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6F051 book 4

FM CDCs

QuestionAnswer
What should you do before conducting an in-depth funds analysis? Conduct preliminary research
An economic analysis (EA) is an aid to rational choice among competing alternatives. How many steps are in a formal EA? 6
Risk from imperfect knowledge about the state of the world lead to what type of risk? Requirements
Funding variances occur when reprogramming actions take place; identify the two types of funding variances? Slippage and acceleration
The key to successfully accomplishing you role as a financial analyst is your professional reputation and in-depth knowledge of your wing's mission and structure
While standard organizational structures are defined in AFI 38-101, who determines the organizational structure of your base? The Major command (MAJCOM)
Under which group in an objective wing would you find weapon systems operators such as pilots, navigators, flight engineers, and missile launch officers? Operations
The group in a wing responsible for supply, transportation, and contracting is logistics
Which group within the wing is responsible for the housing, feeding, security, communication, and recreational activities of the base? Support
The rules and procedures for using funds appropriated to the AF can be found in the AFI 65-601 vol 1
Which AFI contains current symbols and budget codes and the descriptions? AFMAN 65-604
Which publication establishes prerequisites for recording obligations? DFAS-DE 7000.4-R
The first phase of the DOD biennial planning, programming, and budgeting decision-making process and involves all the key elements within DOD in their respective areas of responsibility is determining military plans and requirements
Which cycle of the DOD biennial planning, programming, and budgeting, and execution (PPBE) system identifies military goals and develops courses of action to meet them? Planning
DOD functional categories are classifications of expense that are directly subordinate to Program elements (PE)
In which stage of the budget cycle are estimates developed within the DOD accounting structure? Formulation
The Chief of Staff of the AF 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 Dept of the AF budget estimate? Sec of AF (SAF)
Which federal dep of agency prepares the appropriation warrant? Dep of the Treasury
Of the two types of documents issued to the Major commands (MAJCOM), which one makes funds available for obligation from an allocation or suballocation? Allotment
Identify the document that contains annual and quarterly funding authority within the operations and maintenance appropriation? Operating budget authority
Which appropriation, by period of availability, has the greatest impact on base management? One-Year
What are the two statuses of availability categories for appropriation accounts? Current and expired
Funds made available to the AF cannot be established in reserve accounts to use later; therefore, funds are programmed in their entirety.
The basic purpose of the operating budget is to ensure that you price the baseline property and the baseline for operations and maintenance (O&M) is accurate
The directive to price an approved program in a specific format is called Command Call
In what month does the Sec of the AF issue the USAF call to the major commands? January
What process does the AF use to sharpen financial planning? Bogey concept
How many parts are included in the Bogey? 2
Budgeting provides a means for coordinating activities toward what common goal? Mission accomplishment
A balanced equitable program consists of a balance between mission and support requirements
The O&M execution plan will have narratives written at what level? Subactivity group (SAG)
How many sections must be included in the O&M execution plan? 4
Who reviews the financial plan to make sure that estimated costs and justifications are factual and complete? FMB
Who can submit the budget to the major command (MAJCOM) after whose approval? FMB
What perspective in the CRIS do you use to retrieve an end of day snapshot of the most current budget execution data? Program summary record (PSR)
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 CRIS? EEIC of 409, Fund code 30 and FY
On what time interval basis are research, development, test and evaluation (RDT&E) funds set up? Multiple year
Which program within the research, development, test and evaluation (RDT&E) appropriation includes work performed under contract with other group agencies, private industry and educational institutions? Mission
At which level does the AF manage research, development, test and evaluation (RDT&E) funds for the current and immediate preceding FY? Program element (PE)
What are the 2 appropriations for management of military family housing (MFH)? 57*7045 and 57*7040
What budget program is set up to cover O&M costs of the military family housing (MFH) program? 720
Which expense is not reimbursable for military family housing (MFH)? Charges for mobile home space rental
Can your commander purchase egg rolls for a Chinese day function using appropriated funds and if so, when? Yes, as long as they are "sample size"
What is the very heart of the FM process that allow you to estimate, justify and manage base fund requirements? Approved programs
Financial plan year fund requirements may vary from historical data because of 1-time fund requirements and program changes
The appropriation system provides for A specific amount of money for a specific purpose for a specific period.
