Free Access AGA.CGFM.v2022-08-15.q92 Practice Test (Page 2)

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AGA.CGFM.v2022-08-15.q92 Practice Test

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Question 1

QPL is a specification based on:

A.Manufacturers' names

B.None of these

C.Both of these

D.Brand names or model numbers that have been examined and approved for purchase by the government or nonprofit.

Correct Answer: C

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Question 2

A building with a replacement value of $1,000,000 has depreciated by 50%. What amount of risk has been unwittingly assumed?

A.$600,000

B.None of these

C.$500,000

D.$550,000

Correct Answer: C

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Question 3

The internal control structure is designed to assist managers in:

A.guaranteeing the success of an organization's program and preventing fraud, waste and mismanagement of resources.

B.preparing consistent financial statements in accordance with applicable standards.

C.ensuring that physical security controls prevent unauthorized individuals from accessing sensitive information.

D.achieving agency program objectives and ensuring that functions are efficiently and effectively performed.

Correct Answer: D

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Question 4

Using purchasing cards for contract purchases creates efficiencies for all of the following EXCEPT:

A.improved cash flow for the vendor.

B.savings in transaction costs.

C.detection of fraudulent purchases.

D.streamlining payment in the accounts payable system.

Correct Answer: C

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Question 5

A well-managed risk management program has following preconditions EXCEPT:

A.A centralized operation with trained personnel

B.A formal statement of policies

C.None of theselEl

D.A good recordkeeping system

Correct Answer: C

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