EDUC 648 Quiz 6

EDUC 648 Quiz 6 Liberty University

EDUC 648 Quiz School Based Finance and Budget Issues

1. Which of the following is NOT included as one of the budgets equilateral triangle, “Three Dimensions”?
2. 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?
3. Which of the following is included in the outlined purposes of a budget?
4. Which of the following is a correct statement regarding the budget calendar?
5. Which of the following is an appropriate statement regarding the preparation of the budget hearing?
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. 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.
8. 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.
9. Careful planning and evaluation may reduce but never completely eliminate the need for making changes in the current budget.
10. 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.
11. Which of the following is NOT one of the most common kinds of school audits?
12. Identify which of the following is included in the main purposes of school districts using efficient accounting systems in schools and school districts:
13. Which of the following statements is correct regarding the selection of auditors:
14. Which of the following statements regarding audits is accurate?
15. 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?
16. Timeliness is essential in audits.
17. Quality of service, financial standing, convenience, interest rates, and the integrity of bank officials are some of the most important factors to be considered when selecting a bank.
18. The discovery of fraud and the detection of errors were once the main functions of auditing.
19. Bonding provides motivation to the ocial 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. In large school districts, the problem of supply storage is often a serious one. Which of the following is NOT included in the suggestions for effective storage systems?
22. 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?
23. The emergency operation plan (EOP) has five mission areas; which of the following is NOT one of the five mission areas?
24. 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 finance an exposure, liability, or risk. Which of the following classifications is NOT an accurate description of risk pools?
25. Which of the following is NOT included in the list of some of the most common kinds of insurance that a typical school board would want to consider?
26. The concept of risk management has NOT changed over the past few years despite years of litigation with administrators and teachers.
27. 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.
28. The purpose of the school is to provide its pupils with high-quality education of the
    variety and quantity that will improve their behavior and competence as law-abiding and self-supporting citizens, but the school’s first responsibility involves maintaining the safety and protecting the health and well-being of all who attend.
29. 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.
30. A coinsurance policy insures only a partial value of the property owned by the insured.

Set 1

1. 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?
2. Timeliness is essential in audits.
3. Identify which of the following is included in the main purposes of school districts using efficient accounting systems in schools and school districts:
4. 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?
5. 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?
6. Quality of service, financial standing, convenience, interest rates, and the integrity of bank officials are some of the most important factors to be considered when selecting a bank.
7. The concept of risk management has NOT changed over the past few years despite years of litigation with administrators and teachers.
8. 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.
9. Which of the following statements is appropriately matched with the budget acronym shown below:
10. 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.
11. 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.
12. 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?
13. 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 finance an exposure, liability, or risk. Which of the following classifications is NOT an accurate description of risk pools?
14. Which of the following is included in the outlined purposes of a budget?
15. Careful planning and evaluation may reduce but never completely eliminate the need for making changes in the current budget.
16. Which of the following is NOT included as one of the budgets equilateral triangle, “Three Dimensions”?
17. The discovery of fraud and the detection of errors were once the main functions of auditing.
18. Which of the following elements is NOT included in budget?
19. 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.
20. The National School Lunch Program is a federally assisted program that operates in approximately 95 percent of public schools in the U.S.
21. Site-Based Budgeting (SBB) is a concept of developing a district budget through the involvement of teachers, community, and administrators at the school level.
22. 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.
23. Which of the following statements regarding audits is accurate?
24. The emergency operation plan (EOP) has five mission areas; which of the following is NOT one of the five mission areas?
25. Revenues for the National School Lunch Program are received from the Department of Agriculture.
26. School districts are concerned primarily with insurance protection against which of the following?
27. Which of the following is an appropriate statement regarding the preparation of the budget hearing?
28. The Comprehensive Annual Financial Report (CAFR) which many districts are required to file include four sections. Which of the following is NOT included as one of those sections?
29. 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.
30. Line-item budgeting is the most common approach used in schools because of its simplicity and focus on control.

Set 2

1. 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?
2. 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.
3. Which of the following is NOT included in the list of some of the most common kinds of insurance that a typical school board would want to consider?
4. 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.
5. 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?
6. 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?
7. The encumbrance account does not represent expenditures for the period, only a commitment to expend resources.
8. No executive can possibly perform all of the generally accepted functions of the superintendency 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.
9. Identify which of the following is included in the main purposes of school districts using efficient accounting systems in schools and school districts:
10. 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?
11. According to the text, Financing Education in a Climate of Change, one inflexible rule for school principals is that fees and other receipts from current students must be used for students who have paid for them, or a new account is required to carry the balance to the following fiscal year budget.
12. Which of the following is an appropriate statement regarding the preparation of the budget hearing?
13. 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.
14. Careful planning and evaluation may reduce but never completely eliminate the need for making changes in the current budget.
15. The poverty level and eligibility for reduced or free meals include which of the following provisions:
16. 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”.
17. Which of the following statements regarding audits is accurate?
18. Quality of service, financial standing, convenience, interest rates, and the integrity of bank officials are some of the most important factors to be considered when selecting a bank.
19. 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?
20. The purpose of the school is to provide its pupils with high-quality education of the
    variety and quantity that will improve their behavior and competence as law-abiding and self-supporting citizens, but the school’s first responsibility involves maintaining the safety and protecting the health and well-being of all who attend.
21. School districts are concerned primarily with insurance protection against which of the following?
22. The discovery of fraud and the detection of errors were once the main function of auditing.
23. The superintendent of schools should administer the school district budget, and the school board has legal authority for its formal adoption.  The principal assumes the role of the chief financial officer at the individual school where they have been assigned.
24. The chief thrust of the Planning/Programming/BudgetingSystem (PPBS) is in the direction of replacing broad, traditional objectives with specific, measurable ones.  Which of the following is included in the planning process of the PPBS?
25. 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?
26. Which of the following statements is correct regarding the selection of auditors:
27. Which of the following is NOT included as one of the budgets equilateral triangle, “Three Dimensions”?
28. As technical experts, auditors provide fact finding and advisory services only. They should have a free hand in performing their services, and the records of the school district and the informational services of the school employees should be at their disposal.
29. Which of the following statements is appropriately matched with the budget acronym shown below:
30. Which of the following elements is NOT included in budget?