6f051 Edit Code 7 Set 2

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  • 1/100 Questions

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

    • Develop financial plan
    • Conduct preliminary research
    • Monitor reimbursement program
    • Develop economic impact statement
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About This Quiz

This quiz, titled '6F051 Edit Code 7 set 2', assesses key competencies in Air Force financial management. It covers preliminary research before funds analysis, steps in economic analysis, types of risks, funding variances, and essentials for a financial analyst's success.

Financial Management Quizzes & Trivia

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  • 2. 

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

    • Medical

    • Support

    • Logistics

    • Operations

    Correct Answer
    A. 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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  • 3. 

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

    • Operations

    • Logistics

    • Support

    • 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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  • 4. 

    What is the maximum dollar value of a gift that may be accepted from an outside source?

    • 19.99

    • 29.99

    • 49.99

    • 99.99

    Correct Answer
    A. 19.99
    Explanation
    The maximum dollar value of a gift that may be accepted from an outside source is $19.99.

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  • 5. 

    If an organization spent their entire funding duringthe first two months of the fiscal year and continued to include obligations, then they would be in violation of the

    • Antideficiency Act (ADA)

    • Goldwater Nichols Act

    • Time obligation restriction

    • Purpose obligation restriction

    Correct Answer
    A. Antideficiency Act (ADA)
    Explanation
    If an organization spends all of its funding during the first two months of the fiscal year and continues to incur obligations, it would be in violation of the Antideficiency Act (ADA). The ADA prohibits federal agencies from making expenditures or incurring obligations in excess of the amount available in their appropriations or in advance of appropriations. This act is in place to ensure that government agencies properly manage their funds and do not overspend or create financial obligations that cannot be fulfilled.

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  • 6. 

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

    • 1

    • 2

    • 3

    • 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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  • 7. 

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

    • Mission accomplishment

    • Functional area interaction

    • Financial blueprint development

    • 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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  • 8. 

    Who is responsible for computing funding requirements for tuition assistance?

    • Using activity

    • Education office

    • Contracting office

    • Financial analysis office

    Correct Answer
    A. Education office
    Explanation
    The Education office is responsible for computing funding requirements for tuition assistance. They are in charge of analyzing the financial needs of the students and determining the amount of funding required for tuition assistance programs. This office is dedicated to ensuring that students have access to the financial support they need to pursue their education.

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  • 9. 

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

    • Schedule

    • Technical

    • Requirements

    • Cost estimating

    Correct Answer
    A. 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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  • 10. 

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

    • Determination

    • Hard work and knowledge

    • Professional education and other classes

    • Professional reputation and in depth knowledge of your wing's mission and structure

    Correct Answer
    A. 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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  • 11. 

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

    • The DFAS

    • The SAF

    • The FSO

    • The MAJCOM

    Correct Answer
    A. 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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  • 12. 

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

    • Operations

    • Logistics

    • Medical

    • Support

    Correct Answer
    A. 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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  • 13. 

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

    • Bogey concept

    • Initial distribution

    • Presiden's budget (PB)

    • 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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  • 14. 

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

    • Financial Management Board (FMB)

    • Financial Working Group (FWG)

    • Supervisor

    • 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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  • 15. 

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

    • Program elements (PE)

    • Major force programs (MFP)

    • DOD elements of expense (DODEE)

    • 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. 

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

    • Current and expired

    • Current and direct

    • Expired and indirect

    • 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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  • 17. 

    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?

    • Element of expense investment code (EEIC) of 409 only

    • EEIC of 409, fund code of 30, and fiscal year

    • Fiscal year of 2007, and fund code of 30 only

    • Fund code 30 only

    Correct Answer
    A. 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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  • 18. 

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

    • Macro and micro

    • Slippage and stoppage

    • Slippage and accelaration

    • Acceleration and stoppage

    Correct Answer
    A. 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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  • 19. 

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

    • January

    • February

    • March

    • 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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  • 20. 

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

    • Subactivity group (SAG)

    • Product enhancing capital (PEC)

    • Element of expense investment code ( EEIC)

    • 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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  • 21. 

    Which employee would be considered a wage grade (WG) employee?

    • Doctor

    • Lawyer

    • Electrician

    • Computer Operator

    Correct Answer
    A. Electrician
    Explanation
    An electrician would be considered a wage grade (WG) employee because wage grade positions typically involve manual or technical work that requires a specific skill set or trade. Electricians perform skilled electrical work, such as installing, maintaining, and repairing electrical systems and equipment. They typically receive a wage based on a predetermined pay scale for their specific trade, making them a suitable example of a wage grade employee.

