rules and procedures for using funds appropriated to the Air Force can be found in AFI 65-601, volume
- A.
  
  1
- B.
  
  2
- C.
  
  3
- D.
  
  5
Correct Answer
A. 1

Explanation
The correct answer is 1. The explanation for this answer is that AFI 65-601, volume 1 contains the rules and procedures for using funds appropriated to the Air Force. This volume is likely the first volume in a series that covers different aspects of the Air Force's financial management.

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11.

Which AFI contains current symbols and budget codes and their descriptions?
- A.
  
  AFMAN 65-604
- B.
  
  AFMAN 65-504
- C.
  
  AFMAN 65-503
- D.
  
  AFMAN 6-501
Correct Answer
A. AFMAN 65-604

Explanation
AFMAN 65-604 contains current symbols and budget codes and their descriptions. This AFI is likely a reference guide or manual that provides information on the symbols and budget codes used within the organization. It would be a valuable resource for personnel who need to understand and use these codes in their work.

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12.

Which publication establishes prerequisites for recording obligations?
- A.
  
  Office of Management and Budget (OMB) A-76
- B.
  
  Department of Defense (DOD) 4000.19-R
- C.
  
  Defense Finance and Accounting Service (DFAS)-DE 7077.2-M
- D.
  
  DFAS-DE 7000.4-R
Correct Answer
D. DFAS-DE 7000.4-R

Explanation
DFAS-DE 7000.4-R is the correct answer because it is the publication that establishes prerequisites for recording obligations. The other options, OMB A-76, DOD 4000.19-R, and DFAS-DE 7077.2-M, do not specifically pertain to recording obligations.

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13.

The first phase of the DOD biennial planning, programming, and budgeting decision making process and involves all the key elements within DOD in their respective areas of responsibility is
- A.
  
  Costing of programs
- B.
  
  Identifying our national goals
- C.
  
  Determining military plans and requirements
- D.
  
  Coordinating long range military planning with existing programs
Correct Answer
C. Determining military plans and requirements

Explanation
The first phase of the DOD biennial planning, programming, and budgeting decision-making process involves determining military plans and requirements. This phase includes all the key elements within DOD in their respective areas of responsibility. It focuses on identifying the specific plans and requirements that the military needs to fulfill in order to achieve its objectives. This information is crucial for the subsequent phases of the decision-making process, such as costing of programs and coordinating long-range military planning with existing programs.

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14.

Which cycle of the DOD biennial planning, programming, budgeting, and execution (PPBE) system identifies military goals and develops courses of action to meet them
- A.
  
  Planning
- B.
  
  Budgeting
- C.
  
  Execution
- D.
  
  Programming
Correct Answer
D. Programming

Explanation
The cycle of the DOD biennial planning, programming, budgeting, and execution (PPBE) system that identifies military goals and develops courses of action to meet them is the Programming phase. In this phase, the military goals are assessed, and various options and strategies are developed to achieve those goals. This includes analyzing requirements, evaluating resources, and prioritizing programs and initiatives. The Programming phase sets the foundation for the subsequent phases of budgeting and execution, where the allocated resources are allocated and implemented to achieve the identified goals.

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15.

DOD functional categories are classifications of expense that are directly subordinate to
- A.
  
  Program elements (PE)
- B.
  
  Major force programs (MFP)
- C.
  
  DOD elements of expense (DODEE)
- D.
  
  Air Force elements of expense/investment codes (EEIC)
Correct Answer
A. Program elements (PE)

Explanation
DOD functional categories are classifications of expense that are directly subordinate to program elements (PE). This means that the functional categories are organized and categorized based on the specific program elements they relate to. The program elements serve as the higher-level categories and the functional categories provide more detailed and specific classifications within those program elements. Therefore, program elements (PE) is the correct answer as it is the level to which the DOD functional categories are directly subordinate.

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16.

In which stage of the budget cycle are estimates developed within the DOD accounting structure?
- A.
  
  Review
- B.
  
  Execution
- C.
  
  Enactment
- D.
  
  Formulation
Correct Answer
A. Review

Explanation
Estimates developed within the DOD accounting structure are likely to be developed during the "Review" stage of the budget cycle. This stage involves evaluating and analyzing the proposed budget to ensure its alignment with organizational goals and objectives. During the review stage, estimates are carefully examined and assessed for accuracy and feasibility before being finalized and implemented in the budget plan.

