Deck 13: Budgeting, Fiscal Accounting and Building Management

Question 1

What is the principal's job in fiscal accounting and budgeting?

A)All financial duties
B)Spending,and appropriate displacement of monies occur in a timely and efficient manner.
C)Principal has no duties due to school board.
D)The principal has full choice on how to spend the budgeted amount.

Answer 1

A

Question 2

Current expenses include all expenditures made that are consumable during a single fiscal year.Which of the following does NOT belong to this category?

A)Textbooks
B)Food service
C)Salaries
D)Room additions

Answer 2

D

Question 3

Which of the following is not true about a school's budget?

A)There should be regular independent audits of all funds.
B)The allocation of finances requires careful planning.
C)Budget development should involve the entire staff and funds allocated to those areas of decided need.
D)It is the responsibility of the finance clerk to ensure that proper accounting is maintained.
E)Responsible financial planning rests on good program planning.

Answer 3

D

Question 4

Which is not a component of a five-year plan?

A)Written description of the current performance in each area of the curriculum.
B)Statement of measurable goals and how they will be achieved
C)Statement of resources needed to meet the goals
D)Statement of why previous goals have not been achieved

Question 5

Of the budgeting processes,which is the most flexible and allows more room to meet the diverse needs of the school?

A)Incremental budgeting
B)Zero-based
C)Planning,programming,budgeting system
D)A combination of all three

Question 6

When accepting a new principalship,the principal should insist on an audit for all of the following reasons except.

A)To determine if the previous administration is guilty of fraudulent accounting.
B)To establish the state of the accounts before the principal takes responsibility for them.
C)To learn about current practices in the school's accounting.
D)To determine what improvements need to be made about current accounting practices in the school.