Most Recent GFOA CPFO Exam Questions & Answers

Prepare for the GFOA Certified Public Finance Officer exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the GFOA CPFO exam and achieve success.

The questions for CPFO were last updated on Jan 18, 2025.

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Question No. 1

A way to transfer risks is by joining a pool. Pools like those offered by leagues of municipalities and associations of country commissioners provide an array of services, including:

ASafety environment

BContract review

CClaims and underwriting services

DAll of these

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Correct Answer: D

Question No. 2

In non-reciprocal interfund activities transfers without repayment may occur because?

AA proprietary fund is self-supporting

BA proprietary fund is not self-supporting

CFor instance a public transit system may require a transfer form the general fund because fares and other revenues do not offset costs.

DNone of there

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Correct Answer: B, C

Question No. 3

EFT is most widely used for direct deposit of payroll but other common applications include all of the following EXCEPT:

APension benefit payments

BPayroll tax payments to the Internal Revenue Service

CElectronic benefits transfer to recipients of the food stamp, Supplemental Security Income (SSI), Social Security, and Temporary Assistance to Needy Families (TANF) programs

DNone of these

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Correct Answer: D

Question No. 4

A full-Faith-and-credit bond is a term used for:

ALease Financing

BRevenue Bonds

CGeneral obligation Bonds

DNone of these

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Correct Answer: C

Question No. 5

Using purchasing cards for contract purchases creates efficiencies for all of the following

EXCEPT:

Adetection of fraudulent purchases.

Bsavings in transaction costs.

Cimproved cash flow for the vendor.

Dstreamlining payment in the accounts payable system.

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Correct Answer: A

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