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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

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Question # 21

The basic steps in fraud audits include all of the following EXCEPT

Options:

A.  

consulting legal counsel.

B.  

reporting the results.

C.  

follow-up on control weaknesses.

D.  

considering political ramifications.

Discussion 0
Question # 22

As a way to ensure fiduciary responsiblity, a government entity should include which of the following in its investment

policy?

Options:

A.  

prices and performance of its investment securities

B.  

permissible and non-permissible investment securities

C.  

historical allocations of investment securities

D.  

key and non-key investment security controls

Discussion 0
Question # 23

One of the minimum components of a government financial system is

Options:

A.  

automated transaction processing.

B.  

debt-reduction analysis.

C.  

performance management reporting.

D.  

general ledger account definition.

Discussion 0
Question # 24

A program manager at a local agency needs to understand if program participation varies significantly from enrollment. The information changes daily. The best way to quickly analyze this would be to use

Options:

A.  

crosstab.

B.  

portable document format.

C.  

text file.

D.  

dashboard.

Discussion 0
Question # 25

Based on the data below, what can be concluded about outsourcing print job?

Question # 25

Options:

A.  

It is better to keep the printing in-house.

B.  

Outsourcing printing is feasible.

C.  

Outsourcing printing is necessary.

D.  

ABC Printing should be awarded the outsourcing contract.

Discussion 0
Question # 26

The legislation that expanded the requirements of audits to virtually all federal agencies is the

Options:

A.  

CFO Act of 1990.

B.  

Accountability for Tax Dollars Act of 2002.

C.  

Federal Financial Management Improvement Act of 1996.

D.  

Government Management Reform Act of 1994.

Discussion 0
Question # 27

Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that

are not provided in a timely manner?

Options:

A.  

Debt Collection Improvement Act

B.  

CFO Act

C.  

Accountability for Tax Dollars Act

D.  

Cash Management Improvement Act

Discussion 0
Question # 28

Performance measures that report the results of providing goods or services are known as

Options:

A.  

activity measures.

B.  

outcome measures.

C.  

output measures.

D.  

workload measures.

Discussion 0
Question # 29

Planning to support ongoing financial operations in the event of a natural disaster is based on the assumption that

Options:

A.  

leadership and staff will reconvene at an alternate location.

B.  

a fully redundant infrastructure will be available to staff at an alternate location.

C.  

there may be no warning of the potential emergency.

D.  

government agencies will need to operate as standalone organizations.

Discussion 0
Question # 30

A performance measurement that is measured the same way over several periods is

А. timely.

B.  

relevant.

C.  

reliable.

D.  

consistent.

Options:

Discussion 0
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