6F051 Volume 4

Front 1

201) What should you do before conducting an in-depth funds analysis?
a. Develop financial plan.
b. Conduct preliminary research.
c. Monitor reimbursement program.
d. Develop economic impact statement.

Back 1

b

Front 2

201) An economic analysis (EA) is an aid to rational choice among competing alternatives. How many steps are in a formal EA?
a. Three.
b. Four.
c. Five.
d. Six.

Back 2

d

Front 3

201) Risk from imperfect knowledge about the state of the world lead to what type of risk?
a. Schedule.
b. Technical.
c. Requirements.
d. Cost estimating.

Back 3

c

Front 4

201) Funding variances occur when reprogramming actions take place; identify the two types of funding variances?
a. Macro and micro.
b. Slippage and stoppage.
c. Slippage and acceleration.
d. Acceleration and stoppage.

Back 4

c

Front 5

202) The key to successfully accomplishing your role as a financial analyst is your
a. determination.
b. hard work and knowledge.
c. professional education and other classes.
d. professional reputation and in-depth knowledge of your wing’s mission and structure.

Back 5

d

Front 6

202) While standard organizational structures are defined in Air Force Instruction (AFI) 38–101, who determines the organizational structure of your base?
a. The Defense Finance and Accounting Service (DFAS).
b. The Secretary of the Air Force (SAF).
c. The Financial Service Office (FSO).
d. The major command (MAJCOM).

Back 6

d

Front 7

7. (202) 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.
b. Logistics.
c. Support.
d. Medical.

Back 7

a

Front 8

202) The group in a wing responsible for supply, transportation, and contracting is
a. Operations.
b. Logistics.
c. Medical.
d. Support.

Back 8

b

Front 9

9. (202) Which group within a wing is responsible for the housing, feeding, security, communications, and recreational activities of the base?
a. Medical.
b. Support.
c. Logistics.
d. Operations.

Back 9

b

Front 10

10. (203) 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.
b. 2.
c. 3.
d. 5.

Back 10

a

Front 11

203) Which Air Force Instruction (AFI) contains current symbols and budget codes and their descriptions?
a. AFMAN 65–604.
b. AFMAN 65–504.
c. AFMAN 65–503.
d. AFMAN 65–501.

Back 11

a

Front 12

203) Which publication establishes prerequisites for recording obligations?
a. Office of Management and Budget (OMB) A–76.
b. Department of Defense (DOD) 4000.19-R.
c. Defense Finance and Accounting Service (DFAS)-DE 7077.2-M.
d. DFAS-DE 7000.4-R.

Back 12

d

Front 13

204) 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
a. costing of programs.
b. identifying our national goals.
c. determining military plans and requirements.
d. coordinating long-range military planning with existing programs.

Back 13

c

Front 14

204) 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.
b. Budgeting.
c. Execution.
d. Programming.

Back 14

a

Front 15

205) Department of Defense (DOD) functional categories are classifications of expense that are directly subordinate to
a. program elements (PE).
b. major force programs (MFP).
c. Department of Defense elements of expense (DODEE).
d. Air Force elements of expense/investment codes (EEIC).

Back 15

a

Front 16

16. (206) In which stage of the budget cycle are estimates developed within the Department of Defense (DOD) accounting structure?
a. Review.
b. Execution.
c. Enactment.
d. Formulation.

Back 16

d

Front 17

206) 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?
a. Air Force Council.
b. National Security Council (NSC).
c. Secretary of the Air Force (SAF).
d. Office of Management and Budget (OMB).

Back 17

c

Front 18

207) Which federal department or agency prepares the appropriation warrant?
a. Headquarters US Air Force.
b. Department of Defense (DOD).
c. Department of the Treasury.
d. Office of Management and Budget (OMB).

Back 18

c

Front 19

208) 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.
b. Appropriation warrant.
c. Apportionment request.
d. Operating budget authority.

Back 19

a

Front 20

208) Identify the document that contains annual and quarterly funding authority within the operations and maintenance appropriation?
a. Allotment.
b. Appropriation warrant.
c. Apportionment request.
d. Operating budget authority.

Back 20

d

Front 21

209) Which appropriation, by period of availability, has the greatest impact on base management?
a. No-year.
b. One-year.
c. Two-year.
d. Multiple-year.

