Vol 5 - Financial Management

Question 1

Which stage of the PPBE begins when the president signs the Appropriations Bill?

Answer 1

Execution

Question 2

______ is responsible for aligning a new NexGen Work Group to a Shop Rate.

Answer 2

CE FM

Question 3

The FIAR methodology defines the ______, underlying detailed activities and resulting work products that all reporting entities should follow to become audit ready.

Answer 3

key tasks

Question 4

Sustainment maintenance is a category of Sustainment Activities, which of the following is part of sustainment maintenance?

Answer 4

Work to maintain the inventory of real property assets through its expected service life

Question 5

By performing these test procedures in advance of a financial statement audit, reporting entities can identify gaps in controls and documentation that require the implementation of corrective actions ______ the audit.

Answer 5

prior to

Question 6

Which stage of the PPBE is a period when planning decisions, programming guidance, and congressional guidance are converted into a detailed allocation of resources?

Answer 6

Programming

Question 7

All of the following are valuation challenges that must be addressed in coordination with leading OSD offices except?

Answer 7

Gathering Personal Data

Question 8

While progress has been made, time is of the essence; therefore, the Strategy has been updated and re-aligned to stress the urgency necessary to achieve full financial statement audits within the ______.

Answer 8

congressionally-mandated timeframe

Question 9

Which type of work classification includes scheduled repair activities to maintain the inventory of real property assets enabling them to reach their expected service life?

Answer 9

Sustainment Repair

Question 10

______ ensures programs are properly and reasonably priced.

Answer 10

Program and Budget Review

Question 11

From the following Accounting Classification code select the part of the code that contains the appropriation code.

5703400 300 7815 111300 01 50641 667100 18551F AA

Answer 11

3400

Question 12

Which part of the budget cycle is where funds are allocated, obligated, and expended to accomplish DoD’s plan?

Answer 12

Execution

Question 13

All ______ cost centers need to have a corresponding reimbursable cost center, so that when that Work Group performs work, the appropriate reimbursable cost center can be generated on the Reimbursable Report.

Answer 13

Actual Time Accounting (ATA)

Question 14

From the following Accounting Classification code select the part of the code that contains the program element code.

5703840 300 7815 111300 01 50641 667100 18551F AA

Answer 14

18551F

Question 15

Which part of the budget cycle produces a budget resolution?

Answer 15

Review and Enactment

Question 16

Which stage of the PPBE produces the Defense Planning and Programming Guidance (DPPG)?

Answer 16

Planning

Question 17

The Air Force Element of Expense/Investment Code (EEIC) is a three- or five-character code consisting of ______ segments.

Answer 17

2

Question 18

Sustainment repair is a category of Sustainment Activities, which of the following is part of Sustainment repair?

Answer 18

Major repairs or replacement of facility components that are expected to occur periodically throughout the life cycle of facilities

Question 19

Which type of work classification includes work to maintain the inventory of real property assets through its expected service life?

Answer 19

Sustainment Maintenance

Question 20

Which part of the budget cycle is an act of Congress that authorizes agencies to incur obligations against the Treasury?

Answer 20

Appropriation Bill

Question 21

Which type of work classification includes alteration of facilities or components solely to implement new or higher standards?

Answer 21

Modernization Repair

Question 22

Which part of the budget cycle gives the government the authority to pursue particular programs?

Answer 22

Authorization Bill

Question 23

Which stage of accounting is when a need is realized?

Answer 23

Requirements Identified

Question 24

Which type of work classification includes repair and replacement work to restore facilities collaterally damaged due to inadequately sustained components, natural disaster, fire, accident or other causes?

Answer 24

Restoration Repair

Question 25

Which stage of the PPBE is when programs identified in the POM are reviewed?

Answer 25

Budgeting

Question 26

FIAR compliance supported by an accurate ______ for capitalization is a critical action for CEOER to accomplish.

Answer 26

DD1354

Question 27

Which stage of accounting is a legal liability incurred by the government?

Answer 27

Obligation

Question 28

Which stage of accounting is an actual payment of funds?

Answer 28

Expenditure

Question 29

Which part of the budget cycle acts as a blueprint for the appropriation process?

Answer 29

Budget resolution

Question 30

Facilities Sustainment (xxx78F) provides resources for maintenance and repair activities necessary to keep facilities in the Departments real property inventory in good working order and includes all of the following except?

Answer 30

Modernization

Question 31

______ Is a parametric model that estimates the amount of sustainment funding necessary to adequately sustain infrastructure of various types.

Answer 31

Facility Sustainment Model (FSM)

Question 32

Once it is determined that there has been a violation of 31 U.S.C. §§ 1341(a), 1342, or 1517(a), the agency head “shall report ______ to the President and Congress all relevant facts and a statement of actions taken.

Answer 32

immediately

Question 33

Financial Improvement and Audit Readiness (FIAR) success will be demonstrated through a financial statement audit performed by ______, resulting in an unmodified audit opinion on the Department’s financial statements.

Answer 33

independent auditors

Question 34

Which type of work classification includes work associated with functional conversion and work classified as UMC?

Answer 34

Modernization/Minor Construction

Question 35

An unlawful obligation and expenditure of appropriated funds can result in a violation of the ______.

Answer 35

Anti-Deficiency Act

Question 36

Which part of the budget cycles primary focus is on the current budget year?

Answer 36

Formulation

Question 37

Which stage of accounting is administrative reservation of funds/intent to spend?

Answer 37

Commitment