Finance CDC's Vol. 2 Book 2

  1. What should you do before conducting an in-depth funds analysis?
    b. Conduct preliminary research.
  2. An economic analysis (EA) is an aid to rational choice among competing alternatives. How many steps are in a formal EA?
    d. Six.
  3. Risk from imperfect knowledge about the state of the world lead to what type of risk?
    c. Requirements.
  4. Funding variances occur when reprogramming actions take place; identify the two types of funding variances?
    c. Slippage and acceleration.
  5. The key to successfully accomplishing your role as a financial analyst is your
    d. professional reputation and in-depth knowledge of your wing’s mission and structure.
  6. While standard organizational structures are defined in Air Force Instruction (AFI) 38–101,who determines the organizational structure of your base?
    d. The major command (MAJCOM).
  7. Under which group in an objective wing would you find weapon systems operators such as pilots, navigators, flight engineers, and missile launch officers?
    a. Operations.
  8. The group in a wing responsible for supply, transportation, and contracting is
    b. Logistics.
  9. Which group within a wing is responsible for the housing, feeding, security,communications, and recreational activities of the base?
    b. Support.
  10. The rules and procedures for using funds appropriated to the Air Force can be found in Air Force Instruction (AFI) 65–601, volume
    a. 1.
  11. Which Air Force Instruction (AFI) contains current symbols and budget codes and their descriptions?
    a. AFMAN 65-604
  12. Which publication establishes prerequisites for recording obligations?
    d. DFAS-DE 7000.4-R.
  13. The first phase of the Department of Defense (DOD) biennial planning, programming, and budgeting decision-making process and involves all the key elements within DOD in their respective areas of responsibility is
    c. determining military plans and requirements.
  14. Which cycle of the Department of Defense (DOD) biennial planning, programming, budgeting, and execution (PPBE) system identifies military goals and develops courses of action to meet them?
    a. Planning.
  15. Department of Defense (DOD) functional categories are classifications of expense that are directly subordinate to
    a. program elements (PE).
  16. In which stage of the budget cycle are estimates developed within the Department of Defense (DOD) accounting structure?
    d. Formulation.
  17. The Chief of Staff of the Air Force approves or adjusts estimates and submits them to what agency or office that will make the last official action to either approve or adjust the Department of the Air Force budget estimate?
    c. Secretary of the Air Force (SAF).
  18. Which federal department or agency prepares the appropriation warrant?
    c. Department of the Treasury.
  19. Of the two types of documents issued to the major commands (MAJCOM), which one makes funds available for obligation from an allocation or suballocation?
    a. Allotment.
  20. Identify the document that contains annual and quarterly funding authority within the operations and maintenance appropriation?
    d. Operating budget authority.
  21. Which appropriation, by period of availability, has the greatest impact on base management?
    b. One-year.
  22. What are the two statuses of availability categories for appropriation accounts?
    a. Current and expired.
  23. Funds made available to the Air Force cannot be established in reserve accounts to use later; therefore, funds are programmed
    a. in their entirety.
  24. The basic purpose of the operating budget is to ensure that you price the baseline property and
    c. the baseline for operations and maintenance (O&M) is accurate.
  25. The directive to price an approved program in a specific format is called
    c. Command Call.
  26. In what month does the Secretary of the Air Force (SAF) issue the USAF Call to the major commands (MAJCOM)?
    a. January.
  27. What process does the Air Force use to sharpen financial planning?
    a. Bogey concept.
  28. How many parts are included in the Bogey?
    b. Two.
  29. Budgeting provides a means for coordinating activities toward what common goal?
    a. Mission accomplishment.
  30. A balanced equitable program consists of a balance between
    a. mission and support requirements.
  31. The operations and maintenance (O&M) execution plan will have narratives written at what level?
    a. Subactivity group (SAG).
  32. How many sections must be included in the operations and maintenance (O&M) execution plan?
    c. Four.
