EDAS 648 Quiz 6 School Based Finance

EDAS 648 Quiz 6: School Based Finance and Budget Issues

Module 6: Week 6

1. According to the National Center for Education Statistics, five types of budgeting models continue to be used by districts and schools; which of the following is not one of the five models still in use?
2. Which of the following is included in the outlined purposes of a budget?
3. Systems analysis is a practical, systematic approach to assist the decision maker in choosing a course of action. Which of the following is included in the description of the systems analysis approach?
4. Which of the following is a correct statement regarding the budget calendar?
5. Which of the following statements is appropriately matched with the budget acronym shown below:
6. Site-Based Budgeting (SBB) is a concept of developing a district budget through the involvement of teachers, community, and administrators at the school level.
7. The extent to which financial information is understood by school principals is vital for decision making. Most principals have limited formal training in the principles of accounting necessary for overseeing such a large financial operation.
8. Line-item budgeting is the most common approach used in schools because of its simplicity and focus on control.
9. Translating educational needs into a budget includes the following pattern: (1) organizing objectives, (2) establishing goals, (3) identifying needs, (4) building a program to meet those goals, and (5) producing a budget to fund those programs.
10. Preparation of the budget includes the following three dimensions as indicated in the following sequence: determination of the educational plan, the conversion of the education plan into cost terms, and finally, the determination of the sources of required revenue.
11. Which of the following is NOT included in the general principles that form the basis for an adequate and effective accounting system in every school?
12. Government funds are generally financed through taxes and intergovernmental revenues, and consist of four classifications to reflect their specific use. Which of the funds below is NOT considered to be classified as a “government fund”?
13. The accrual basis is the superior method of accounting for the economic resources of the local education agency. Which of the following are considered essential elements of accrual accounting?
14. Which of the following is NOT one of the most common kinds of school audits?
15. Which of the following statements is correct regarding the selection of auditors:
16. The discovery of fraud and the detection of errors were once the main functions of auditing.
17. Funds held by a school district and are related to school activities, but are not owned, or directly controlled, by the school district are called “agency funds”.
18. Timeliness is essential in audits.
19. Bonding provides motivation to the official to be businesslike in handling the funds under his or her jurisdiction, as well as protecting the school district against fraud or loss.
20. Surety bonding of employees protects the school district against fraud or loss, along with providing motivation to the official to be businesslike in handling the funds under their jurisdiction.
21. One approach to transferring risk is using public entity risk pools. Governmental Accounting Standards Board 10 defines risk pools as “a cooperative group of governmental entities joining together to nance an exposure, liability, or risk.
    Which of the following classications is NOT an accurate description of risk pools?
22. Regardless of the size of the school district, there are certain services that must be provided as part of the business administration functions. Which of the following are areas that may be considered part of the office operation?
23. School districts are concerned primarily with insurance protection against which of the following?
24. The emergency operation plan (EOP) has five mission areas; which of the following is NOT one of the five mission areas?
25. Purchasing supplies and equipment is not just a simple process of ordering something from a vendor. It involves a complicated and complex process which can result in numerous problems. Which of the following is NOT included in the potential problems associated with the purchasing process?
26. No executive can possibly perform all of the generally accepted functions of the superintendence alone; some of the duties of the office must be delegated to others. However, whether delegated or not, providing for safe and secure schools is a primary function of the business side of a superintendent’s position.
27. The National School Lunch Program is a federally assisted program that operates in approximately 95 percent of public schools in the U.S.
28. Insurance has been called a necessary expenditure to provide for benefits in case of an incident, or emergency that the purchaser of insurance hopes will never happen.
29. Accountability in education might well start with the procurement of school materials. It is among the first of the school’s business operations to be studied and improved when the pressure of public opinion is directed toward economizing school business operations.
30. A coinsurance policy insures only a partial value of the property owned by the insured.