Free HFMA CHFP Practice Exam Questions and Answers 2026

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Total 315 Questions | Updated On: Apr 02, 2026

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Question 1

To indicate the desired level of performance an organization wishes to compare itself with, theorganizations normally uses a process called:

A : Standardization

B : Capital structure ratios

C : Benchmark

D : Point of reference

Answer: C

Question 2

Which of the following is NOT the step in expense variance?

A : Identify the amount of variance due to fixed costs

B : Develop a flexible expense budget

C : Calculate actual volume for each expense

D : Calculate the expense variance due to changes in volume and other factors.

Answer: C

Question 3

A post office box located near a Federal Reserve Bank or branch that for a fee will pick up and processchecks quickly is called:

A : Pickup box

B : Lockbox

C : Process box

D : Live box

Answer: B

Question 4

The future value formula to compound at intervals more frequent than annual is:

A : FV = PV + (1 + i/m) n*m

B : FV = PV * (1 + i/m) n-m

C : FV = PV - (1 + i*m) n/m

D : FV = PV * (1 + i/m) n*m(Where i= annual interest rate, m=number of times /year that compounding occurs and n= numberof years)

Answer: D

Question 5

At the top of the balance sheet there is a three-line heading that includes name of the organization,name ff statement and

A : One date

B : Two dates

C : Three dates

D : none of the above

Answer: B

Page: 1 / 63

Total 315 Questions | Updated On: Apr 02, 2026

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