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Financial CPFO Exam Questions
Certified Public Finance Officer (CPFO) (Page 2 )

Updated On: 6-Apr-2026
Page 2 of 42
PDF with 203 Questions

According to the AGA Code of Ethics, a government agency contract manager using a vendor as a personal reference would constitute:

  1. fraud.
  2. professional incompetence.
  3. a conflict of interest.
  4. nepotism.

Answer(s): C



A government agency's mission statement should include:

  1. services and accomplishments.
  2. organizational structure and hierarchy.
  3. major functions and goals.
  4. performance measures and reports.

Answer(s): C



One way in which federal and state governments influence local governments is by:

  1. providing block grants.
  2. issuing ordinances.
  3. authorizing debt.
  4. setting budget authority.

Answer(s): A



A method used to assess accountability of state agencies includes:

  1. a bond rating review.
  2. program evaluation.
  3. judicial review.
  4. an ordinance compliance audit.

Answer(s): B



A discretionary grant is characterized by a:

  1. transfer of funds based upon a formula.
  2. transfer of funds for broadly-defined purposes.
  3. transfer of funds for specific purposes.
  4. voluntary contribution that confers no rights nor benefits to the giver.

Answer(s): C



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