  33. Who reviews the financial plan to make sure that estimated costs and justifications are factual and complete?
    b. Financial Management Board (FMB).
  34. You can submit the budget to the major command (MAJCOM) after whose approval?
    a. Financial Management Board (FMB).
  35. What perspective in the Commander’s Resource Information System (CRIS) do you use to retrieve an end-of-day snapshot of the most current budget execution data?
    a. Program Summary Record (PSR).
  36. If your commander wants to know how the unit is executing their 2008 TDY budget, what data should you use in the search criteria in the Commander’s Resource Information System (CRIS)?
    b. EEIC of 409, fund code of 30, and fiscal year.
  37. On what time interval basis are research, development, test and evaluation (RDT&E) funds set up?
    d. Multiple-year.
  38. Which program within the research, development, test and evaluation (RDT&E) appropriation includes work performed under contract with other government agencies, private industry, and educational institutions?
    a. Mission.
  39. At which level does the Air Force manage research, development, test and evaluation (RDT&E) funds for the current and immediate preceding fiscal year?
    a. Program element (PE).
  40. What are the two appropriations for management of military family housing (MFH)?
    c. 57*7045 and 57*7040.
  41. What budget program is set up to cover operations and maintenance (O&M) costs of the military family housing (MFH) program?
    b. 720.
  42. Which expense is not reimbursable for military family housing (MFH)?
    a. Charges for mobile home space rental.
  43. Can your commander purchase egg rolls for a Chinese day function using appropriated funds and if so, when?
    b. Yes, as long as they are “sample size.”
  44. What is the very heart of the financial management process that allow you to estimate, justify, and manage base fund requirements?
    a. Approved programs.
  45. Financial plan year fund requirements may vary from historical data because of
    a. one-time fund requirements and program changes.
  46. The appropriation system provides for
    a. a specific amount of money for a specific purpose for a specific period.
  47. Analysis of historical data does not involve the full act of analyzing
    d. requirements.
  48. When tracking money due to the government, which item would you identify as a recovery of excess payments accredited to an appropriation?
    a. A refund.
  49. When the Air Force takes steps to initially construct an NCO open mess facility, what type of funds would it use?
    c. Military construction appropriation.
  50. Total Obligation Authority (TOA) includes both Direct Budget Authority (DBA) and
    a. Reimbursement Budget Authority (RBA).
  51. Which employee would be considered a wage grade (WG) employee?
    c. Electrician.
  52. In which civilian pay expense does the responsibility center manager (RCM) have the most control?
    a. EEIC 391—Overtime.
  53. Examples of other civilian personnel compensation (EEIC–392) include
    d. holiday pay, Sunday pay, and hazardous duty pay.
  54. A work year is equal to
    d. one employee being in pay status for the number of payable hours in a fiscal year.
  55. If temporary duty (TDY) travel encompasses more than one fiscal year, how are the charges obligated?
    d. Split expenses according to fiscal year incurred.
  56. Which element of expense/investment code identifies tuition assistance?
    b. 551.
  57. Who is responsible for computing funding requirements for tuition assistance?
    b. Education office.
  58. Which is not a category to analyze when computing the Flying Hour Program?
    b. Fuel consumption.
  59. To whom do senior officials delegate approval authority for contingency funds?
    d. No one below their level in the applicable command element.
  60. The focal point for developing transportation requirements is the
    b. transportation officer.
  61. Which method for developing transportation fund requirements is used most frequently?
    a. Cost-per-ton.
  62. The element of expense for civil engineering contract services, such as snow removal and fire protection, are classified as
    c. EEIC 533 – other civil engineering services.
  63. The respective units of measure for custodial services and refuse collection are
    c. square feet and cubic yards.
  64. The majority of materiel items are purchased from
    d. the Defense Working Capital Fund.
  65. Items such as periodicals, subscriptions, and training aids are classified as
    d. off-line supplies.
  66. Legal is one of the three types of limitations (restraints) imposed on the operating budget authority document legal, what are the other two?
    d. Line-item and administrative.
