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GFMC Examination 3: Governmental Financial Management and Control (GFMC) is now Stable and With Pass Result | Test Your Knowledge for Free

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GFMC Practice Questions

Examination 3: Governmental Financial Management and Control (GFMC)

Last Update 3 days ago
Total Questions : 115

Dive into our fully updated and stable GFMC practice test platform, featuring all the latest Government Financial Manager exam questions added this week. Our preparation tool is more than just a AGA study aid; it's a strategic advantage.

Our free Government Financial Manager practice questions crafted to reflect the domains and difficulty of the actual exam. The detailed rationales explain the 'why' behind each answer, reinforcing key concepts about GFMC. Use this test to pinpoint which areas you need to focus your study on.

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Question # 11

Earned value management is preferred over traditional project management because

Options:

A.  

earned value management is used to monitor progress and deliverables of smaller projects.

B.  

earned value management provides information about status of deliverables, funds and time expended.

C.  

traditional project management is used to monitor progress and deliverables of larger projects.

D.  

traditional project management provides information about status of deliverables, funds and time expended.

Discussion 0
Question # 12

Efficient inventory management will result in

Options:

A.  

a low inventory turnover ratio.

B.  

high write-offs of obsolete inventory.

C.  

fewer instances of work stoppage.

D.  

high total asset turnover.

Discussion 0
Question # 13

A city parks department is selecting a contractor to renovate a community playground. Which of the following contractors should be selected?

Options:

A.  

The contractor with the lowest bid who has a history of delayed projects.

B.  

The contractor with the second-lowest bid, who has no prior violations and meets all bid specifications.

C.  

The contractor with the highest bid, who includes luxury, non-requested upgrades to the design.

D.  

The contractor whose bid was submitted past the deadline but offers a discount for early payment.

Discussion 0
Question # 14

Which of the following is an example of an outcome measure?

Options:

A.  

amount of disability inquiries received during a pandemic

B.  

total environmental impact statements reviewed

C.  

number of federal capital territory students that graduated

D.  

percentage of disaster claims paid on time

Discussion 0
Question # 15

The scope of a single audit engagement includes all of the following EXCEPT

Options:

A.  

financial statements.

B.  

internal controls.

C.  

performance results.

D.  

compliance with terms of the award.

Discussion 0
Question # 16

In an attestation engagement, which party would make an assertion about a subject matter?

Options:

A.  

management

B.  

auditor

C.  

practitioner

D.  

user

Discussion 0
Question # 17

The Federal Credit Reform Act requires complex calculations, which are likely to include errors. This is an example of

Options:

A.  

audit risk.

B.  

control risk.

C.  

detection risk.

D.  

inherent risk.

Discussion 0
Question # 18

The best source for annual liability and cash flow data is a state's

Options:

A.  

PAR.

B.  

ACFR.

C.  

appropriations bill.

D.  

statement of activities.

Discussion 0
Question # 19

The ratios used to determine an organization's ability to meet its creditor's demands are

Options:

A.  

budgetary cushion ratios.

B.  

liquidity ratios.

C.  

debt burden ratios.

D.  

turnover ratios.

Discussion 0
Question # 20

A sound investment category for pension funds that can be easily valued is

Options:

A.  

open-ended mutual funds.

B.  

reverse repurchase agreements.

C.  

derivative instruments.

D.  

internal investment pools.

Discussion 0
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