Back 21

b

Front 22

22. (209) What are the two statuses of availability categories for appropriation accounts?
a. Current and expired.
b. Current and direct.
c. Expired and indirect.
d. Expired and direct.

Back 22

a

Front 23

210) Funds made available to the Air Force cannot be established in reserve accounts to use later; therefore, funds are programmed
a. in their entirety.
b. on a monthly basis.
c. on a quarterly basis.
d. in six month increments.

Back 23

a

Front 24

(210) The basic purpose of the operating budget is to ensure that you price the baseline property and
a. Call instructions are appropriate.
b. inputs to the program objective memorandum (POM) are correct.
c. the baseline for operations and maintenance (O&M) is accurate.
d. the financial plan is submitted on time.

Back 24

c

Front 25

211) The directive to price an approved program in a specific format is called
a. program objective memorandum (POM).
b. defense guidance.
c. Command Call.
d. USAF Call.

Back 25

c

Front 26

211) In what month does the Secretary of the Air Force (SAF) issue the USAF Call to the major commands (MAJCOM)?
a. January.
b. February.
c. March.
d. April.

Back 26

a

Front 27

212) What process does the Air Force use to sharpen financial planning?
a. Bogey concept.
b. Initial distribution.
c. President’s budget (PB).
d. Continuing Resolution Authority (CRA).

Back 27

a

Front 28

28. (212) How many parts are included in the Bogey?
a. One.
b. Two.
c. Three.
d. Four.

Back 28

b

Front 29

213) Budgeting provides a means for coordinating activities toward what common goal?
a. Mission accomplishment.
b. Functional area interaction.
c. Financial blueprint development.
d. Implementation of a rigid planning document

Back 29

a

Front 30

213) A balanced equitable program consists of a balance between
a. mission and support requirements.
b. mission and nonappropriated requirements.
c. nonappropriated and support requirements.
d. nonappropriated and appropriated requirements.

Back 30

a

Front 31

214) The operations and maintenance (O&M) execution plan will have narratives written at what level?
a. Subactivity group (SAG).
b. Product enhancing capital (PEC).
c. Element of expense investment code (EEIC).
d. Responsibility Center/Cost Center (RCCC).

Back 31

a

Front 32

214) How many sections must be included in the operations and maintenance (O&M) execution plan?
a. Two.
b. Three.
c. Four.
d. Five.

Back 32

c

Front 33

215) Who reviews the financial plan to make sure that estimated costs and justifications are factual and complete?
a. Financial Management Analysis (FMA).
b. Financial Management Board (FMB).
c. Financial Working Group (FWG).
d. Comptroller.

Back 33

b

Front 34

215) You can submit the budget to the major command (MAJCOM) after whose approval?
a. Financial Management Board (FMB).
b. Financial Working Group (FWG).
c. Supervisor.
d. Commander.

Back 34

a

Front 35

216) 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).
b. Fund Summary Record (FSR).
c. Control Summary Record (CSR).
d. Document Summary Record (DSR).

Back 35

a

Front 36

216) 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)?
a. Element of expense investment code (EEIC) of 409 only.
b. EEIC of 409, fund code of 30, and fiscal year.
c. Fiscal year of 2007 and fund code of 30 only.
d. Fund code of 30 only.

Back 36

b

Front 37

217) On what time interval basis are research, development, test and evaluation (RDT&E) funds set up?
a. No-year.
b. Quarterly.
c. Annually.
d. Multiple-year.

Back 37

d

Front 38

217) 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.
b. Outsourcing.
c. Management and support.
d. Operations and maintenance (O&M).

Back 38

a

Front 39

217) 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).
b. Military force program (MFP).
c. DOD element of expense (DODEE).
d. Responsibility Center/Cost Center (RC/CC) code.

Back 39

a

Front 40

217) What are the two appropriations for management of military family housing (MFH)? a. 57*7020 and 57*7040.
b. 57*7030 and 57*7045. c. 57*7045 and 57*7040. d. 57*7045 and 57*7080.

Back 40

c

Front 41

217) What budget program is set up to cover operations and maintenance (O&M) costs of the military family housing (MFH) program?
a. 710.
b. 720.
c. 730.
d. 740.

