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Free PDF Quiz 2025 CGFM: Fantastic Reliable Certified Government Financial Manager (CGFM) Test Prep

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CGFM Valid Study Guide | Valid Exam CGFM Braindumps

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The CGFM Exam consists of three included modules: Government Environment, Governmental Accounting, and Financial Reporting, and Governmental Financial Management and Control. Each of these modules tests different skills required for working in government financial management. Each module has a different weighting and includes roughly 20-25% of the exam content.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q18-Q23):

NEW QUESTION # 18
GAAP requires that the fees for enterprise fund services like water, sewer, and electricity offset costs. As a policy decision, governing board members choose among four water and sewer rate structures. Those are all EXCEPT:

A. None of these
B. Changing Rate
C. Declining Block and Seasonal Rate
D. Ascending block

Answer: B

NEW QUESTION # 19
What is the present value of $25,000 to be received 10 years from today if the opportunity rate is 4%, the current tax rate is 1% and the expected future value is 9%?

A. $15,295
B. $10,550
C. $16,900
D. $ 9,706

Answer: C

NEW QUESTION # 20
Initially Line item budgets were used by the local governments but afterwards more reformed practices has taken its place and grouped its purpose. Those refined and more manageable categories are all EXCEPT:

A. Loans
B. Salaries
C. Supplies
D. Equipment

Answer: A

NEW QUESTION # 21
The first step when gathering data for making strategic sourcing decisions is

A. researching spend data by category for each business unit.
B. developing supplier performance measures to add into the purchase agreements.
C. contacting business units to find out if there are existing purchasing contracts in place.
D. contacting vendors to submit bids under the request for bid process.

Answer: A

Explanation:
What Is Strategic Sourcing?Strategic sourcing is a systematic process aimed at optimizing an organization's purchasing activities to maximize value and minimize costs. It involves analyzing spending, selecting suppliers, and negotiating contracts strategically rather than reactively.
Why Start with Spend Data?
* Analyzing Spend Data:The first step is to understand the organization's current spending patterns by analyzing spend data by category and by business unit. This helps identify high-cost areas, redundancies, and opportunities for cost savings.
* Importance of Data-Driven Decisions:Without knowing where and how money is being spent, it's impossible to make informed strategic sourcing decisions.
Why Other Options Are Incorrect:
* A. Contacting Vendors:Vendors are contacted later in the process after the spend analysis is complete and sourcing strategies are determined.
* C. Contacting Business Units:While checking for existing contracts is part of the process, it happens after analyzing spend data.
* D. Developing Supplier Performance Measures:This step occurs much later, typically after supplier selection and contract execution.
References and Documents:
* GAO Guide to Strategic Sourcing (2013):Recommends starting with a detailed spend analysis as the foundation for effective sourcing decisions.

NEW QUESTION # 22
What type of analygis should a finance director use to determine if there will be enough funds available to cover bills due within the next 30 days?

A. quick/current ratio
B. receivables turnover ratio
C. budgetary cushion ratio
D. debt burden ratio

Answer: A

Explanation:
* Purpose of the Analysis:A finance director needs to assess whether the organization has enough funds available to cover short-term obligations (bills due within 30 days). This requires evaluating liquidity.
* Explanation of Key Ratios:
* Quick/Current Ratio: Measures an entity's ability to pay its short-term liabilities using liquid assets.
* Current Ratio= Current Assets ÷ Current Liabilities.
* Quick Ratioexcludes less liquid assets (e.g., inventory), focusing on assets that can quickly convert to cash.This is the appropriate measure for assessing immediate liquidity.
* Receivables Turnover Ratio: Measures how efficiently receivables are collected but doesn't directly evaluate liquidity for bills due within 30 days.
* Budgetary Cushion Ratio: Refers to financial reserves relative to annual spending, not short- term liquidity.
* Debt Burden Ratio: Evaluates debt relative to revenues but does not address immediate cash flow needs.
References:
* Government Finance Officers Association (GFOA),Liquidity Management Best Practices.
* Association of Government Accountants (AGA),Financial Statement Analysis for Government Finance Officers.

NEW QUESTION # 23
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