GFOA CPFO Exam Practice Test Instant Access

Question 1

The IFB should:

Abe issued only to vendors with a history of acceptable bid performance

Binclude only related items

CSpecify the delivery conditions and stipulate that bids will be opened publicly

DAll of these

Answer : D

Question 2

Perils, losses, property, source of liability, and people, Indemnity, Exclusions, Definitions and conditions are:

AInsurance declarations

BInsuring agreements

CInsurance policies

DNone of these

Answer : B

Question 3

An all too familiar axiom is ''either spend it or lose it.'' When an agency under-spends its budget, the governing board is inclined to:

ACheck the reserves for the next time

BCut the next year's budget accordingly

CControl the income and expenditure level

DCall the general public to play their proper role

Answer : B

Question 4

FASAB has established_______ accounting Standards.

A35

B20

C30

D27

Answer : C

Question 5

Which of the following best suites this Question mark?

AStatement of Expenditures

BInterim statement

CStatement of cash flows

DNone of these

Answer : C

Question 6

Life cycle costing results in _________overall cost.

ALower

BHigher

CBalancing

DIt depends

Answer : A

Question 7

Centralization is most cost effective than decentralization purchasing because:

APurchases are better scheduled

BGoods are more systematically inspected

CSuppliers operate under a single set of rules and expectations

DAll of these

Answer : D

GFOA CPFO Certified Public Finance Officer Exam Practice Test