Back 41

b

Front 42

217) Which expense is not reimbursable for military family housing (MFH)?
a. Charges for mobile home space rental.
b. Amounts paid for utilities and services.
c. Support of family housing owned by another service.
d. Charges for initial utility connection of privately owned mobile homes

Back 42

a

Front 43

217) Can your commander purchase egg rolls for a Chinese day function using appropriated funds and if so, when?
a. Yes, and the size does not matter.
b. Yes, as long as they are “sample size.”
c. No, egg rolls are always considered to be a meal.
d. No, any type of food cannot be purchased legally with appropriated funds.

Back 43

b

Front 44

218) What is the very heart of the financial management process that allow you to estimate, justify, and manage base fund requirements?
a. Approved programs.
b. Proper documentation.
c. Formatted justification.
d. MAJCOM authorizations.

Back 44

a

Front 45

219) Financial plan year fund requirements may vary from historical data because of
a. one-time fund requirements and program changes.
b. program changes and an escalating cost-of-living index.
c. one-time fund requirements and an escalating cost-of-living index.
d. previous year austere funding and steady operations and maintenance spending.

Back 45

a

Front 46

46. (219) The appropriation system provides for
a. a specific amount of money for a specific purpose for a specific period.
b. management with a tool for measuring the progress of its programs.
c. managers to look at their historical data as a starting point for programming future requirements.
d. scrutinizing and updating all data for known program or price changes in order to check for different ways to accomplish the mission.

Back 46

a

Front 47

219) Analysis of historical data does not involve the full act of analyzing
a. plans.
b. programs.
c. operations.
d. requirements.

Back 47

d

Front 48

220) 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.
b. A reimbursement.
c. A collection of monies taken during religious services.
d. A collection resulting from the sale of goods or services.

Back 48

a

Front 49

220) When the Air Force takes steps to initially construct an NCO open mess facility, what type of funds would it use?
a. Nonappropriated funds.
b. Reimbursable O&M funds.
c. Military construction appropriation.
d. Operations and maintenance appropriation.

Back 49

c

Front 50

221) Total Obligation Authority (TOA) includes both Direct Budget Authority (DBA) and
a. Reimbursement Budget Authority (RBA).
b. Cost-Benefit Analysis (CBA).
c. Total Actual Authority (TAA).
d. Operations and maintenance (O&M).

Back 50

a

Front 51

222) Which employee would be considered a wage grade (WG) employee?
a. Doctor.
b. Lawyer.
c. Electrician.
d. Computer operator.

Back 51

c

Front 52

222) In which civilian pay expense does the responsibility center manager (RCM) have the most control?
a. EEIC 391—Overtime.
b. EEIC 393—Personnel Benefits.
c. EEIC 390—Clothing Allowance.
d. EEIC 392—Personnel Compensation.

Back 52

a

Front 53

222) Examples of other civilian personnel compensation (EEIC–392) include
a. overtime pay, premium pay, and night work differential.
b. overtime pay, cost-of-living allowance, and base pay.
c. overtime pay, base pay, and night work differential.
d. holiday pay, Sunday pay, and hazardous duty pay.

Back 53

d

Front 54

222) A work year is equal to
a. one person working 365 days at 8 hours per day.
b. one employee being in a pay status for 8 months.
c. the number of payable hours in the year times overall average salary.
d. one employee being in pay status for the number of payable hours in a fiscal year.

Back 54

d

Front 55

223) If temporary duty (TDY) travel encompasses more than one fiscal year, how are the charges obligated?
a. Fiscal year departed.
b. Fiscal year completed.
c. Total expenses charged to each fiscal year.
d. Split expenses according to fiscal year incurred.

Back 55

d

Front 56

224) Which element of expense/investment code identifies tuition assistance? a. 531.
b. 551.
c. 552.
d. 553.

Back 56

b

Front 57

224) Who is responsible for computing funding requirements for tuition assistance?
a. Using activity.
b. Education office.
c. Contracting office.
d. Financial analysis office.