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17.

The Chief of Staff of the Air Force approves or adjusts estimates and submits them to what agency or office that wil make the last official action to either approve or adjust the Dept of the Air Force budget estimate?
- A.
  
  Air Force Council
- B.
  
  Natinal Security Council (NSC)
- C.
  
  Secretary of the Air Force (SAF)
- D.
  
  Office of Management and Budget (OMB)
Correct Answer
C. Secretary of the Air Force (SAF)

Explanation
The Chief of Staff of the Air Force approves or adjusts estimates and submits them to the Secretary of the Air Force (SAF), who will make the last official action to either approve or adjust the Dept of the Air Force budget estimate. The SAF is responsible for overseeing and managing the affairs of the Air Force, including budgetary decisions. Therefore, it is logical that the SAF would have the final authority to approve or adjust the budget estimate.

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18.

Which federal department or agency prepares the appropriation warrant?
- A.
  
  Headquarters US Air Force
- B.
  
  DOD
- C.
  
  Department of the Treasury
- D.
  
  Office of Management and Budget (OMB)
Correct Answer
C. Department of the Treasury

Explanation
The Department of the Treasury prepares the appropriation warrant. This is because the Department of the Treasury is responsible for managing the finances of the federal government, including the allocation and disbursement of funds. An appropriation warrant is a document that authorizes the release of funds from the Treasury to a specific federal department or agency for a specific purpose. Therefore, it is the Department of the Treasury that is responsible for preparing and issuing these warrants.

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19.

Of the two types of documents issued to the major commands, which one makes funds available for obligation from an allocation or suballocation?
- A.
  
  Allotment
- B.
  
  Appropriation Warrant
- C.
  
  Apportionment request
- D.
  
  Operating budget authority
Correct Answer
A. Allotment

Explanation
The correct answer is Allotment. An allotment is a type of document issued to major commands that makes funds available for obligation from an allocation or suballocation. It is a specific amount of money that is set aside for a particular purpose or project within an organization's budget. Allotments help to ensure that funds are allocated and spent efficiently and effectively.

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20.

Identify the document that contains annual and quarterly funding authority within the operations and maintenence appropriation?
- A.
  
  Allotment
- B.
  
  Appropriation Warrant
- C.
  
  Apportionment request
- D.
  
  Operating budget authority
Correct Answer
D. Operating budget authority

Explanation
The document that contains annual and quarterly funding authority within the operations and maintenance appropriation is the operating budget authority. This document outlines the specific funding allocated for the operations and maintenance of a particular entity or organization. It provides the necessary financial resources to carry out day-to-day activities and ensure the smooth functioning of the operations.

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21.

Which appropriation, by perod of availabiltiy, has the greatest impact on base management?
- A.
  
  No year
- B.
  
  One year
- C.
  
  Two year
- D.
  
  Multiple year
Correct Answer
B. One year

Explanation
The appropriation with a one-year period of availability has the greatest impact on base management because it means that the funds allocated can only be used within that specific fiscal year. This requires careful planning and efficient use of resources to ensure that the base's needs are met within the given timeframe. It also allows for more flexibility in adjusting funding priorities based on changing circumstances or emerging needs.

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22.

What are teh two statuses of availability categories for appropriation accounts?
- A.
  
  Current and expired
- B.
  
  Current and direct
- C.
  
  Expired and indirect
- D.
  
  Expired and direct
Correct Answer
A. Current and expired

Explanation
The two statuses of availability categories for appropriation accounts are "current" and "expired." "Current" refers to funds that are currently available and can be used for spending, while "expired" refers to funds that were available in the past but can no longer be used. This categorization helps in tracking the availability and utilization of funds in appropriation accounts.

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23.

Funds made availabe to the Air Force cannot be established in reserve accounts to use later; therefore, funds are programmed
- A.
  
  In their entirety
- B.
  
  On a monthly basis
- C.
  
  On a quarterly basis
- D.
  
