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Finance mcq test Flashcards

(45 cards)

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1
Q

The criteria to using Buy and Claim method for procurement is when _____

  1. the supplier only accepts other forms of payment that are not available to MINDEF/SAF
  2. the item cannot be found in NGPS catalogue buy
  3. the supplier is not willing to register as a NGPS supplier
  4. the item cannot be purchased via non-catalogue buy
A
  1. the item cannot be found in NGPS catalogue buy
  2. the supplier is not willing to register as a NGPS supplier
  3. the item cannot be purchased via non-catalogue buy
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2
Q

Good Receipts (GR) for Complicated Buy must be completed within ____ calendar days.

  1. 21
  2. 30
  3. 45
  4. 56
A

45

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3
Q

When the supplier delivers goods/services, the Receiving Person (RP) must check that the goods/services and delivery documents are in order and fill up the _____.

  1. Certificate of Receipt (COR)
  2. Condition of Receipt (COR)
  3. Condition of Receiving (COR)
  4. Certificate of Receiving (COR)
A

Certificate of Receipt (COR)

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4
Q

Entity Head may approved up to ____ limit for work requirement

  1. $10,000
  2. $12,000
  3. $15,000
  4. $18,000
A

$15,000

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5
Q

(NGPS) Requestors should indicate their Buy & Claim request as B&C in the title of their buy and claim request in NGPS.

  1. True
  2. False
A

True

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6
Q

(NGPS) Users are able to submit claims for buy and claim process in NGPS on behalf of another person.

  1. True
  2. False
A

True

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7
Q

Under the procurement process, the acronym “EVP” stands for ____

  1. Established Procurement Value
  2. Estimated Procurement Value
  3. Established Purchase Value
  4. Estimated Purchase Value
A

Estimated Procurement Value

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8
Q

Suppliers must raise ____ in GeBiz before payment can be made to them.

  1. order
  2. invoice
  3. payment
  4. e-invoice
A

e-invoice

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9
Q

Unit Resource Officer (URO) may approved up to ___ for work and welfare requirements.

  1. $4000
  2. $6000
  3. $8000
  4. $10000
A

$6000

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10
Q

(NGPS) When raising a purchase request (PR) in NGPS for non-catalogue buy, requestors must fill in necessary information of the non-catalogue items such as:

  1. Justification
  2. Acceptance Date
  3. Unit Price
  4. Item Description
  5. Supplier
  6. Quantity
  7. Commodity Code
  8. Required Delivery Date
A

Justification
Unit Price
Item Description
Supplier
Quantity
Commodity Code
Required Delivery Date

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11
Q

The process of Approval of Funds (AOF) is:

  1. Request for funds
  2. Check fund availability
  3. Identify which fund to use
  4. Understand the funds objective
A
  1. Check fund availability
  2. Identify which fund to use
  3. Understand the funds objective
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12
Q

The 5-step finance procurement process are:

  1. Approval of Requirement (AOR)
  2. Approval of Funds (AOF)
  3. _____________
  4. Acceptance Process
  5. Payment Processing

Approval of Process (AOP)
Approval of Purchase (AOP)
Approval of Procurement (AOP)
Approval of Package (AOP)

A

Approval of Purchase (AOP)

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13
Q

(NGPS) When raising a purchase request (PR) in NGPS, requestors must attach the Approval of Requirement(AOR) documents if ___ is selected.

  1. Unit Resource Officer’s approval
  2. Entity Head’s approval
  3. Online AOR
  4. Offline AOR
A

Offline AOR

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14
Q

(NGPS) When raising a purchase request (PR) in NGPS, requestors must key in the AOR justifications in NGPS if___ is selected.

  1. Offline AOR
  2. Entity Head’s Approval
  3. Unit Resource Officer’s Approval
  4. Online AOR
A

Online AOR

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15
Q

The fund sources for welfare, cohesion and engagement related expenditure can be from ________.

  1. Unit Welfare Expenses (UWE)
  2. Unit Welfare Experience (UWE)
  3. Unit Welfare Engagement (UWE)
  4. Unit Welfare Expenditure (UWE)
A

Unit Welfare Expenses (UWE)

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16
Q

Unit Welfare Expenses (UWE) can be used to foster cohesiveness, camaraderie and espirit de corps among ________.

  1. all NSFs
  2. all section commanders
  3. all servicemen
  4. all commanding officers
A

all servicemen

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17
Q

Under the procurement process, the acronym “FA” stands for _______.

  1. Framework Arrangement
  2. Framework Agreement
  3. Finance Arrangement
  4. Finance Agreement
A

Framework Agreement

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18
Q

Payment is _______ once Goods Receipt and e-Invoicing is completed.

  1. manually processed
  2. stopped
  3. withheld
  4. automated
A

automated

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19
Q

The _______ approving authority is determined by the type and cost of the requirement.

  1. Approval of Requirement (AOR)
  2. Approval of Need (AON)
  3. Approval of Funds (AON)
  4. Approval of Purchase (AOP)
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A

Approval of Requirement (AOR)

20
Q

Payment can only be processed ____ Goods Receipt (GR) have been performed and it must be supported by valid documents.
1. before
2. after
3. concurrently
4. during

21
Q

One of the relevant supporting documents for Approval of Requirement (AOR) is ______.

  1. quotation
  2. delivery
  3. receipt
  4. invoice
22
Q

(NGPS) In NGPS, requestors may select which of the following justification/reason for using buy and claims.

  1. Purchase cannot be made via PR/PO or direct invoicing from supplier.
  2. Supplier is not willing to accept PO and issue e-invoice.
  3. Supplier is located overseas
  4. Other.
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A

Purchase cannot be made via PR/PO or direct invoicing from supplier.
Supplier is not willing to accept PO and issue e-invoice.
Other.

