Expert Answers to AGA Exam CGFM Questions

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Government Financial Manager CGFM Certified Government Financial Manager

CGFM Certified Government Financial Manager

Last Update Feb 4, 2026
Total Questions : 115

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Questions 2

An employee is set to receive a lumpsum payment of $500,000 in ten years. The agency uses an opportunity rate of 12% for its investments. If inflation is 3%, how much must the agency invest today to cover the future lumpsum payment?

Options:

$160,986

$186,023

$440,000

$485,000

Discussion 0

Questions 3

The Single Audit Act requires

Options:

financial statement audits of non-federal entities that receive or administer grant awards of federal

funds.

agencies to use an audit process to maximize the value of and manage acquisition risks.

federal departments to have single audits of financial management systems.

agencies to establish and assess internal controls related to audits.

Discussion 0

Questions 4

If a state treasurer wants to evaluate a variety of alternative long-term investments, which financial analysis should

be used?

Options:

net present value analysis

regression analysis

horizontal analysis

ratio analysis

Discussion 0

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Questions 5

When planning for local government financial statement audit, what data source should the auditor consider first?

Options:

government-wide financial statements

fund financial statements

reconciliations between fund financial statements

previous audit findings

Discussion 0

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