  In six month increments
Correct Answer
A. In their entirety

Explanation
The funds made available to the Air Force cannot be established in reserve accounts to use later, indicating that they must be used entirely at the time they are received. Therefore, the funds are programmed in their entirety, meaning that they are allocated and used completely without any portion being reserved or saved for future use.

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24.

The basic purpose of the operating budget is to ensure that you price the baseline property and
- A.
  
  Call instructions are appropriate
- B.
  
  Inputs to the program objective memorandum (POM) are correct
- C.
  
  The baseline for operations and maintenance (O&M) is accurate
- D.
  
  The financial plan is submitted on time
Correct Answer
C. The baseline for operations and maintenance (O&M) is accurate

Explanation
The operating budget plays a crucial role in ensuring the accuracy of the baseline for operations and maintenance (O&M). By creating a detailed budget, organizations can determine the necessary funds for maintaining and operating their property effectively. This includes expenses such as repairs, utilities, and other day-to-day costs. Having an accurate O&M baseline helps in allocating the right amount of resources and making informed financial decisions. It ensures that the organization can meet its operational needs without overspending or facing any financial constraints.

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25.

The directive to price an approved program in a specific format is called
- A.
  
  Program objective memorandum (POM)
- B.
  
  Defense guidance
- C.
  
  Command Call
- D.
  
  USAF Call
Correct Answer
C. Command Call

Explanation
The correct answer is Command Call. This is because a Command Call refers to the directive given to price an approved program in a specific format. It is a formal process used in the military to ensure that programs are priced accurately and in accordance with established guidelines. The Command Call helps to streamline the pricing process and ensure consistency across different programs within the military.

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26.

In what moth does the SAF issue the USAF Call to the major commands (MAJCOM)"
- A.
  
  January
- B.
  
  February
- C.
  
  March
- D.
  
  April
Correct Answer
A. January

Explanation
The SAF (Secretary of the Air Force) issues the USAF (United States Air Force) Call to the major commands (MAJCOM) in January. This suggests that January is the month when the SAF communicates important instructions or directives to the major commands within the USAF.

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27.

What process doe the Air Force use to sharpen financial planning?
- A.
  
  Bogey concept
- B.
  
  Initial distribution
- C.
  
  Presiden's budget (PB)
- D.
  
  Continuing Resolution Authority (CRA)
Correct Answer
A. Bogey concept

Explanation
The Air Force uses the bogey concept to sharpen financial planning. The bogey concept refers to a target or benchmark that is set to guide financial planning and decision-making. It helps in determining the desired level of funding and resource allocation needed to achieve specific goals and objectives. By using the bogey concept, the Air Force can effectively prioritize and allocate financial resources to support its missions and operations.

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28.

How many parts are included in the Bogey?
- A.
  
  One
- B.
  
  Two
- C.
  
  Three
- D.
  
  Four
Correct Answer
B. Two

Explanation
The Bogey is composed of two parts.

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29.

Budgeting provides a means for coordinating activities toward what common goal?
- A.
  
  Mission accomplishment
- B.
  
  Functional area interaction
- C.
  
  Financial blueprint development
- D.
  
  Implementation of a rigid planning document
Correct Answer
A. Mission accomplishment

Explanation
Budgeting provides a means for coordinating activities toward the common goal of mission accomplishment. By allocating financial resources and setting priorities, budgeting ensures that resources are used efficiently and effectively to achieve the organization's mission. It helps in planning and controlling activities, making informed decisions, and measuring performance against objectives.

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30.

A balanced equitable program consists of a balance between
- A.
  
  Mission and support requirements
- B.
  
  Mission and nonappropriated requirements
- C.
  
  Nonappropriated and support requirements
- D.
  
  Nonappropriated and appropriated requirements
Correct Answer
A. Mission and support requirements

Explanation
A balanced equitable program requires a balance between the mission, which refers to the primary objective or purpose of the program, and the support requirements, which are the resources and assistance needed to achieve that mission. This means that both the overall goal and the necessary means to accomplish it must be taken into consideration and given equal importance.

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31.

The operations and maintenance (O&M) execution plan will have narratives written at what level?
- A.
  
  Subactivity group (SAG)
- B.
  
  Product enhancing capital (PEC)
- C.
  
  Element of expense investment code ( EEIC)
- D.
  
