Test Prep Test Prep Certifications CGFM Questions & Answers

• Question 51:

  EFT is most widely used for direct deposit of payroll but other common applications include all of the following EXCEPT:

  A. Pension benefit payments

  B. Payroll tax payments to the Internal Revenue Service

  C. Electronic benefits transfer to recipients of the food stamp, Supplemental Security Income (SSI), Social Security, and Temporary Assistance to Needy Families (TANF) programs

  D. None of these

  Correct Answer: D

• Question 52:

  The performance auditor has input into the work plan, prioritizing projects based on:

  A. Legal mandates

  B. Risk and exposure

  C. Absence of performance and information

  D. All of these

  Correct Answer: D

• Question 53:

  Which of the following is NOT included in RFPs (Request for proposals) regarding audit?

  A. Scope of work

  B. Compensations and Terms of payment

  C. Selection Criteria

  D. Services furnished to the Auditor

  Correct Answer: C

• Question 54:

  Small local governments in states not requiring a financial audit may choose:

  A. A compilation

  B. Review or Member's audit

  C. Agreed-upon procedures

  D. Any of these

  Correct Answer: D

• Question 55:

  Program, Fundraising and administrative are the types of

  A. Assets

  B. Liabilities

  C. Expense

  D. None of these

  Correct Answer: C

• Question 56:

  Governments should also set service response goals. For example:

  A. To process 100% of all citizen claims within 96 hours of receipt

  B. To close 75% of claims investigated within 60 days

  C. To review and process at least 95% of workers' compensation claims within five days

  D. All of these

  Correct Answer: D

• Question 57:

  The financial section of financial reports contains:

  A. The independent Auditors' Report

  B. The management's Discussion and Analysis

  C. Risk analysis

  D. All EXCEPT "C"

  Correct Answer: D

• Question 58:

  In 2005 the police department had four lost workday cases and 27 days were lost. The department has 53 full-time employees. The frequency and severity rates will be

  A. 7.5 and 50.9

  B. 8.0 and 51.0

  C. 7.5 and 51.9

  D. 7.9 and 50.9

  Correct Answer: A

• Question 59:

  In claim management, insurance policies should specify what should be reported, including the nature of the alleged wrongful act, the alleged damages, and the names of claimants. Which of the following steps is included in this?

  A. Record the names, addresses, and phone numbers of all involved in the incident.

  B. Express concern for the individual, but not offer to pay any damages

  C. Take snapshots of the area, if possible

  D. All of these

  Correct Answer: D

• Question 60:

  ____________ extends the limits of general liability, automotive liability. And employers' liability, usually in $1 million blocks.

  A. Professional Liability

  B. Excessive Liability

  C. Police Professional Liability

  D. Public Officials and Employment Practices Liability

  Correct Answer: B