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Government Financial Management Flashcards

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

Read the first 6 Government Financial Management flashcards as text

  1. Under the federal budget process, what happens to unobligated appropriations at the end of the fiscal year for most annual appropriations?

    Answer: They expire and are no longer available for new obligations

    Most annual appropriations expire at the end of the fiscal year, meaning no new obligations can be incurred after that date.

  2. What is the role of the Government Accountability Office (GAO) in relation to government financial management?

    Answer: Audits federal agencies and reports to Congress

    The GAO is an independent legislative branch agency that conducts audits, investigations, and evaluations and reports its findings to Congress.

  3. Which statement best describes a 'continuing resolution' in federal budgeting?

    Answer: Temporary legislation that funds government operations when a regular appropriations act has not been enacted

    A continuing resolution provides stop-gap funding to keep government operating at prior-year levels when Congress has not passed regular appropriations by the start of the fiscal year.

  4. What is 'cost allocation' in the context of government financial management?

    Answer: Distributing shared costs among programs, grants, or cost objectives based on a reasonable methodology

    Cost allocation assigns shared or indirect costs to programs or grants using a rational, consistent methodology that reflects actual resource consumption.

  5. Which document guides cost principles for non-federal entities receiving federal awards?

    Answer: 2 CFR Part 200 (Uniform Guidance)

    2 CFR Part 200, the Uniform Administrative Requirements, Cost Principles, and Audit Requirements, governs federal grant management for non-federal entities.

  6. In government auditing, what does 'economy and efficiency' relate to in a performance audit?

    Answer: Whether resources are acquired at low cost and used with minimum waste to achieve objectives

    Economy and efficiency audits assess whether resources are obtained at reasonable cost and used without waste to accomplish the entity's mission.

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Sources & references

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  1. theiia.org — Eligibility, score validity, registration deadline, retake policy, registration, renewal · verified Oct 2026