  Responsibility Center/Cost Center (RCCC)
Correct Answer
A. Subactivity group (SAG)

Explanation
The operations and maintenance (O&M) execution plan will have narratives written at the subactivity group (SAG) level. This means that the plan will include detailed explanations and descriptions of the activities and tasks within each subactivity group. These narratives will provide a clear understanding of the goals, objectives, and procedures for each subactivity group, allowing for effective planning and execution of the O&M activities.

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32.

How many sections must be included in the operations and maintenance (O&M) execution plan?
- A.
  
  Two
- B.
  
  Three
- C.
  
  Four
- D.
  
  Five
Correct Answer
C. Four

Explanation
The correct answer is four because an operations and maintenance (O&M) execution plan typically consists of four sections. These sections include an introduction, which provides an overview of the plan; a scope of work, which outlines the tasks and responsibilities involved; a schedule, which details the timeline for completing the tasks; and a budget, which outlines the financial resources required for the O&M activities. Each of these sections is crucial for effective planning and execution of O&M activities.

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33.

Who reviews the financial plan to make sure that estimated costs and justifications are factual and complete?
- A.
  
  Financial Management Analysis (FMA)
- B.
  
  Financial Management Board (FMB)
- C.
  
  Financial Working Group (FWG)
- D.
  
  Comptroller
Correct Answer
B. Financial Management Board (FMB)

Explanation
The Financial Management Board (FMB) is responsible for reviewing the financial plan to ensure that the estimated costs and justifications are accurate and comprehensive. As a governing body, the FMB has the authority and expertise to assess the financial aspects of the plan and make sure that all the information provided is factual and complete. Their role is crucial in ensuring the financial integrity and viability of the plan before it is implemented.

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34.

You can submit the budget to the MAJCOM after whose approval?
- A.
  
  Financial Management Board (FMB)
- B.
  
  Financial Working Group (FWG)
- C.
  
  Supervisor
- D.
  
  Commander
Correct Answer
A. Financial Management Board (FMB)

Explanation
The correct answer is the Financial Management Board (FMB). The FMB is responsible for reviewing and approving budgets within the MAJCOM. After the budget is submitted, it goes through a thorough review process by the FMB to ensure that it aligns with the financial goals and objectives of the organization. Once the FMB approves the budget, it can be implemented and executed by the relevant departments and units within the MAJCOM.

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35.

What perspective in the Commander's Resource Information System (CRIS) do you use to retrieve an end of day snap shot of the most current budget execution data?
- A.
  
  Program Summary Record (PSR)
- B.
  
  Fund Summary Record (FSR)
- C.
  
  Control Summary Record (CSR)
- D.
  
  Document Summary Record (DSR)
Correct Answer
A. Program Summary Record (PSR)

Explanation
In the Commander's Resource Information System (CRIS), the Program Summary Record (PSR) perspective is used to retrieve an end of day snapshot of the most current budget execution data. The PSR provides a summary of the program's budget, including the funds allocated and expended, as well as any adjustments or transfers made. It allows commanders to assess the financial status of their programs and make informed decisions based on the budget execution data. The PSR perspective is specifically designed to provide a comprehensive overview of the program's financial performance.

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36.

If your commanderwants to know how the unit is executing their 2008 TDY budget, what data should you use in the search criteria in CRIS?
- A.
  
  Element of expense investment code (EEIC) of 409 only
- B.
  
  EEIC of 409, fund code of 30, and fiscal year
- C.
  
  Fiscal year of 2007, and fund code of 30 only
- D.
  
  Fund code 30 only
Correct Answer
B. EEIC of 409, fund code of 30, and fiscal year

Explanation
The commander wants to know how the unit is executing their 2008 TDY budget. To find this information in CRIS, the search criteria should include the Element of Expense Investment Code (EEIC) of 409, the fund code of 30, and the fiscal year. This combination of criteria will narrow down the search results to the specific budget execution information for the unit's 2008 TDY budget.

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37.

On what time interval basis are research, development, test and evaluation (RDT&E) funds set up?
- A.
  
  No year
- B.
  
  Quarterly
- C.
  
  Annually
- D.
  
