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GFMC Exam Dumps - Examination 3: Governmental Financial Management and Control (GFMC)

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Question # 4

The first step in investment management is to

A.

ensure all employees understand their investment options.

B.

develop a consensus among managers of the investment objectives.

C.

develop an investment policy manual.

D.

establish criteria for divesting.

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Question # 5

What might be a cost-effective solution for a local public school to reduce increasing special education costs without violating federal maintenance of effort requirements?

A.

Shift a portion of the costs in the form of a fee to parents.

B.

Decrease budget allocation for special education services.

C.

Develop a shared services agreement with surrounding districts.

D.

Outsource special needs services to a private contractor.

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Question # 6

Earned value management is preferred over traditional project management because

A.

earned value management is used to monitor progress and deliverables of smaller projects.

B.

earned value management provides information about status of deliverables, funds and time expended.

C.

traditional project management is used to monitor progress and deliverables of larger projects.

D.

traditional project management provides information about status of deliverables, funds and time expended.

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Question # 7

The value, in current dollars, of a sum of money to be received in the future describes

A payback value.

B. present value.

C. annuity value.

D. future value.

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Question # 8

For financial audits, generally accepted auditing standards require that auditors accomplish all of the following tasks EXCEPT

A.

adequately plan the work.

B.

make the audit report available to the public.

C.

obtain sufficient appropriate audit evidence.

D.

supervise any assistants.

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