What is the primary purpose of financial control?

Understanding State Financial Control

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To maximize profits at any cost.
To minimize all financial expenditures.
To ensure effective management and utilization of financial resources.
To avoid any financial reporting requirements.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which document is essential for financial reporting?
Financial statement
Budget report
Invoice summary
Tax return
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What legislation governs state financial control in Russia?
Federal Law on Public Procurement
Federal Law on Taxation
Federal Law on State Property
Federal Law on the Federal Budget System
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the state audit office?
To provide financial assistance to state agencies.
To create laws and regulations for state agencies.
To oversee the daily operations of state agencies.
The role of the state audit office is to conduct audits of state agencies to ensure accountability and compliance.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a key principle of financial control?
Efficiency and effectiveness in resource use
Minimizing employee training costs
Increasing product prices without justification
Maximizing short-term profits
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of financial report is typically prepared annually?
Quarterly financial report
Cash flow analysis
Annual financial statement
Monthly budget report
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which law outlines the responsibilities of financial controllers?
Sarbanes-Oxley Act (SOX)
Gramm-Leach-Bliley Act
Banking Act of 1933
Dodd-Frank Act
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