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  • 22. 

    Which is not an example of a capital asset?

    • Equipment

    • Buildings

    • Training

    • Land

    Correct Answer
    A. Training
    Explanation
    Training is not an example of a capital asset because it is not a physical or tangible item that can be owned or held for long-term use. Capital assets typically include items such as equipment, buildings, and land, which have a monetary value and are used in the production or operation of a business. Training, on the other hand, refers to the process of developing skills or knowledge in individuals and is considered an intangible asset rather than a capital asset.

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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

    • In their entirety

    • On a monthly basis

    • On a quarterly basis

    • 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. 

    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?

    • Program Summary Record (PSR)

    • Fund Summary Record (FSR)

    • Control Summary Record (CSR)

    • 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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  • 25. 

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

    • Yes, and te size does not matter

    • Yes, as long as they are "sample size"

    • No, egg rolls are always considered to be a meal

    • No, any type of food cannot be purchased legally with appropriated funds

    Correct Answer
    A. 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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  • 26. 

    How many parts are included in the Bogey?

    • One

    • Two

    • Three

    • Four

    Correct Answer
    A. Two
    Explanation
    The Bogey is composed of two parts.

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  • 27. 

    In which civilian pay expense does the responsibility center manager (RCM) have the most control?

    • EEIC 391 - Overtime

    • EEIC 393 - Personnel Benefits

    • EEIC 390 - Clothing Allowance

    • EEIC 392 - Personnel Compensation

    Correct Answer
    A. EEIC 391 - Overtime
    Explanation
    The responsibility center manager (RCM) has the most control over the EEIC 391 - Overtime civilian pay expense. Overtime pay is typically within the control of the RCM as they have the authority to approve or deny overtime requests based on the needs and budget of the organization. The RCM can closely monitor and manage the allocation of overtime hours, ensuring that they are used effectively and in accordance with the organization's objectives. This level of control allows the RCM to directly influence and manage the expenses associated with overtime pay.

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  • 28. 

    Which government agency fashioned te Necessary Expense Rule, authorizing expenditures if necessary to accomplish the object ofan appropriation?

    • National Security Council (NSC)

    • Congressional Budget Office (CBO)

    • Office of the Secretary of Defense (OSD)

    • Government Accountability Office (GAO)

    Correct Answer
    A. Government Accountability Office (GAO)
    Explanation
    The Government Accountability Office (GAO) is the correct answer because it is the agency responsible for fashioning the Necessary Expense Rule. This rule authorizes expenditures if they are necessary to accomplish the object of an appropriation. The GAO plays a crucial role in overseeing government spending and ensuring that funds are used appropriately and efficiently.

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  • 29. 

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

    • Three

    • Four

    • Five

    • Six

    Correct Answer
    A. 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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  • 30. 

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

    • AFMAN 65-604

    • AFMAN 65-504

    • AFMAN 65-503

    • 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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  • 31. 

    Which publication establishes prerequisites for recording obligations?

    • Office of Management and Budget (OMB) A-76

    • Department of Defense (DOD) 4000.19-R

    • Defense Finance and Accounting Service (DFAS)-DE 7077.2-M

    • DFAS-DE 7000.4-R

    Correct Answer
    A. 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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  • 32. 

    A balanced equitable program consists of a balance between

    • Mission and support requirements

    • Mission and nonappropriated requirements

    • Nonappropriated and support requirements

    • 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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  • 33. 

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

    • 57*7020 and 57*7040

    • 57*7030 and 57*7045

    • 57*7045 and 57*7040

    • 57*7045 and 57*7080

    Correct Answer
    A. 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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  • 34. 

    The focal point for developing transportation requirements is the

    • Resource advisor (RA)

    • Transportation officer

    • Responsibility center manager (RCM)

    • Financial Management Analysis (FMA) office

    Correct Answer
    A. Transportation officer
    Explanation
    The transportation officer is the focal point for developing transportation requirements because they are responsible for coordinating and managing transportation operations. They work closely with the resource advisor, responsibility center manager, and Financial Management Analysis office to ensure that transportation needs are met efficiently and effectively. The transportation officer has the expertise and knowledge to assess transportation requirements, plan and coordinate transportation activities, and ensure compliance with regulations and policies.

