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CPFO Budget Exam Questions with Verified Answers Already Passed

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CPFO Budget Exam Questions with Verified Answers Already Passed Types of performance measures - Answers inputs (resources), outputs, efficiency, and effectiveness (outcomes). Structural Balance - Answers Balance between operating expenditures and operating revenues over the long term. Performan...

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  • October 28, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CPFO Budget
  • CPFO Budget
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TutorJosh
CPFO Budget Exam Questions with Verified Answers Already Passed

Types of performance measures - Answers inputs (resources), outputs, efficiency, and effectiveness
(outcomes).

Structural Balance - Answers Balance between operating expenditures and operating revenues over the
long term.

Performance benchmarks - Answers Comparative standards of performance and provide a frame of
reference for evaluating program and service quality and cost-effectiveness.

Line-item budgets - Answers Focus primarily on the inputs to be purchased.

Program budgets - Answers Focus on the outputs and outcomes to be achieved with a given level of
resources.

Coordination process involves - Answers Developing a calendar

Identifying responsibilities for completing various tasks

Ensuring that various parts of the budget process are properly integrated

Keeping the process on schedule

Producing reports, identifying issues and problems,

Ensuring that other requirements are met and quality standards are maintained.

Entity - Answers The government's financial report may not include all of the same entities and funds as
the budget document.

Performance evaluation provides - Answers Accountability and information on which to base
improvements.

Stakeholders' perceptions of the quality of public services - Answers An important factor in their overall
perception of the government and their level of confidence in governmental decision making.
Community's general social, demographic, and economic conditions

Organization-wide policies and goals - Answers Often presented in an introductory section of the
budget.

GASB issued Statement No. 34, Basic Financial Statementsand Management's

Discussion and Analysisfor State and Local Governments, which established a new financial

reporting model for state and local governments allows: - Answers choose to present mandated
budgetary comparisons either as part of the basic audited financial statements or as "required
supplementary information.

, Allowing budget to actual comparisons in unaudited RSI - Answers weakens an important control

Which of the following time periods are commonly used as a basis for the operating budget cycle? -
Answers 1 or 2 years

Fiscal Capacity - Answers The ability of a jurisdiction to generate taxes

and other revenues from its own sources.

A well-conceived and executed budget classification structure: - Answers Provides information in a
format and at a

level of detail to facilitate budget analysis

and decision making.

Reporting a budget to actual statement or schedule in a government's basic financial statements: -
Answers Should only be reported for the general fund

and major special revenue funds with annual

enacted budgets

Governmental funds include: - Answers General fund

Capital project fund

Debt service fund

Budget reserves can be used for: - Answers Temporary cash flow shortages

Emergencies

Unanticipated economic downturns

When setting program goals, which of the following should be the primary concern? - Answers The
required service level(s)

A major function of the NACSLB recommended practices is: - Answers To serve as tools to assist
governments in

improving their budget process.

Example of stabilization funds? - Answers Contingency fund

Rainy day fund

Working capital reserve fund

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