  Multiple year
Correct Answer
D. Multiple year

Explanation
RDT&E funds are set up on a multiple year basis. This means that the funds allocated for research, development, test, and evaluation activities are planned and allocated for a period of more than one year. This allows for long-term planning and implementation of projects, ensuring continuity and stability in the funding of these activities. By setting up funds on a multiple year basis, organizations can effectively manage and execute RDT&E projects over an extended period, enabling them to achieve their objectives and goals efficiently.

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38.

Which program within the RDT&E appropriation includes work performed under contract with other government agencies, private industry, and educational institutions?
- A.
  
  Mission
- B.
  
  Outsourcing
- C.
  
  Management and Support
- D.
  
  Operations and Maintenance (O&M)
Correct Answer
A. Mission

Explanation
The correct answer is "Mission". The RDT&E (Research, Development, Test, and Evaluation) appropriation program includes work performed under contract with other government agencies, private industry, and educational institutions to fulfill its mission. This indicates that the program focuses on conducting research, development, testing, and evaluation activities in collaboration with various entities to achieve its objectives.

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39.

At which level does the Air Force manage research, development, test and evaluation (RDT&E) funds for the current and immediate preceeding fiscal year?
- A.
  
  Program element (PE)
- B.
  
  Military force program (MFP)
- C.
  
  DOD element of expense (DODEE)
- D.
  
  Responsibility Center/Cost Center (RCCC) code
Correct Answer
A. Program element (PE)

Explanation
The Air Force manages research, development, test, and evaluation (RDT&E) funds at the Program Element (PE) level for the current and immediate preceding fiscal year. The PE level allows for the specific identification and tracking of funds allocated to individual programs or projects within the Air Force. This level of management ensures that RDT&E funds are properly allocated and accounted for, allowing for effective oversight and control of the Air Force's research and development efforts.

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40.

What are the two appropriations for management of military family housing (MFH)
- A.
  
  57*7020 and 57*7040
- B.
  
  57*7030 and 57*7045
- C.
  
  57*7045 and 57*7040
- D.
  
  57*7045 and 57*7080
Correct Answer
C. 57*7045 and 57*7040

Explanation
The correct answer is 57*7045 and 57*7040. These two appropriations are used for the management of military family housing (MFH).

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41.

What budget program is set up to cover O&M costs of the military family housing (MFH) program
- A.
  
  710
- B.
  
  720
- C.
  
  730
- D.
  
  740
Correct Answer
B. 720

Explanation
The correct answer is 720 because this budget program is specifically designed to cover the Operation and Maintenance (O&M) costs of the military family housing (MFH) program. This program ensures that the necessary funds are allocated for the maintenance and upkeep of housing facilities for military families.

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42.

Which expense is not reimbersable for military family housing (MFH)
- A.
  
  Charges for mobile home space rental
- B.
  
  Amounts paid for utilities and services
- C.
  
  Support of family housing owned by another service
- D.
  
  Charges for initial utility connection of privately owned mobile homes
Correct Answer
A. Charges for mobile home space rental

Explanation
The expenses for mobile home space rental are not reimbursable for military family housing (MFH). This means that if military families choose to live in a mobile home and rent a space for it, the charges for that rental will not be covered or reimbursed by the military.

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43.

Can your commander purchase egg rolls for a chinese day function using appropriated funds and if so, when?
- A.
  
  Yes, and te size does not matter
- B.
  
  Yes, as long as they are "sample size"
- C.
  
  No, egg rolls are always considered to be a meal
- D.
  
  No, any type of food cannot be purchased legally with appropriated funds
Correct Answer
B. Yes, as long as they are "sample size"

Explanation
The correct answer is Yes, as long as they are "sample size". This means that the commander can purchase egg rolls for the Chinese day function using appropriated funds, as long as the egg rolls are small enough to be considered sample size. This suggests that there may be restrictions on the portion size or quantity of the food that can be purchased with appropriated funds.

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44.

What is the very heart of the financial management process that allow you to estimate, justify, and manage base fund requirements?
- A.
  
  Approved programs
- B.
  
  Proper documentation
- C.
  
  Formatted justification
- D.
  