Analysis of historical data foes not involve the full act of analyzing requirements
When tracking money due to the government, which item would you identify as a recovery of excess payments accredited to an appropriation? a refund
When the AF takes steps to initially construct an NCO open mess facility, what type of funds would it use? Military construction appropriation
Total obligation authority (TOA) includes both direct budget authority (DBA) and Reimbursement budget authority (RBA)
Which employee would be considered a wage grade (WG) employee? Electrician
In which civilian pay expense does the responsibility center manager (RCM) have the most control? EEIC 391- overtime
Examples of other civilian personnel compensation (EEIC-392) include holiday pay, sunday pay and hazardous duty pay
A work year is equal to one employee being in pay status for the number of payable hours in a fiscal year
If temporary duty (TDY) travel encompasses more than one fiscal year, how are the charges obligated? split expenses according to fiscal year incurred
Which element of expense/investment code identifies tuition assistance? 551
Who is responsible for computing funding requirements for tuition assistance? education office
Which is not a category to analyze when computing the flying hour program? Fuel consumption
To whom do senior officials delegate approval authority for contingency funds? no one below their level in the applicable command element
The focal point for developing transportation requirements is the transportation officer
Which method for developing transportation fund requirements is used most frequently? Cost-per-ton
The element of expense for civil engineering contract services, such as snow removal and fire protection, are classified as EEIC 553- other civil engineering services
The respective units of measure for custodial services and refuse collection are square feet and cubic yards
The majority of material items are purchased from the Defense Working Capital Fund
Items such as periodicals, subscriptions, and training aids are classified as off-line supplies
Legal is one of the three types of limitations (restrictions) imposed on the operating budget authority document legal, what are the other two? line-item and administrative
Which reflects the use of targets? Budgetary tool
After receiving the OBAD from the MAJCOM, what procedure must be accomplished? Review of the OBAD submission, limitations, and targets to determine the percentage of the mission that can be accomplished
When interpreting the OBAD at base level, which step is to review the location verifying that the OBAD is for your base? Second
What is your first consideration to determine the level at which you load fund targets? Do you consume resources at a level that's significant and measurable?
Fund apportionment has a direct effect at base level by making managers programs their funds quarterly
When interpreting quarterly phasing, what column do you review? QUARTER
Mission-essential programs that are not funded fully are called disconnects
No more that what percentage of an annual appropriation can be obligated during the last 2 months of the FY? 20
What is entered by the Financial Analysis Office into SBSS to get into the Organizational Cost Center Record (OCCR) adjustment screen? 236
Which type of manager plans and directs the actions of an organization or program for an all-inclusive budget? Line
Which financial manager, appointed by a responsibility center manager (RCM), monitors and helps prepare estimated requirements for resources? Resource Advisors (RA)
Which type of responsibility ensures management decisions are compatible with the overall objectives of the installation? Collateral
Which type of responsibility are you carrying out if you, as a financial analyst, act as a liaison between RAs and offices within the comptroller section? Concurrent
Which type of managers are members of the FMB? Top Level
As a minimum, how frequently should the FMB review the status of funds or accounts? Quarterly
What 2 types of training does the Resource Management System (RMS) provide? Initial basic training and specialized training
Which type of financial training is completed within 90 days after assignment? Initial basic
The key to Resource Management System (RMS) training is documentation
What is the maximum dollar value of a gift that may be accepted from an outside source? $19.99
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? 2
Which appropriation is used for day-to-day expenses such as training exercises, deployments and civilians salaries? Operations and maintainence (O&M)
Which government agency fashioned the Necessary Expense Rule, authorizing expenditures if necessary to accomplish the object of an appropriation? Government Accountability Office (GAO)
If an organization spent their entire funding during the first two months of the FY and continued to include obligations, then they would be in violation of the Antideficiency Act (ADA)
What is the authorized exception to the Antideficiency Act (ADA) Food and forage act
The AF requires an economic analysis (EA) if annual recurring costs exceed $500,000
Which is not an example of a capital asset? Training
Which office of Management and Budget (OMB) circular directs the economic analysis (EA) process of commercial activities? A-76
Which step of activity-based management (ABM) assigns resource costs to activities? step 2
What does activity-based costing (ABC) use to assign the costs of resources to activities? cost drivers
The law of supply stat that the quantity supplied is directly proportional to price
What is the equilibrium price? Price negotiated between buyers and sellers
In order to figure out a price, what must be contrasted? the laws of supply and demand
In which step of a business case analysis (BCA) would assumptions be made? step 4
Which is not one of the four principles of operational risk management (ORM)? Accept all risks to meet mission requirements
Created by: melissafish