CGFM Trivia 3

Question 1

Which OMB circular governs requirements for grants and federal financial assistance?

Accepted Answer

2 CFR Part 200

Answer

2 CFR Part 200 (Uniform Guidance) superseded several OMB circulars and provides uniform administrative requirements, cost principles, and audit requirements for federal awards.

Question 2

In government budgeting, what is a 'continuing resolution'?

Accepted Answer

Temporary legislation funding government operations when a regular appropriation has not been enacted

Answer

A continuing resolution is temporary legislation that allows federal agencies to continue operating at prior-year funding levels when Congress has not passed a regular appropriations bill.

Question 3

What year was the Federal Accounting Standards Advisory Board (FASAB) established?

Accepted Answer

1990

Answer

FASAB was established in 1990 by a memorandum of understanding among the Treasury, OMB, and GAO to develop accounting standards for the federal government.

Question 4

The Single Audit Act requires audits of non-federal entities that expend how much in federal awards annually?

Accepted Answer

$750,000 or more

Answer

The Single Audit threshold is $750,000 in federal expenditures per year, as updated by 2 CFR Part 200; entities above this threshold must obtain a single or program-specific audit.

Question 5

What governmental fund type is used to account for general government activities not assigned to another fund?

Accepted Answer

General Fund

Answer

The General Fund is the primary operating fund of a government, used to account for all financial resources not required to be accounted for in another fund.

CGFM - Certified Government Financial Manager Practice Test

CGFM - Certified Government Financial Manager Practice Test

CGFM Trivia 3