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CGFM (Certified Government Financial Manager) Exam Questions
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CGFM (Certified Government Financial Manager) Exam Questions
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1. There are four types of measure. All of the following are out of those measures EXCEPT:
2. Commercial banks issue ______________ which give local governments the money to refinance or refund debt at a lower interest rate.
3. The primary objectives, in priority order, should be:
4. The city of Mudville uses 1600 oil filters annually. The cost of placing an order is $5.00. The unit cost is $3.50. The carrying cost is 20 percent, and the carrying cost per unit is &0.70(0.20x$3.50). And, there are 255 working days per year, and each order requires three working days of lead time. What is the reorder point?
5. Which one of the following is not an opportunity for the Governmental budgetary plan?
6. RFP (Request for proposals) includes:
7. The local car dealer in town can provide the 10 new cars the city needs at cost of $150,000. If local preferences were given, what would the preference margin (PM) be, assuming the dealer pays $50,000 in local property and sales taxes and that the total sales by the dealer are $2,000,000?
8. In the collection of cash receipts, for a fee, organizations can engage a bank to provide a lock-box service. Lockboxes may be:
9. With a beginning departmental appropriation of $200,000, the water department orders $20,000 in chemicals. The actual invoice upon delivery is $18500. What is the available balance?
10. Similar accounting controls should be established over accounting for investment inventory management, cash disbursements, cash management and billing and receipt of taxes and utilities. Other effective internal control measures include which of the following?
11. A conflict of interest occurs when an employee enjoys monetary gain at public expense. Possible conflict of interest problems may be all of the following EXCEPT:
12. Which of the following is NOT a type of risk?
13. Governments have three principal options for selecting a bank. Which one of the following is the best out of those options?
14. A government borrows $20,000 for one year at a 10 percent interest rate. What will be the non-discounted loan?
15. Localities contract with a consulting engineer to make a preliminary feasibility study of a project, prepare a detailed design and construction specifications, coordinate construction activities, and advice on special problems that might occur during construction. Consulting engineers are compensated in which of the following way/s?
16. Local governments sometimes provide water and sewer service to customers outside their jurisdiction. These customers are typically charged _______ than those living inside the government because of extra cost of extending service to them.
17. Funds accounts for all unrestricted contributions, gifts and other income that can be used for any purpose are known as?
18. A ________ sweeps payroll, accounts, payables, and daily collections into a concentration account daily.
19. In non-reciprocal interfund activities transfers without repayment may occur because?
20. Which one of the following options is NOT the part of major steps in Property tax cycle procedure?
21. The IFB should:
22. Credit services, Trustee and related services and investment management services are the Secondary services provided by banks.
23. Under the ___________ arrangement, governments completely outsource the reconciliation to the bank, which reports items issued and paid, issued but not paid, and not yet issued.
24.
25. Governments and Non-profits can invest 100% of their available funds by using:

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