AGA GFMC Actual Free Exam Questions & Community Discussion

Exam Code/Number: GFMC
Exam Name/Title: Examination 3: Governmental Financial Management and Control (GFMC)
Certification Provider: AGA
Corresponding Certification: Government Financial Manager

Exam Questions: 117
Updated On: Jul 13, 2026

Question #1

The first step when gathering data for making strategic sourcing decisions is

A. contacting business units to find out if there are existing purchasing contracts in place.

B. contacting vendors to submit bids under the request for bid process.

C. developing supplier performance measures to add into the purchase agreements.

D. researching spend data by category for each business unit.

Discussion 0

Correct Answer: D Vote an answer

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Question #2

If a CGFM wants to utilize data on population growth, housing and employment to estimate sales tax revenue, the CGFM should use

A. a cash flow analysis.

B. a regression analysis.

C. flow charting.

D. a payback analysis.

Discussion 0

Correct Answer: B Vote an answer

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Question #3

Auditors may limit their public reporting in attestation engagements when the

A. auditors detect material fraud.

B. entity management fails to satisfy legal requirements.

C. audit report would compromise ongoing legal proceedings.

D. auditor detects non-compliance with provisions of law.

Discussion 0

Correct Answer: C Vote an answer

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Question #4

All of the following ae among the stated purposes of GPRA EXCEPT to

A. help managers improve service delivery.

B. provide instructions on program reporting.

C. improve program effectiveness.

D. improve internal management practices.

Discussion 0

Correct Answer: B Vote an answer

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Question #5

Efficient inventory management will result in

A. high write-offs of obsolete inventory.

B. fewer instances of work stoppage.

C. a low inventory turnover ratio.

D. high total asset turnover.

Discussion 0

Correct Answer: B Vote an answer

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Question #6

Performance measurement assists management in

A. tracking actual results against targets.

B. identifying weaknesses in disaster response preparedness.

C. determining allocation of capital appropriations.

D. monitoring performance of certified professionals in regulatory fields.

Discussion 0

Correct Answer: A Vote an answer

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