GFOA CPFO Exam Questions Instant Access - No Installation Required

Question 1

A state legislature wants to determine if the non-profit agency that received revenue from personalized license plates fees used the money appropriately. To make this assessment the legislature should request:

Aa financial audit.

Ba performance audit.

Can attestation.

Dan internal control review.

Answer : B

Question 2

There are same budget reserves for all types of budgets (Federal, State and Local).

ATrue

BFalse

CIt depends

DAll EXCEPT ''Local Government Budget''

Answer : B

Question 3

Assume an inventory has an average monthly amount on hand of $200,000 and annual usage of $800,000. The amount of inventory turns is:

A5 turns

B4 turns

C3 turns

D8 turns

Answer : B

Question 4

____________ are in anticipation of improved market conditions in which to issue longterm debt. It typically matures within 15-45 days.

ABond anticipation notes (BANs)

BRevenue anticipation notes (RANs)

CTax-exempt commercial paper (TECP)

DVariable rate demand notes (VRDNs)

Answer : C

Question 5

Banks offer short-term loans, including:

AA line of credit against which a specified dollar amount may be drawn with interest paid, usually monthly

BBond anticipation notes (BANs) in anticipation of future long-term financing

CTax anticipation notes (TANs) or revenue anticipation notes (RANs) in anticipation of taxes or other revenues that will be received

DAll of these

Answer : D

Question 6

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

AA bank's Zero balance account (ZBA)

BMutual Funds Agencies

COTC market investments

DAll of these

Answer : A

Question 7

If a government or nonprofit annually collects $ 2 million, what is the per occurrence deductibles?

A2,200

B2,000

C2,300

DNone of these

Answer : B

GFOA Certified Public Finance Officer CPFO Exam Questions