  67. Which reflects the use of targets?
    a. Budgetary tool.
  68. After receiving the Operating Budget Authority Document (OBAD) from the major command (MAJCOM), what procedure must be accomplished?
    d. Review of the OBAD submission, limitations, and targets to determine the percentage of the mission that can be accomplished.
  69. When interpreting the Operating Budget Authority Document (OBAD) at base level, which step is to review the location verifying that the OBAD is for your base?
    b. Second.
  70. What is your first consideration to determine the level at which you load fund targets?
    a. Do you consume resources at a level that’s significant and measurable?
  71. Fund apportionment has a direct effect at base level by making managers program their funds
    b. quarterly.
  72. When interpreting quarterly phasing, what column do you review?
    a. QUARTER.
  73. Mission-essential programs that are not funded fully are called
    d. disconnects.
  74. No more than what percentage of an annual appropriation can be obligated during the last two months of the fiscal year?
    c. 20.
  75. What is entered by the Financial Analysis Office into Standard Base Supply System (SBSS) to get into the Organizational Cost Center Record (OCCR) adjustment screen?
    a. 236.
  76. Which type of manager plans and directs the actions of an organization or program for an all-inclusive budget?
    b. Line.
  77. Which financial manager, appointed by a responsibility center manager (RCM), monitors and helps prepare estimated requirements for resources?
    c. Resource advisor (RA).
  78. Which type of responsibility ensures management decisions are compatible with the overall objectives of the installation?
    b. Collateral.
  79. Which type of responsibility are you carrying out if you, as a financial analyst, act as a liaison between resource advisors and offices within the comptroller section?
    d. Concurrent.
  80. Which type of managers are members of the Financial Management Board (FMB)?
    c. Top level.
  81. As a minimum, how frequently should the Financial Management Board (FMB) review the status of funds or accounts?
    b. Quarterly.
  82. What two types of training does the Resource Management System (RMS) provide?
    c. Initial basic training and specialized training.
  83. Which type of financial training is completed within 90 days after assignment?
    c. Initial basic.
  84. The key to Resource Management System (RMS) training is
    d. documentation.
  85. What is the maximum dollar value of a gift that may be accepted from an outside source?
    a. $19.99.
  86. If you dealt with a governmental matter during the last year of your service, how many years are you barred from representing that matter after leaving government service?
    b. Two.
  87. Which appropriation is used for day-to-day expenses such as training exercises,deployments, and civilian salaries?
    c. Operations and maintenance (O&M).
  88. Which government agency fashioned the Necessary Expense Rule, authorizing expenditures if necessary to accomplish the object of an appropriation?
    d. Government Accountability Office (GAO).
  89. If an organization spent their entire funding during the first two months of the fiscal year and continued to include obligations, then they would be in violation of the
    a. Antideficiency Act (ADA).
  90. What is an authorized exception to the Antideficiency Act (ADA)?
    c. Food and Forage Act.
  91. The Air Force requires an economic analysis (EA) if annual recurring costs exceed
    c. $250,000.
  92. Which is not an example of a capital asset?
    c. Training.
  93. Which Office of Management and Budget (OMB) circular directs the economic analysis (EA) process of commercial activities?
    c. A–76.
  94. Which step of activity-based management (ABM) assigns resource costs to activities?
    b. Step 2.
  95. What does activity-based costing (ABC) use to assign the costs of resources to activities?
    a. Cost drivers.
  96. The law of supply states that the quantity supplied is
    c. directly proportional to price.
  97. What is the equilibrium price?
    c. Price negotiated between buyers and sellers.
  98. In order to figure out a price, what must be contrasted?
    b. The laws of supply and demand.
  99. In which step of a business case analysis (BCA) would assumptions be made?
    d. Step 4.
  100. Which is not one of the four principles of operational risk management (ORM)?
    c. Accept all risks to meet mission requirements.
Card Set
Finance CDC's Vol. 2 Book 2