CGFM Exam Guide 2026: AGA Format, Eligibility, Costs, and Study Plan
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Under the U.S. federal system, which level of government has reserved powers that are neither delegated to the federal government nor prohibited to the states?
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A 2026 Certified Government Financial Manager exam guide covering AGA eligibility, the three CGFM exams, question count, time limit, passing score, costs, content outline, study sequence, and free practice questions.
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Which branch of the federal government has the power to appropriate funds?
Chapter 1: Organization, Authority and Structure of Government — Part I
1.1 Levels, Branches, and Separation of Powers
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What is the primary purpose of intergovernmental transfers in the federal system?
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Under Dillon's Rule, local governments have:
Which constitutional clause gives Congress the power to regulate interstate commerce?
The longest way home
The "power of the purse" refers to which government function?
1.2 Components of Government & Public Authorities
In a council-manager form of local government, who is typically responsible for day-to-day administration?
Which of the following is a concurrent power shared by both federal and state governments?
The Supremacy Clause of the Constitution establishes that:
Under the Anti-Deficiency Act, federal agencies are prohibited from:
1.3 Subnational Governments: General-Purpose vs. Special-Purpose
The Freedom of Information Act (FOIA) primarily serves to:
What is the purpose of the Congressional Budget Act of 1974?
The Government Performance and Results Act (GPRA) of 1993 requires federal agencies to:
Under the Unfunded Mandates Reform Act of 1995 (UMRA), Congress must:
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Chapter 2: Organization, Authority and Structure of Government — Part II
2.1 Legal Authority, Charters, and Sovereign Powers
Which constitutional principle prevents any branch of government from delegating its core powers to another branch?
Which phase of the management cycle involves comparing actual results to planned objectives?
Zero-based budgeting (ZBB) differs from traditional incremental budgeting in that:
Which budget format presents revenues and expenditures by organizational unit?
2.2 Tribal Sovereignty & Intergovernmental Relations
A program budget differs from a line-item budget primarily by:
The strategic planning process typically begins with:
Which of the following is a characteristic of performance budgeting?
In the federal budget process, what is the first official document typically submitted?
2.3 Categorical Grants vs. Block Grants
A capital budget typically includes:
The Congressional Budget Office (CBO) primarily serves which function?
Which of the following is typically the largest source of state tax revenue?
A regressive tax structure is characterized by:
Chapter 3: The Government Financial Management Cycle & Legal Framework — Part I
3.1 The Seven Phases of the Financial Management Cycle
What is the primary purpose of tax-exempt municipal bonds?
Which federal revenue source has historically been the largest?
A debt service fund is used to account for:
What is the debt limit for a government typically based on?
3.2 The Closed-Loop Feedback Architecture
Intergovernmental revenue to state governments primarily comes from:
Categorical grants differ from block grants in that categorical grants:
Government transparency primarily refers to:
Which of the following best describes citizen participation in government?
3.3 The Constitutional Basis: The Power of the Purse
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