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CGFM Exam 3 - Financial Management Functions Exam 2025 Questions and Answers Prompt Payment Act - --Answer --A federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act - --Answer --passed to improve the transfer of federal funds between the federal government and the states, territories, and the District of Columbia 31 CFR Part 2018 Management of Federal Agency Disbursements - -Answer --requires federal agencies to disburse payments via electronic funds transfer, with few exceptions Lockbox - --Answer --An arrangement whereby receipts are mailed directly from payers to a post office box that is serviced by a designated bank float - --Answer --the period between the time the check is issued and the time it is presented for payment at the payer's bank ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1