CBA Government & Regulatory Compliance

Question 1

What is the main purpose of government regulatory compliance in budgeting?

Accepted Answer

To maintain transparency and accountability

Answer

To generate additional revenue

Answer

To support private investments

Answer

To reduce tax rates

Question 2

Which legislation primarily governs financial reporting for U.S. federal agencies?

Accepted Answer

CFO Act of 1990

Answer

Sarbanes-Oxley Act

Answer

Federal Reserve Act

Answer

Gramm-Rudman-Hollings Act

Question 3

Why are internal controls important for compliance in public budgeting?

Accepted Answer

They prevent mismanagement of funds

Answer

They increase tax collection

Answer

They reduce inflation

Answer

They eliminate budget deficits

Question 4

What is the role of an audit in government compliance?

Accepted Answer

To verify compliance and detect errors

Answer

To prepare budget drafts

Answer

To assess investment returns

Answer

To monitor employee attendance

Question 5

Which document outlines the rules and procedures for federal budgeting?

Accepted Answer

OMB Circular A-11

Answer

IRS Code Manual

Answer

Federal Acquisition Regulation

Answer

Congressional Budget Act

Question 6

What does compliance reporting typically include?

Accepted Answer

Compliance certifications and audit findings

Answer

Only internal memos

Answer

Marketing plans

Answer

Employee evaluation reports