Practice Test Geeks(CGA) Certified Grant Administrator Practice Test
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Financial Management & Reporting Flashcards

7 cards from real CGA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Financial Management & Reporting flashcards as text

  1. A grantee discovers a $5,000 overcharge on a federal grant after the grant period ends. What is the correct action?

    Answer: Notify the awarding agency and refund the overcharged amount

    Grantees must refund any overcharges to the federal awarding agency and disclose the error, even after the grant period closes.

  2. Under the cost principles in 2 CFR Part 200, which test must ALL costs meet to be allowable?

    Answer: Allowable, allocable, reasonable, and consistently applied

    Per 2 CFR §200.405, all costs charged to federal awards must be allowable, allocable, reasonable, and consistently applied across all programs.

  3. An organization charges 50% of the executive director's salary to a federal grant. This is an example of which allocation method?

    Answer: Time and effort reporting

    Charging a percentage of salary to a federal award based on documented time spent is time and effort reporting, required under 2 CFR §200.430.

  4. What is the primary purpose of a Financial Status Report (FSR) submitted to a federal awarding agency?

    Answer: To document and report actual expenditures against the approved budget

    An FSR (now often called an SF-425 Federal Financial Report) documents actual expenditures, unliquidated obligations, and federal cash drawn down versus the approved budget.

  5. Which of the following best describes 'indirect costs' in grant budgeting?

    Answer: Costs incurred for common or joint objectives that cannot be specifically identified with a single award

    Indirect costs are those incurred for common or joint objectives of an organization that cannot be readily identified with a specific project or activity.

  6. A grantee wants to transfer 12% of funds between two budget categories. Under most federal awards, this action requires:

    Answer: Prior written approval from the federal awarding agency

    Most federal awards require prior written agency approval for budget modifications exceeding 10% of the total award or involving certain restricted categories.

  7. The SF-270 form is used by grantees to:

    Answer: Request advance or reimbursement of federal cash

    The SF-270 (Request for Advance or Reimbursement) is used to request federal cash payments either as an advance or reimbursement for incurred costs.