Back 57

b

Front 58

225) Which is not a category to analyze when computing the Flying Hour Program?
a. Aviation fuels.
b. Fuel consumption.
c. Consumable supplies.
d. Material support division

Back 58

b

Front 59

226) To whom do senior officials delegate approval authority for contingency funds?
a. Comptroller.
b. Financial analysis officer.
c. Comptroller or the financial analysis officer.
d. No one below their level in the applicable command element.

Back 59

d

Front 60

227) The focal point for developing transportation requirements is the
a. resource advisor (RA).
b. transportation officer.
c. responsibility center manager (RCM).
d. Financial Management Analysis (FMA) office.

Back 60

b

Front 61

227) Which method for developing transportation fund requirements is used most frequently?
a. Cost-per-ton.
b. Cost-per-move.
c. Cost-per-cubic yard.
d. Type of transportation.

Back 61

a

Front 62

228) The element of expense for civil engineering contract services, such as snow removal and fire protection, are classified as
a. EEIC 531 – custodial services.
b. EEIC 532 – engineering services.
c. EEIC 533 – other civil engineering services.
d. EEIC 560 – other services.

Back 62

c

Front 63

228) The respective units of measure for custodial services and refuse collection are
a. cubic yards and tonnage.
b. cubic feet and cubic yards.
c. square feet and cubic yards.
d. square feet and square yards.

Back 63

c

Front 64

229) The majority of materiel items are purchased from
a. contracts.
b. local vendors.
c. the local purchase store.
d. the Defense Working Capital Fund.

Back 64

d

Front 65

229) Items such as periodicals, subscriptions, and training aids are classified as
a. initial issue.
b. replacement.
c. one-time issue.
d. off-line supplies.

Back 65

d

Front 66

230) Legal is one of the three types of limitations (restraints) imposed on the operating budget authority document legal, what are the other two?
a. Ethical and local.
b. Line-item and ethical.
c. Ethical and administrative.
d. Line-item and administrative.

Back 66

d

Front 67

230) Which reflects the use of targets?
a. Budgetary tool.
b. Legal limitation.
c. Administrative limitation.
d. Administrative reservation of funds.

Back 67

a

Front 68

230) After receiving the Operating Budget Authority Document (OBAD) from the major command (MAJCOM), what procedure must be accomplished?
a. Use the O&M execution plan to fund approved programs.
b. Identify all reimbursements authority required for base maintenance.
c. Analyze the OBAD with MAJCOM to ensure all funds requested were received.
d. Review of the OBAD submission, limitations, and targets to determine the percentage of the mission that can be accomplished.

Back 68

d

Front 69

230) 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?
a. First.
b. Second.
c. Third.
d. Fourth.

Back 69

b

Front 70

231) 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?
b. Does management exercise controls at this level?
c. Are targets adequately distributed?
d. Are targets loaded correctly?

Back 70

a

Front 71

231) Fund apportionment has a direct effect at base level by making managers program their funds
a. monthly.
b. quarterly.
c. biannually.
d. annually.

Back 71

b

Front 72

231) When interpreting quarterly phasing, what column do you review?
a. QUARTER.
b. DESCRIPTION.
c. TOTAL FOR OBAN.
d. ANNUAL PROGRAM.

Back 72

a

Front 73

232) Mission-essential programs that are not funded fully are called
a. excesses.
b. shortfalls.
c. distortions.
d. disconnects.

Back 73

d

Front 74

232) No more than what percentage of an annual appropriation can be obligated during the last two months of the fiscal year?
a.5.
b. 15.
c. 20.
d. 25.

Back 74

c

Front 75

75. (232) 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.
b. 240.
c. Julian date of the transaction.
d. Applicable type of update depending upon the transaction.

Back 75

a

Front 76

233) Which type of manager plans and directs the actions of an organization or program for an all-inclusive budget?
a. Staff.
b. Line.
c. Financial.
d. Resource.

Back 76

b

Front 77

233) Which financial manager, appointed by a responsibility center manager (RCM), monitors and helps prepare estimated requirements for resources?
a. Cost analyst.
b. Financial analyst.
c. Resource advisor (RA).
d. Cost center manager (CCM).

Back 77

c

Front 78

234) Which type of responsibility ensures management decisions are compatible with the overall objectives of the installation?
a. Primary.
b. Collateral.
c. Secondary.
d. Concurrent.