23
Q

RICE focuses on __ key areas of the procurement processes where repeated lapses were noted.

  1. five
  2. six
  3. lapsed
  4. audited
24
Q

under the finance process, the acronym RICE stands for ____.

  1. Risk and Internal Control Evaluation
  2. Risk and Internal Condition Evaluation
  3. Risk and Internal Control Examination
  4. Risk and Internal Condition Examination
Study These Flashcards
A

Risk and Internal Control Evaluation

25
Goods Receipts (GR) for Simply Buy must be completed within ____ calendar days. 1. 5 2. 7 3. 10 4. 14
14
26
The Receiving Person (RP) can be anyone in the unit as long as he/she has been briefed by the ____ on what to check when receiving goods and services. 1. Procurement Officer (PO) 2. Commanding Officer (CO) 3. Acceptance Officer (AcO) 4. Good Receipts Officer (GRO)
Acceptance Officer (AcO)
27
(NGPS) Requestors should click on the _____ button after amendements to the purchase request (PR) is completed. 1. submit request 2. submit PR 3. initiate request 4. initiate workflow
initiate workflow
28
(NGPS) Users can verify their appointments and roles that they been tagged/assigned to under current appointments and roles page in NGPS. 1. True 2. False
True
29
The Approval of Requirement (AOR) approving authority is determined by the ___ and __ of the requirement. 1. type; cost 2. goods; type 3. value; type 4. goods; services
type; cost
30
(NGPS) To submit claims for buy and claim process in NGPS, users must create their claims in ___ for reimbursement. 1. MINDEF ESS App 2. e-HR 3. NGPS 4. Online Reimbursement Form (ORF)
NGPS
31
Under the principle of procurement, ____ is to ensure fairness and avoid any potential conflic of interest. 1. Open and Fair Competition 2. Transparency 3. Value for Money 4. Broadcasting
Transparency
32
The 5-step finance procurement process are: 1. _____ 2. Approval of Funds (AOF) 3. Approval of Purchase (AOP) 4. Acceptance Process 5. Payment Processing Approval of Request (AOR) Approval of Requirement (AOR) Approval of Review (AOR) Approval of Refund (AOR)
Approval of Requirement (AOR)
33
(NGPS) Buy and Claim purchases will not have a purchase order (PO) number. 1. True 2. False
True
34
The purchasing methods includes: 1. Purchase through NGPS Catalogue 2. Buy and Claim 3. Small Value Purchase (Non-Catalogue Buy) 4. Invitation to Quote (ITQ)/ Invitation to Tender (ITT) 5. All
All
35
Purchase requests are raise through ____ 1. Electronic Purchase System (ePS) 2. New Genration Procurement System (NGPS) 3. Next Generation Procurement System (NGPS) 4. Electronic Procurement System (EPS)
Next Generation Procurement System (NGPS)
36
(NGPS)After reviewing the items in the cart when raising a purchase request (PR), requestors should click on the __ button if the items listed are correct 1. Send to PR 2. Submit to PR 3. Send to Process 4. Submit Request
Send to PR
37
____ is a process that establishes the priority of funding for approved needs due to limited financial resources. 1. Approval of Funds (AOF) 2. Approval of Purchase (AOP) 3. Approval of Requirement (AOR) 4. Approval of Costing (AOC)
Approval of Funds (AOF)
38
The Receiving Person (RP) should pass the duly certified document with delivery document to the ____ for Goods Receipt (GR) in the system. 1. Certification Officer (CO) 2. Goods Receipt Officer (GRO) 3. Acceptance Officer (ACO) 4. System Administrator (SA) 5. All
Acceptance Officer
39
The Unit Resource Officer cannot perform ____ for the same Purchase Order (PO) he/she approved. 1. Redundancy Check (RC) 2. Purchase Reversal (PR) 3. Goods Receipt (GR) 4. Resource Management (RM)
Goods Receipt (GR)
40
Under the procurement process, the acronym "PC" stands for _____. 1. Period Contract 2. Procurement Contract 3. Proposal Contract 4. Purchase Contract
Period Contract
41
RICE is a _____ to assist in assessing the effectiveness of internal controls with the unit. 1. control-assessment checklist 2. internal-assessment checklist 3. unit-assessment checklist 4. self-assessment checklist
self-assessment checklist
42
_____ can be used for work-related expenditure related to daily operations such as office equipment. 1. Unit Operating Expenses (UOE) 2. Unit Operating Evaluation (UOE) 3. Unit Operating Equipment (UOE) 4. Unit Operating Expenditure (UOE)
Unit Operating Expenses (UOE)
43
Unit _____ can be used for welfare, cohesion and engagement related expenditure such as National Engagement activities. 1. National Engagement Expenses (NEE) 2. Condition to Defence Fund (C2D) 3. Commitment to Defence Fund (C2D) 4. National Engagement Fund (NEF)
Commitment to Defence Fund (C2D)
44
List the order in the correct sequence Payment Processing Acceptance Process Approval of Process Approval of Funds Approval of Purchase Approval of Requirement
Approval of Requirement -> Approval of Funds -> Approval of Purchase -> Acceptance Proccess -> Payment Processing
45
Match the following words with its definition AOF Payment Processing Acceptance Process AOR AOP Establish priority of funding Verify validity of invoices and accuracy of amount payable. Establish prices are competitive and value for money Ensure goods received in good condition and/or services performed Ensure need and cost governance
AOF -> Establish priority of funding Payment Processing -> Verify validity of invoices and accuracy of amount payable. Acceptance Process -> Ensure goods received in good condition and/or services performed AOR -> Ensure need and cost governance AOP -> Establish prices are competitive and value for money

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