  MAJCOM authorizations
Correct Answer
A. Approved programs

Explanation
Approved programs are the very heart of the financial management process as they provide the foundation for estimating, justifying, and managing base fund requirements. These programs have undergone a thorough review and evaluation process, ensuring that they align with the organization's goals and objectives. By having approved programs in place, financial managers can effectively allocate resources, track expenditures, and make informed decisions regarding budgeting and spending.

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45.

Financial plan year fund requirements may vary from historical data because of
- A.
  
  One time fund requirements and program changes
- B.
  
  Program changes and an escalating cost of living index
- C.
  
  One time fund requirements and an escalating cost of living index
- D.
  
  Previous year austere funding and steady operations and maintenance spending
Correct Answer
A. One time fund requirements and program changes

Explanation
Financial plan year fund requirements may vary from historical data due to one-time fund requirements and program changes. One-time fund requirements refer to specific expenses that occur only in a particular year, such as capital investments or unexpected costs. Program changes can also impact the financial plan, as they may require additional funding or reallocation of resources. These factors can cause fluctuations in the fund requirements compared to previous years' data.

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46.

The appropriation ystem provides for
- A.
  
  A specific amount of money for a specific purpose for specific period
- B.
  
  Management with a tool for measuring the progess of its programs
- C.
  
  Managers to look at their historical data as a starting point for programming future requirements
- D.
  
  Scrutinizing and updating all data for known program or price changes in order to check for different ways to accomplish the mission
Correct Answer
A. A specific amount of money for a specific purpose for specific period

Explanation
The appropriation system provides a specific amount of money for a specific purpose for a specific period. This means that funds are allocated for a particular objective within a defined timeframe. This allows for better financial planning and ensures that resources are used efficiently and effectively towards achieving the intended goals.

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47.

Analysis of historical data does not involve the full act of analyzing
- A.
  
  Plans
- B.
  
  Programs
- C.
  
  Operations
- D.
  
  Requirements
Correct Answer
D. Requirements

Explanation
Analysis of historical data refers to the process of examining past data to identify patterns, trends, and insights. It does not involve the full process of analyzing plans, programs, operations, or requirements. While these elements may be considered in the analysis of historical data, the focus is primarily on understanding past data and drawing conclusions from it. Therefore, the correct answer is "requirements" as it is not a necessary component in the analysis of historical data.

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48.

When tracking moey due to the government, which item would you identify as a recovery of excess payments accredited to an appropriation?
- A.
  
  A refund
- B.
  
  A reimbursement
- C.
  
  A collection of monies taken during religious services
- D.
  
  A collection resulting from the sale of goods or services
Correct Answer
A. A refund

Explanation
A refund would be identified as a recovery of excess payments accredited to an appropriation. When tracking money due to the government, a refund refers to the return of money that was previously paid in excess. This means that the government received more money than was owed or required, and is now returning the excess amount to the payer. Therefore, a refund is the correct answer in this context.

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49.

When the Air Force takes steps to initially construct an NCO open mess facility, wha type of funds would it use?
- A.
  
  Nonapproprated funds
- B.
  
  Reimbursable O&M funds
- C.
  
  Military construction appropriation
- D.
  
  Operations and maintenance
Correct Answer
C. Military construction appropriation

Explanation
The Air Force would use military construction appropriation funds to initially construct an NCO open mess facility. These funds are specifically allocated for the construction and improvement of military facilities. They are separate from nonappropriated funds, which are generated from sources like on-base businesses and used for morale, welfare, and recreation programs. Reimbursable O&M funds are used to cover the costs of services provided by one military organization to another. Operations and maintenance funds are typically used for day-to-day operations and maintenance of existing facilities.

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50.

Total Obligation Authority (TOA) includes both Direct Budget Authority (DBA) and
- A.
  
  Reimbursement Budget Authority (RBA)
- B.
  
  Cost Benefit Analysis (CBA)
- C.
  
  Total Actual Authority (TAA)
- D.
  
  Operations and Maintenance (O&M)
Correct Answer
A. Reimbursement Budget Authority (RBA)

Explanation
Total Obligation Authority (TOA) is a term used in budgeting and finance. It refers to the total amount of funds that an organization or government agency is authorized to obligate or spend during a specific period. TOA includes both Direct Budget Authority (DBA), which is the funding that comes directly from the organization's budget, and Reimbursement Budget Authority (RBA), which is the funding that is reimbursed by another entity. Therefore, RBA is a component of TOA and is included in the total amount of funds that can be obligated or spent.

