Free GFMC Questions for AGA Examination 3: Governmental Financial Management and Control (GFMC) GFMC Exam as PDF & Practice Test Engine

Exam Code/Number: GFMC
Exam Name/Title: Examination 3: Governmental Financial Management and Control (GFMC)
Certification Provider: AGA
Corresponding Certification: Government Financial Manager

Exam Questions: 117
Updated On: Aug 23, 2026

Question #1

Which element of an inventory management system includes determining how much stock to have on hand?

A. safeguard control

B. inventory control

C. management control

D. supply control

Discussion 0

Correct Answer: B Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #2

A variable that would influence management's decision to hire contractors to perform management control evaluations is

A. lack of management expertise.

B. knowledge of systemic deficiencies.

C. availability of qualified contractors.

D. suspicion of internal fraud.

Discussion 0

Correct Answer: A Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #3

An agency uses pavement rating scores as a key indicator for a street maintenance program. If the legislature provided the agency with an additional $5 millionjthe new resources should be allocated based upon

A. lane miles rated as acceptable by the citizens.

B. the number of intersections.

C. lane miles with unmet needs.

D. historical budgeted amounts.

Discussion 0

Correct Answer: C Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #4

What is the most fupdamental cash control?

A. segregation of duties

B. use of automated systems

C. frequent reconciliation of bank accounts

D. analysis of cash reports

Discussion 0

Correct Answer: C Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #5

One of the five components of COSO ERM is

A. changing environment.

B. complex calculations.

C. accepting risk.

D. performance.

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #6

A city parks department is selecting a contractor to renovate a community playground. Which of the following contractors should be selected?

A. The contractor with the highest bid, who includes luxury, non-requested upgrades to the design.

B. The contractor whose bid was submitted past the deadline but offers a discount for early payment.

C. The contractor with the second-lowest bid, who has no prior violations and meets all bid specifications.

D. The contractor with the lowest bid who has a history of delayed projects.

Discussion 0

Correct Answer: C Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Free GFMC Questions for AGA Examination 3: Governmental Financial Management and Control (GFMC) GFMC Exam as PDF & Practice Test Engine

Download Free AGA GFMC Demo