AGA CGFM Actual Free Exam Questions & Community Discussion

Exam Code/Number: CGFM
Exam Name/Title: Certified Government Financial Manager (CGFM)
Certification Provider: AGA
Corresponding Certification: AGA CGFM

Exam Questions: 115
Updated On: Jul 14, 2026

Question #55

Which action represents an internal control deficiency in an agency responsible for building and maintaining dams?

A. The agency inspects the completed work to assure compliance with the contract specifications.

B. The agency checks the references of bidders.

C. The agency responds to the maintenance needs only as complaints are received or as employees report problems.

D. The agency releases the contractor's bond only after assuring that all work is performed satisfactorily.

Discussion 0

Correct Answer: C Vote an answer

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Question #56

An analyst has identified several variables that may be impacting state lottery ticket sales, including investments in advertising, potential pay-out amounts and the size of lottery cards. Which of the following techniques would help determine the extent to which each variable is impacting sales?

A. cost-benefit analysis

B. content analysis

C. narrative analysis

D. regression analysis

Discussion 0

Correct Answer: D Vote an answer

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Question #57

As a way to ensure fiduciary responsiblity, a government entity should include which of the following in its investment policy?

A. key and non-key investment security controls

B. permissible and non-permissible investment securities

C. prices and performance of its investment securities

D. historical allocations of investment securities

Discussion 0

Correct Answer: B Vote an answer

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Question #58

According to OMB Circular A-50, who holds personal responsibility for ensuring that disagreements with audit findings and recommendations are resolved?

A. OMB deputy director for management

B. audit follow-up official

C. inspector general

D. comptroller general

Discussion 0

Correct Answer: B Vote an answer

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Question #59

The National Performance Management Advisory Commission established a comprehensive framework that incorporates performance measurement into the

A. financial statements.

B. audit procedures.

C. budget process.

D. internal control plan.

Discussion 0

Correct Answer: C Vote an answer

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Question #60

Management segregates duties among staff in order to reduce the risk of fraud

A. rationalization.

B. detection.

C. pressure.

D. opportunity.

Discussion 0

Correct Answer: D Vote an answer

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Question #61

One of the five components of COSO ERM is

A. changing environment.

B. complex calculations.

C. accepting risk.

D. performance.

Discussion 0

Correct Answer: D Vote an answer

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Question #62

According to the GAO, internal control is a process used by management to

A. help an entity achieve its objectives.

B. develop a strategic plan.

C. set the tone at the top.

D. design an ERM system.

Discussion 0

Correct Answer: A Vote an answer

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Question #63

Government performance measurement promotes

A. cash availability.

B. profitability.

C. accountability.

D. responsibility.

Discussion 0

Correct Answer: C Vote an answer

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