GFEBS Debt Management Exam Practice Questions and Answers
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Course
GFEBS
Institution
GFEBS
GFEBS Debt Management Exam
Practice Questions and Answers
Treasury Reporting: Reason Status Codes - Correct Answer️️ -Reason Status codes
assist with the preparation of the TROR. Reason Status codes indicate the state of the
debt throughout the debt lifecycle and assist the accounting syste...
run automatically. It can be manually run by the Debt Management Processor if needed.
Interest accrues continually until the debt is collected or written off.
Who determines the applied interest amount? - Correct Answer✔️✔️-The U.S. Treasury
requires the Current Value of Funds Rate (CVFR) to be used as the interest rate. When
the debt record is created the interest rate (%) is assigned to the accounts receivables
record. The rate is fixed for the life of the debt.
CVFR - Correct Answer✔️✔️-Current Value of Funds
Fees - Correct Answer✔️✔️-are assessed to cover the additional costs incurred in
handling a debt beyond the date on which payment was due. They are applied only if
payment is not made by the due date specified on the billing form and / or demand
letter. The DoD components calculate fees based upon actual costs incurred. If the
actual cost is not available, fees may be determined by historical costs or by the cost
analysis method that supports determination of the charge.
Penalties - Correct Answer✔️✔️-are charges on delinquent debt to discourage
delinquencies and encourage early payment of the debt in full. The rate to be assessed
is set by law at more than six percent per year and is assessed on the portion of a debt
remaining delinquent for more than 90 days. The charges will accrue and be assessed
from the date of delinquency.
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