CDFM MODULE 1 EXAM REAL EXAM QUESTIONS AND CORRECT ANSWERS(DETAILED ANSWERS)/ RATED A+/ GUARANTEED PASS
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Course
CDFM - Certified Defense Financial Manager
Institution
CDFM - Certified Defense Financial Manager
CDFM MODULE 1 EXAM REAL
EXAM QUESTIONS AND CORRECT
ANSWERS(DETAILED ANSWERS)/ RATED A+/
GUARANTEED PASS
What act shifted congress to focus on overall budget totals, created new budget committees in each
house and shifted the fiscal year from July to October? - ANSWER 1974 Congressional Bu...
CDFM MODULE 1 EXAM 2023-2024 REAL
EXAM QUESTIONS AND CORRECT
ANSWERS(DETAILED ANSWERS)/ RATED A+/
GUARANTEED PASS
What act shifted congress to focus on overall budget totals, created new budget committees in each
house and shifted the fiscal year from July to October? - ANSWER 1974 Congressional Budget and
Impoundment Control Act
What prohibts the president from witholding funds without sufficient reason? - ANSWER Impoundment
Control Act of 1974
(1) Established deficit reduction goals aimed at a balanced budget in FY 1991/Sequestration procedures -
ANSWER 1985 Balanced Budget and Emergency Deficit Control Act
What act divided spending into mandatory and discretionary; also established pay as you go for
ENTITLEMETNS? - ANSWER 1990 Budget Enforcement Act
(1) Changed way budgets are to be justified and managed
(2) focused budget process on planning
(3) required agencies to submit strategic plans by September 30
(4) required annual performance plans
(5) required performance reports by March 31 2000 - ANSWER 1993 Government Performance and
Results Act
Annual performance plan requires OMB to establish federal priority goals and agencies to establish
priority goals. - ANSWER 2010 GPRA Modernization Act
, (1) Put in place 3 phased process to increase debt ceiling
(2) Mandated a vote on constitutional Balanced Budget amendment - ANSWER 2011 Budget Control Act
What are the three phases of the budget cycle? - ANSWER Budget formulation, Congressional action,
Budget Execution
What Act states the president must submit to congress his proposed budget for the next fiscal year by
the first monday in february? - ANSWER 1974 Congressional Budget Act
Defined in OMB Circular A-11 as the lowest level of budgetary formulation? - ANSWER Object class
What are the three steps in the Budget Enactment process? - ANSWER Budget Resolution Process,
Authorization Process, Appropriations Process
What happens during Budget Resolution Process? - ANSWER OMB and Secretary of the Treasury appear
before the house budget committee and senate budget committee to explain basis for budget proposals.
Ends with a concurrent budget resolution.
What is the hierarchy of laws managing funds? - ANSWER 31 USC 1514, OMB Circular A-123, DOD FMR
Volume 14
What is the order of government financial activity? - ANSWER 1. Congress appropriates
2. OMB apportions
3. Agency allots, commits, obligates, outlays
What authority allows you to make payments in advance of an appropriations act? - ANSWER
Entitlement authority (examples include social security, Medicare and unemployment)
Financial control document issues pursuant to law and is normally for the funding stated in an
appropriation bill? - ANSWER Appropriations warrant
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