CGFM EXAM 1 QUESTIONS
WITH VERIFIED ANSWERS 2024
UPDATED
Federalism - CORRECT ANSWER>>>>Power is distributed among different levels of
government, no one level has complete authority
Sovereignty - CORRECT ANSWER>>>>National government cant be sued by states or
citizens without its permission
Popular Sovereignty - CORRECT ANSWER>>>>Citizens hold ultimate authority
through the ballot; even a sovereign government is accountable to citizens
Primary Purpose of Government - CORRECT ANSWER>>>>Provide services to its
citizens
National government cant dictate the manner in which state and local programs should
operate
Why are state and local governments called labratories of democracy? - CORRECT
ANSWER>>>>They experiment with policies and procedures that are later adopted at
the national level (upward influence)
At the state level, the legislative branch is sometimes referred to as? - CORRECT
ANSWER>>>>General Assembly
Cities, towns & villages are ________________ governments - CORRECT
ANSWER>>>>Municipal
What is the type of municipal government with two branches: executive (mayor), and
legislative (council) - CORRECT ANSWER>>>>Mayor-Council form
The form of municipal government where the executive and legislative branches are
combined into the authority of commissioners - CORRECT ANSWER>>>>Commission
form
Type of municipal government where council members embody the legislative branch &
a manager serves at discretion of the council- not the voters - CORRECT
ANSWER>>>>Council Manager Form
,The first 10 amendments are known as ______________ - CORRECT
ANSWER>>>>The Bill of RIghts
How many articles are in the Constitution? - CORRECT ANSWER>>>>Seven
No one branch of government can exercise complete control over another - CORRECT
ANSWER>>>>Separation of Powers
Under _________________, courts can overturn laws if deemed unconstitional -
CORRECT ANSWER>>>>Judicial Review
Since each house may pass a different version of a bill, differences are reconciled in
___________________ - CORRECT ANSWER>>>>Conference Committees
Congress may override the presidents veto with a _______________ vote in BOTH
houses - CORRECT ANSWER>>>>Two-Thirds
The 3 branches of government can further be divided into ____________________ -
CORRECT ANSWER>>>>Components
Which branch has the most components - CORRECT ANSWER>>>>Executive
Many government components take the form of ________________, either permanent
of temporary - CORRECT ANSWER>>>>Commissions
The local government equivalent of a constitution - CORRECT ANSWER>>>>Charter
Put the following in order per hierarchy of government authorities: Laws, Executive
Orders, Constitution, Rules & Regulations - CORRECT ANSWER>>>>Constitution,
Laws, Executive Orders, Rules & Regulations
Which decision is most likely to be made during the "programming phase"
a- broad goals of government
b- whether to lease space of construct a new building
c- how to respond to an audit report
d- appropriate accounting methods - CORRECT ANSWER>>>>B - Make or buy done
decisions done during programming phase
Which is not a typical output of programming phase?
a- most cost effective means to acheive objectives
b- specific, measurable objectives
c- level of resources requested
d- reprogramming requests - CORRECT ANSWER>>>>D - reprogramming requests
, Typically, which type of budget will be in effect the longest?
a-operations
b- cash flow
c- capital - CORRECT ANSWER>>>>C- Capital
What is the purpose of forecasting in regards to the budget? - CORRECT
ANSWER>>>>To determine the likely level of economic activity & economic trends and
how they will impact revenue & expenses
What publication of the national government provides an effective guide to internal
controls & may be applied at all levels of government - CORRECT
ANSWER>>>>Standards for Internal Control in the federal government (GAO)
Which of the following is least supported through financial accounting?
a- information about expenses and inter-governmental transfers
b- info about fund levels & disbursements
c-info about deposits and earmarked receipts
d- info about achievement of program outcomes - CORRECT ANSWER>>>>D - this
requires non-financial information
Which entity provides detailed instructions for completing performance & accountability
reports at the federal level?
a- AGA
b- OMB
c- GASB
d- FASAB - CORRECT ANSWER>>>>B- OM
3 types of accounting - CORRECT ANSWER>>>>Financial, Managerial, Budgetary
Type of accounting that tracks affects of financial events on the financial position of an
entity - CORRECT ANSWER>>>>Financial
Type of accounting that tracks commitments, obligations & expenditures by purpose,
time and amount - CORRECT ANSWER>>>>Budgetary
Type of accounting used to gauge the cost effectiveness of operations to improve
efficiency - CORRECT ANSWER>>>>Managerial (cost accounting)
Phase of management cycle used to communicate accomplishments & resources
expended - CORRECT ANSWER>>>>Reporting
What entity defines GAAP for state/local governments - CORRECT
ANSWER>>>>Governmental Accounting Standards Board (GASB)
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