Free AGA GFMC Practice Exam Questions and Answers 2026

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Total 118 Questions | Updated On: Apr 03, 2026

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Question 1

All of the following represent selection criteria used to make contract awards EXCEPT contractor

A : staff expertise.

B : past performance records.

C : union affiliations.

D : financial position.

Answer: C

Question 2

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

A : net present value analysis

B : regression analysis

C : horizontal analysis

D : ratio analysis

Answer: A

Question 3

The goal of shared gervices is to

A : reduce current staffing levels.

B : transfer responsibilities to another entity.

C : efficiently aggregate resources.

D : provide private business opportunities.

Answer: C

Question 4

One of the minimum components of a government financial system is

A : automated transaction processing.

B : debt-reduction analysis.

C : performance management reporting.

D : general ledger account definition.

Answer: D

Question 5

Which of the following is an example of an internal control weakness?

A : The contract department staff awards contracts and maintains a database for vendor information.

B : Management policy allows project managers to oversee controls of companies in which they have a material interest.

C : The budget department staff is responsible for preparing the budget and for reporting on budget cost variances.

D : The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts.

Answer: B

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Total 118 Questions | Updated On: Apr 03, 2026

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