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Mar 20, 2023

Quiz Edited by
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Nov 16, 2013

Quiz Created by
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6f051 Edit Code 7 Set 2

What should you do before conducting an in depth funds analysis?

An economic analyss (EA) is an aid to rational choice among competing alternatives. How many steps are in a formal EA?

Risk from imperfect knowledge about the state of the world lead to what type of risk?

Funding variances occur when reprogramming actions take place, identify the two types of funding variances?

The key to successfully accomplishing your role as a financial analyst is your

While standard organizational structuresare defined n Air Force Instruction AFI 38-101, who determines the organzational structure of your base?

Under which group in an objective wing would you find weapon systems operators such as pilots, navigators, flight engineers, and missle launch officers?

The group in a wing responsible for supply, transportation, and contracting is

Which group within a wing is responsible for the housing, feeding, security, communications, and recreational activities of the base?

The rules and procedures for using funds appropriated to the Air Force can be found in AFI 65-601, volume

Which AFI contains current symbols and budget codes and their descriptions?

Which publication establishes prerequisites for recording obligations?

The first phase of the DOD biennial planning, programming, and budgeting decision making process and involves all the key elements within DOD in their respective areas of responsibility is

Which cycle of the DOD biennial planning, programming, budgeting, and execution (PPBE) system identifies military goals and develops courses of action to meet them

DOD functional categories are classifications of expense that are directly subordinate to

In which stage of the budget cycle are estimates developed within the DOD accounting structure?

The Chief of Staff of the Air Force approves or adjusts estimates and submits them to what agency or office that wil make the last official action to either approve or adjust the Dept of the Air Force budget estimate?

Which federal department or agency prepares the appropriation warrant?

Of the two types of documents issued to the major commands, which one makes funds available for obligation from an allocation or suballocation?

Identify the document that contains annual and quarterly funding authority within the operations and maintenence appropriation?

Which appropriation, by perod of availabiltiy, has the greatest impact on base management?

What are teh two statuses of availability categories for appropriation accounts?

Funds made availabe to the Air Force cannot be established in reserve accounts to use later; therefore, funds are programmed

The basic purpose of the operating budget is to ensure that you price the baseline property and

The directive to price an approved program in a specific format is called

In what moth does the SAF issue the USAF Call to the major commands (MAJCOM)"

What process doe the Air Force use to sharpen financial planning?

How many parts are included in the Bogey?

Budgeting provides a means for coordinating activities toward what common goal?

A balanced equitable program consists of a balance between

The operations and maintenance (O&M) execution plan will have narratives written at what level?

How many sections must be included in the operations and maintenance (O&M) execution plan?

Who reviews the financial plan to make sure that estimated costs and justifications are factual and complete?

You can submit the budget to the MAJCOM after whose approval?

What perspective in the Commander's Resource Information System (CRIS) do you use to retrieve an end of day snap shot of the most current budget execution data?

If your commanderwants to know how the unit is executing their 2008 TDY budget, what data should you use in the search criteria in CRIS?

On what time interval basis are research, development, test and evaluation (RDT&E) funds set up?

Which program within the RDT&E appropriation includes work performed under contract with other government agencies, private industry, and educational institutions?

At which level does the Air Force manage research, development, test and evaluation (RDT&E) funds for the current and immediate preceeding fiscal year?

What are the two appropriations for management of military family housing (MFH)

What budget program is set up to cover O&M costs of the military family housing (MFH) program

Which expense is not reimbersable for military family housing (MFH)

Can your commander purchase egg rolls for a chinese day function using appropriated funds and if so, when?

What is the very heart of the financial management process that allow you to estimate, justify, and manage base fund requirements?

Financial plan year fund requirements may vary from historical data because of

The appropriation ystem provides for

Analysis of historical data does not involve the full act of analyzing

When tracking moey due to the government, which item would you identify as a recovery of excess payments accredited to an appropriation?

When the Air Force takes steps to initially construct an NCO open mess facility, wha type of funds would it use?

Total Obligation Authority (TOA) includes both Direct Budget Authority (DBA) and