AGA AGA-CGFM Online Practice Questions and Exam Preparation

AGA AGA-CGFM Online Questions & Answers

• Question 101:

  Local governments sometimes provide water and sewer service to customers outside their jurisdiction. These customers are typically charged _______ than those living inside the government because of extra cost of extending service to them.

  A. More
  B. Less
  C. Same
  D. It depends
  A. More

• Question 102:

  Governments and Non-profits can invest 100% of their available funds by using:

  A. A bank's Zero balance account (ZBA)
  B. Mutual Funds Agencies
  C. OTC market investments
  D. All of these
  A. A bank's Zero balance account (ZBA)

• Question 103:

  An agency receives miscellaneous revenue and investment revenue. The January beginning balance is $12,000. Monthly revenue is projected to be $2,000 and monthly expenses are projected to be $1,800. The agency plans to purchase a $10,000 90-day bond at par value on January 15. The agency has a $20,000 90-day bond that matures on February 15. What is the projected cash balance at the end of March?

  A. $11,400
  B. $12,600
  C. $22,600
  D. $32,600
  C. $22,600

• Question 104:

  There are five types of repos. ___________ Repo is of one-day maturity Interest is based on the federal rate.

  A. Tri-party
  B. Open
  C. Overnight
  D. Term
  C. Overnight

• Question 105:

  States require that:

  A. Local units adopt balanced budgets but are silent about year-end balances
  B. Strategic planners first conduct SWOT analysis
  C. The Governor makes across-the-Board cuts
  D. None of there
  A. Local units adopt balanced budgets but are silent about year-end balances

• Question 106:

  Non-property tax and non-local tax, moral obligation, special assessment and special or limited tax are the types of:

  A. Go bonds
  B. So bonds
  C. Revolving loan funds
  D. None of these
  B. So bonds

• Question 107:

  Based upon the information below, for a governmental fund calculate the amount of revenues for the year using the modified accrual basis of accounting, assuming all deferred revenues are related to receivables.

  

  A. $278,000
  B. $245,000
  C. $247,000
  D. $253,000
  C. $247,000

• Question 108:

  A payment to the capital projects fund is recorded in the general fund as:

  A. an expense.
  B. an operating subsidy.
  C. an interfund loan.
  D. a transfer out.
  D. a transfer out.

• Question 109:

  Internal controls are the primary responsibility of:

  A. the financial systems.
  B. internal auditors.
  C. management.
  D. external auditors.
  C. management.

• Question 110:

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