Confidently Practice Online with Free GFMC Exam Cram

Practice your Exam 3 - Governmental Financial Management and Control certification test with free GFMC exam cram and take control of your certification preparation. At FreeExamCram, you can practice online for free using real GFMC exam dumps, verified questions, and expert-designed free online practice tests. Moreover our AGA GFMC exam cram backed by our confidence-boosting refund guarantee.

Question 1

How may a city parks and recreation director meaningfully assess the performance of the department's grounds maintenance division?

Options :

A : use a single measure of citizen satisfaction with parks and recreation

B : evaluate funds spent on grounds maintenance

C : analyze grounds maintenance staffing levels

D : compare cost per acre maintained to cost per acre maintained in another jurisdiction

Answer: D

Question 2

One of the minimum components of a government financial system is

Options :

A : automated transaction processing.

B : debt-reduction analysis.

C :

performance management reporting.

D : general ledger account definition.

Answer: D

Question 3

Which of the following is an example of an internal control weakness?

Options :

A : The contract department staff awards contracts and maintains a database for vendor information.

B :

Management policy allows project managers to oversee controls of companies in which they have a material interest.

C :

The budget department staff is responsible for preparing the budget and for reporting on budget cost variances.

D :

The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts.

Answer: B

Question 4

If a state treasurer wants to evaluate a variety of alternative long-term investments, which financial analysis should be used?

Options :

A : net present value analysis

B : regression analysis

C : horizontal analysis

D : ratio analysis

Answer: A

Question 5

Which of the following statements from an audit finding is the condition?

Options :

A : We identified multiple credit card purchases without receipts to support them.

B : Government policy requires a cardholder to submit receipts for all purchases.

C : Finance Department personnel did not regularly review purchases to ensure compliance.

D : We recommend that the government implements a timely review of all credit card purchases.

Answer: A