Back 78

b

Front 79

234) 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?
a. Primary.
b. Collateral.
c. Secondary.
d. Concurrent.

Back 79

d

Front 80

235) Which type of managers are members of the Financial Management Board (FMB)?
a. Line.
b. Staff.
c. Top level.
d. Middle level.

Back 80

c

Front 81

235) As a minimum, how frequently should the Financial Management Board (FMB) review the status of funds or accounts?
a. Monthly.
b. Quarterly.
c. Semiannually.
d. Annually.

Back 81

b

Front 82

236) What two types of training does the Resource Management System (RMS) provide?
a. Informal training and initial basic training.
b. Informal training and management training.
c. Initial basic training and specialized training.
d. Initial basic training and management training.

Back 82

c

Front 83

236) Which type of financial training is completed within 90 days after assignment?
a. Informal.
b. Specialized.
c. Initial basic.
d. Management.

Back 83

c

Front 84

236) The key to Resource Management System (RMS) training is
a. training.
b. visual aids.
c. lesson plans.
d. documentation.

Back 84

d

Front 85

237) What is the maximum dollar value of a gift that may be accepted from an outside source? a. $19.99.
b. $29.99.
c. $49.99.
d. $99.99.

Back 85

a

Front 86

237) 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?
a. One.
b. Two.
c. Three.
d. Four.

Back 86

b

Front 87

238) Which appropriation is used for day-to-day expenses such as training exercises, deployments, and civilian salaries?
a. Personnel.
b. Procurement.
c. Operations and maintenance (O&M).
d. Research, development, test, and evaluation (RDT&E).

Back 87

c

Front 88

238) Which government agency fashioned the Necessary Expense Rule, authorizing expenditures if necessary to accomplish the object of an appropriation?
a. National Security Council (NSC).
b. Congressional Budget Office (CBO).
c. Office of the Secretary of Defense (OSD).
d. Government Accountability Office (GAO).

Back 88

d

Front 89

238) 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).
b. Goldwater Nichols Act.
c. time obligation restriction.
d. purpose obligation restriction.

Back 89

a

Front 90

239) What is an authorized exception to the Antideficiency Act (ADA)?
a. Bona fide need.
b. Necessary expense.
c. Food and Forage Act.
d. Continuing resolution

Back 90

c

Front 91

240) The Air Force requires an economic analysis (EA) if annual recurring costs exceed a. $100,000.
b. $200,000. c. $250,000. d. $500,000.

Back 91

d

Front 92

240) Which is not an example of a capital asset?
a. Equipment.
b. Buildings.
c. Training.
d. Land.

Back 92

c

Front 93

240) Which Office of Management and Budget (OMB) circular directs the economic analysis (EA) process of commercial activities?
a. A–11.
b. A–70.
c. A–76.
d. A–94.

Back 93

c

Front 94

241) Which step of activity-based management (ABM) assigns resource costs to activities?
a. Step 1.
b. Step 2.
c. Step 3.
d. Step 4.

Back 94

b

Front 95

241) What does activity-based costing (ABC) use to assign the costs of resources to activities?
a. Cost drivers.
b. Production.
c. Unit cost.
d. Asset.

Back 95

a

Front 96

242) The law of supply states that the quantity supplied is
a. added to price.
b. subtracted from price.
c. directly proportional to price.
d. inversely proportional to price.

Back 96

c

Front 97

242) What is the equilibrium price?
a. Unstable price set by sellers.
b. Balanced price established by the buyers.
c. Price negotiated between buyers and sellers.
d. Discounted price established below the wholesale cost.

Back 97

c

Front 98

242) In order to figure out a price, what must be contrasted?
a. Nothing.
b. The laws of supply and demand.
c. The market price and the law of supply.
d. The negotiated price and the law of demand.

Back 98

b

Front 99

243) In which step of a business case analysis (BCA) would assumptions be made?
a. Step 1.
b. Step 2.
c. Step 3.
d. Step 4.

Back 99

d

Front 100

244) Which is not one of the four principles of operational risk management (ORM)?
a. Accept no unnecessary risk.
b. Make risk decisions at the appropriate level.
c. Accept all risks to meet mission requirements.
d. Accept risks when benefits outweigh the costs.

Back 100

c