Finance Cdcs 6F051O Volume 2

Front 1

What should you do before conducting an in-depth funds analysis?

Back 1

Conduct preliminary research.

Front 2

An economic analysis (EA) is an aid to rational choice among competing alternatives. How

many steps are in a formal EA?

Back 2

Six.

Front 3

Risk from imperfect knowledge about the state of the world lead to what type of risk?

Back 3

Requirements.

Front 4

Funding variances occur when reprogramming actions take place; identify the two types of

funding variances?

Back 4

Slippage and acceleration.

Front 5

The key to successfully accomplishing your role as a financial analyst is your

Back 5

professional reputation and in-depth knowledge of your wing’s mission and structure.

Front 6

While standard organizational structures are defined in Air Force Instruction (AFI) 38–101,

who determines the organizational structure of your base?

Back 6

The major command (MAJCOM).

Front 7

Under which group in an objective wing would you find weapon systems operators such as

pilots, navigators, flight engineers, and missile launch officers?

Back 7

Operations.

Front 8

The group in a wing responsible for supply, transportation, and contracting is

Back 8

Logistics.

Front 9

Which group within a wing is responsible for the housing, feeding, security,

communications, and recreational activities of the base?

Back 9

Support.

Front 10

The rules and procedures for using funds appropriated to the Air Force can be found in Air

Force Instruction (AFI) 65–601, volume

Back 10

1.

Front 11

Which Air Force Instruction (AFI) contains current symbols and budget codes and their

descriptions?

Back 11

AFMAN 65–604.

Front 12

Which publication establishes prerequisites for recording obligations?

Back 12

DFAS-DE 7000.4-R.

Front 13

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

Back 13

determining military plans and requirements.

Front 14

Which cycle of the Department of Defense (DOD) biennial planning, programming,

budgeting, and execution (PPBE) system identifies military goals and develops courses of action

Back 14

Planning.

Front 15

Department of Defense (DOD) functional categories are classifications of expense that are

directly subordinate to

Back 15

program elements (PE).

Front 16

In which stage of the budget cycle are estimates developed within the Department of

Defense (DOD) accounting structure?

Back 16

Formulation.

Front 17

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?

Back 17

Secretary of the Air Force (SAF).

Front 18

Which federal department or agency prepares the appropriation warrant?

Back 18

Department of the Treasury.

Front 19

Of the two types of documents issued to the major commands (MAJCOM), which one

makes funds available for obligation from an allocation or suballocation?

Back 19

Allotment.

Front 20

Identify the document that contains annual and quarterly funding authority within the

operations and maintenance appropriation?

Back 20

Operating budget authority.

Front 21

Which appropriation, by period of availability, has the greatest impact on base

management?

Back 21

One-year

Front 22

What are the two statuses of availability categories for appropriation accounts?

Back 22

Current and expired.

Front 23

Funds made available to the Air Force cannot be established in reserve accounts to use

later; therefore, funds are programmed

Back 23

in their entirety.

Front 24

The basic purpose of the operating budget is to ensure that you price the baseline property

and

Back 24

the baseline for operations and maintenance (O&M) is accurate.

Front 25

The directive to price an approved program in a specific format is called

Back 25

Command Call.

Front 26

In what month does the Secretary of the Air Force (SAF) issue the USAF Call to the major

commands (MAJCOM)?

Back 26

January.

Front 27

What process does the Air Force use to sharpen financial planning?

Back 27

Bogey concept

Front 28

How many parts are included in the Bogey?

Back 28

Two.

Front 29

Budgeting provides a means for coordinating activities toward what common goal?

Back 29

Mission accomplishment.

Front 30

A balanced equitable program consists of a balance between

Back 30

mission and support requirements.

Front 31

The operations and maintenance (O&M) execution plan will have narratives written at what

level?

Back 31

Subactivity group (SAG).

Front 32

How many sections must be included in the operations and maintenance (O&M) execution

plan?

Back 32

Four

Front 33

Who reviews the financial plan to make sure that estimated costs and justifications are

factual and complete?

Back 33

Financial Management Board (FMB).

Front 34

You can submit the budget to the major command (MAJCOM) after whose approval?

Back 34

Financial Management Board (FMB).

Front 35

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?

Back 35

Program Summary Record (PSR).

Front 36

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)?

Back 36

EEIC of 409, fund code of 30, and fiscal year.

Front 37

On what time interval basis are research, development, test and evaluation (RDT&E) funds

set up?

Back 37

Multiple-year

Front 38

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?

Back 38

Mission.

Front 39

At which level does the Air Force manage research, development, test and evaluation

(RDT&E) funds for the current and immediate preceding fiscal year?

Back 39

Program element (PE).

Front 40

What are the two appropriations for management of military family housing (MFH)?

Back 40

57*7045 and 57*7040.

Front 41

What budget program is set up to cover operations and maintenance (O&M) costs of the

military family housing (MFH) program?

Back 41

720

Front 42

Which expense is not reimbursable for military family housing (MFH)?

Back 42

Charges for mobile home space rental

Front 43

Can your commander purchase egg rolls for a Chinese day function using appropriated

funds and if so, when?

Back 43

Yes, as long as they are “sample size.”

Front 44

What is the very heart of the financial management process that allow you to estimate,

justify, and manage base fund requirements?

Back 44

Approved programs

Front 45

Financial plan year fund requirements may vary from historical data because of

Back 45

one-time fund requirements and program changes.

Front 46

The appropriation system provides for

Back 46

a specific amount of money for a specific purpose for a specific period.

Front 47

Analysis of historical data does not involve the full act of analyzing

Back 47

requirements.

Front 48

When tracking money due to the government, which item would you identify as a recovery

of excess payments accredited to an appropriation?

Back 48

A refund.

