AGA Certified Government Financial Manager (CGFM) - CGFM Exam Practice Test
A federal government agency that expends beyond its appropriation is in violation of the
Correct Answer: A
Vote an answer
Explanation: Only visible for PassTestking members. You can sign-up / login (it's free).
An employee is set to receive a lumpsum payment of $500,000 in ten years. The agency uses an opportunity rate of 12% for its investments. If inflation is 3%, how much must the agency invest today to cover the future lumpsum payment?
Correct Answer: B
Vote an answer
Explanation: Only visible for PassTestking members. You can sign-up / login (it's free).
An analyst has identified several variables that may be impacting state lottery ticket sales, including investments in advertising, potential pay-out amounts and the size of lottery cards. Which of the following techniques would help determine the extent to which each variable is impacting sales?
Correct Answer: C
Vote an answer
Explanation: Only visible for PassTestking members. You can sign-up / login (it's free).
Management's ability to monitor for financial control weakness is most compromised if
Correct Answer: C
Vote an answer
Explanation: Only visible for PassTestking members. You can sign-up / login (it's free).
The four general government auditing standards are
Correct Answer: B
Vote an answer
Explanation: Only visible for PassTestking members. You can sign-up / login (it's free).
Management's need for real-time access to data is facilitated when
Correct Answer: A
Vote an answer
Explanation: Only visible for PassTestking members. You can sign-up / login (it's free).
Who holds primary responsibility for establishing internal controls?
Correct Answer: D
Vote an answer
Explanation: Only visible for PassTestking members. You can sign-up / login (it's free).
In the context of audit risk, which type of risk is primarily influenced by the effectiveness of an organization's internal controls?
Correct Answer: D
Vote an answer
Explanation: Only visible for PassTestking members. You can sign-up / login (it's free).