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  • 35. 

    Fund apportionment has a direct effect at base level by making managers program their funds

    • Monthly

    • Quarterly

    • Biannually

    • Annually

    Correct Answer
    A. Quarterly
    Explanation
    Fund apportionment refers to the allocation of funds to different programs or projects within an organization. The given statement suggests that fund apportionment has a direct effect at the base level, meaning it impacts the managers responsible for programming their funds. By choosing the correct frequency for fund apportionment, managers can effectively plan and allocate their funds to different activities. The quarterly option suggests that funds are apportioned every three months, allowing managers to regularly review and adjust their funding decisions based on the organization's needs and performance. This ensures a more dynamic and responsive approach to fund allocation.

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  • 36. 

    Which appropriation is used for day to day expenses such as training excercises, deployments, and civilian salaries?

    • Personnel

    • Procurement

    • Operations and Maintenance (O&M)

    • Research, development, tet, and evaluation (RDT&E)

    Correct Answer
    A. Operations and Maintenance (O&M)
    Explanation
    Operations and Maintenance (O&M) is the correct answer because it is the appropriation used for day to day expenses such as training exercises, deployments, and civilian salaries. O&M funds are allocated for the ongoing operations and maintenance of military equipment, facilities, and personnel. This includes costs related to the training and readiness of military personnel, as well as the upkeep and maintenance of equipment and facilities. It also covers expenses for civilian salaries, as they are part of the day to day operations of the military.

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  • 37. 

    Which federal department or agency prepares the appropriation warrant?

    • Headquarters US Air Force

    • DOD

    • Department of the Treasury

    • Office of Management and Budget (OMB)

    Correct Answer
    A. 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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  • 38. 

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

    • No year

    • One year

    • Two year

    • Multiple year

    Correct Answer
    A. 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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  • 39. 

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

    • Call instructions are appropriate

    • Inputs to the program objective memorandum (POM) are correct

    • The baseline for operations and maintenance (O&M) is accurate

    • The financial plan is submitted on time

    Correct Answer
    A. 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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  • 40. 

    The appropriation ystem provides for

    • A specific amount of money for a specific purpose for specific period

    • Management with a tool for measuring the progess of its programs

    • Managers to look at their historical data as a starting point for programming future requirements

    • 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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  • 41. 

    Which financial manager, appointed by a responsibility center manager (RCM), monitors and helps prepare estimated requirements for resources.

    • Cost analyst

    • Financial analyst

    • Resource advisor (RA)

    • Cost center manager (CCM)

    Correct Answer
    A. Resource advisor (RA)
    Explanation
    A Resource Advisor (RA) is a financial manager who is appointed by a responsibility center manager (RCM) to monitor and help prepare estimated requirements for resources. The RA is responsible for analyzing the resource needs of the organization and ensuring that the necessary resources are available to meet those needs. They work closely with the RCM to develop budgets and forecasts, and provide guidance on resource allocation and utilization. The RA plays a crucial role in ensuring that the organization has the right resources in place to achieve its financial goals.

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  • 42. 

    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?

    • Air Force Council

    • Natinal Security Council (NSC)

    • Secretary of the Air Force (SAF)

    • Office of Management and Budget (OMB)

    Correct Answer
    A. 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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  • 43. 

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

    • Program element (PE)

    • Military force program (MFP)

    • DOD element of expense (DODEE)

    • 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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  • 44. 

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

    • A refund

    • A reimbursement

    • A collection of monies taken during religious services

    • 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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  • 45. 

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

    • Reimbursement Budget Authority (RBA)

    • Cost Benefit Analysis (CBA)

    • Total Actual Authority (TAA)

    • 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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  • 46. 

    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

    • Costing of programs

    • Identifying our national goals

    • Determining military plans and requirements

    • Coordinating long range military planning with existing programs

    Correct Answer
    A. 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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  • 47. 

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

    • Program objective memorandum (POM)

    • Defense guidance

    • Command Call

    • USAF Call

    Correct Answer
    A. 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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  • 48. 

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

    • Charges for mobile home space rental

    • Amounts paid for utilities and services

    • Support of family housing owned by another service

    • 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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  • 49. 

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

    • Approved programs

    • Proper documentation

    • Formatted justification

    • 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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Quiz Review Timeline (Updated): Mar 20, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 16, 2013
    Quiz Created by
    Mjhennick
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