Front 49

When the Air Force takes steps to initially construct an NCO open mess facility, what type

of funds would it use?

Back 49

Military construction appropriation

Front 50

Total Obligation Authority (TOA) includes both Direct Budget Authority (DBA) and

Back 50

Reimbursement Budget Authority (RBA).

Front 51

Which employee would be considered a wage grade (WG) employee?

Back 51

Electrician.

Front 52

In which civilian pay expense does the responsibility center manager (RCM) have the most

control?

Back 52

EEIC 391—Overtime.

Front 53

Examples of other civilian personnel compensation (EEIC–392) include

Back 53

holiday pay, Sunday pay, and hazardous duty pay.

Front 54

A work year is equal to

Back 54

one employee being in pay status for the number of payable hours in a fiscal year.

Front 55

If temporary duty (TDY) travel encompasses more than one fiscal year, how are the charges

obligated?

Back 55

Split expenses according to fiscal year incurred

Front 56

Which element of expense/investment code identifies tuition assistance

Back 56

551.

Front 57

Who is responsible for computing funding requirements for tuition assistance?

Back 57

Education office.

Front 58

Which is not a category to analyze when computing the Flying Hour Program?

Back 58

Fuel consumption.

Front 59

To whom do senior officials delegate approval authority for contingency funds?

Back 59

No one below their level in the applicable command element.

Front 60

The focal point for developing transportation requirements is the

Back 60

transportation officer.

Front 61

Which method for developing transportation fund requirements is used most frequently?

Back 61

Cost-per-ton

Front 62

The element of expense for civil engineering contract services, such as snow removal and

fire protection, are classified as

Back 62

EEIC 533 – other civil engineering services.

Front 63

The respective units of measure for custodial services and refuse collection are

Back 63

square feet and cubic yards

Front 64

The majority of materiel items are purchased from

Back 64

the Defense Working Capital Fund.

Front 65

Items such as periodicals, subscriptions, and training aids are classified as

Back 65

off-line supplies

Front 66

Legal is one of the three types of limitations (restraints) imposed on the operating budget

authority document legal, what are the other two?

Back 66

Line-item and administrative

Front 67

Which reflects the use of targets?

Back 67

Budgetary tool

Front 68

After receiving the Operating Budget Authority Document (OBAD) from the major

command (MAJCOM), what procedure must be accomplished?

Back 68

Review of the OBAD submission, limitations, and targets to determine the percentage of the

mission that can be accomplished.

Front 69

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?

Back 69

Second.

Front 70

What is your first consideration to determine the level at which you load fund targets?

Back 70

Do you consume resources at a level that’s significant and measurable?

Front 71

Fund apportionment has a direct effect at base level by making managers program their

funds

Back 71

quarterly.

Front 72

When interpreting quarterly phasing, what column do you review?

Back 72

QUARTER

Front 73

Mission-essential programs that are not funded fully are called

Back 73

disconnects.

Front 74

No more than what percentage of an annual appropriation can be obligated during the last

two months of the fiscal year?

Back 74

20.

Front 75

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?

Back 75

236.

Front 76

Which type of manager plans and directs the actions of an organization or program for an

all-inclusive budget?

Back 76

Line.

Front 77

Which financial manager, appointed by a responsibility center manager (RCM), monitors

and helps prepare estimated requirements for resources?

Back 77

Resource advisor (RA).

Front 78

Which type of responsibility ensures management decisions are compatible with the overall

objectives of the installation?

Back 78

Collateral.

Front 79

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?

Back 79

Concurrent.

Front 80

Which type of managers are members of the Financial Management Board (FMB)?

Back 80

Top level.

Front 81

As a minimum, how frequently should the Financial Management Board (FMB) review the

status of funds or accounts?

Back 81

Quarterly.

Front 82

What two types of training does the Resource Management System (RMS) provide?

Back 82

Initial basic training and specialized training

Front 83

Which type of financial training is completed within 90 days after assignment?

Back 83

Initial basic.

Front 84

The key to Resource Management System (RMS) training is

Back 84

documentation.

Front 85

What is the maximum dollar value of a gift that may be accepted from an outside source?

Back 85

$19.99

Front 86

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?

Back 86

Two.

Front 87

Which appropriation is used for day-to-day expenses such as training exercises,

deployments, and civilian salaries?

Back 87

Operations and maintenance (O&M).

Front 88

Which government agency fashioned the Necessary Expense Rule, authorizing expenditures

if necessary to accomplish the object of an appropriation?

Back 88

Government Accountability Office (GAO).

Front 89

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

Back 89

Antideficiency Act (ADA).

Front 90

What is an authorized exception to the Antideficiency Act (ADA)?

Back 90

Food and Forage Act

Front 91

The Air Force requires an economic analysis (EA) if annual recurring costs exceed

Back 91

$500,000.

Front 92

Which is not an example of a capital asset?

Back 92

Training.

Front 93

Which Office of Management and Budget (OMB) circular directs the economic analysis

(EA) process of commercial activities?

Back 93

A–76.

Front 94

Which step of activity-based management (ABM) assigns resource costs to activities?

Back 94

Step 2.

Front 95

What does activity-based costing (ABC) use to assign the costs of resources to activities?

Back 95

Cost drivers.

Front 96

The law of supply states that the quantity supplied is

Back 96

directly proportional to price.

Front 97

What is the equilibrium price?

Back 97

Price negotiated between buyers and sellers.

Front 98

In order to figure out a price, what must be contrasted?

Back 98

The laws of supply and demand.

Front 99

In which step of a business case analysis (BCA) would assumptions be made?

Back 99

Step 4.

Front 100

Which is not one of the four principles of operational risk management (ORM)?

Back 100

Accept all risks to meet mission requirements.