FOB105 FM Body of Knowledge (FMBOK) Latest Update with complete solution
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Course
FOB105 FM Body of Knowledge
Institution
FOB105 FM Body Of Knowledge
The three main elements that must be reviewed and we must ensure are properly examined before
funds are obligated are: - Purpose, Time, and Amount
The Financial Working Group (FWG) manages commodities and resources integral to: - Base/unit
level operations activities
Which is a function of the ...
FOB105 FM Body of Knowledge
(FMBOK)
The three main elements that must be reviewed and we must ensure are properly examined before
funds are obligated are: - Purpose, Time, and Amount
The Financial Working Group (FWG) manages commodities and resources integral to: - Base/unit
level operations activities
Which is a function of the Financial Management Analysis (FMA) Officer? - Manages the budget,
cost, and accounting functions for the base
In a typical wing structure, who is responsible for the use of wing financial services for military and
civilian personnel? - Comptroller Squadron
The ____________ operates the wing's primary mission weapons system. - Operations Group
Which is a function of a Cost Center Manager (CCM)? - Regulates the daily consumption of
resources
The ______________ includes top-level managers, with membership tailored to the type of organization
structure involved to determine priorities and ensure effective allocation of resources - FMB
(Financial Management Board)
The _____________ is the Chairperson of the Financial Working Group (FWG). - Financial
Management Analysis Officer
In a typical wing organization, Responsibility Center Managers (RCMs) are usually _____________. -
Group Commanders
, The ______________ provides a way to establish priorities, choose policies, and act to get the desired
results and required resources at an acceptable cost. - Resource Management System
Cost Center Managers (CCMs) are usually at the _____________ level. - Squadron
"The established rule that is expenditure of public funds is proper only when authorized by Congress,"
describes: - Legislative Authority
_____________ has the ability to appropriate funds to be spent by the federal government. -
Congress
To apply reasonable discretion and flexibility, the Government Accountability Office (GAO) developed the
concept known as the _______________ which consists of a three-part test. - Necessary Expense
Rule
The bona fida needs rule, as it pertains to supplies, states that generally. agencies must obligate funds
from the fiscal year in which the supplies is if you are maintaining a stock of commonly used supplies
(inventory), you are permitted to replenish those stocks using current funding even if you may not use
those supplies until the following fiscal year to avoid an interruption of operations. - True
A(n) ________________ appropriation is to remain available until expended without fiscal year
limitation. - No-year
Under the "Seperation of Powers" doctrine, ________________ has the final word on how much money
can be spent by given agency or program. - Congress
The ADA imposes prohibitions (fiscal controls) at three levels: Appropriation Level, Apportionment Level,
Formal Subdivision Level. - True
The Anti Deficiency Act Principles sate that you can receive services without paying for them as a benefit
to the government. - False
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