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Financial Management Quiz Flashcards | StudBud
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Financial Management Quiz
Financial Management Quiz
25 terms
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Test your knowledge on financial management principles and practices in an educational setting
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What is the purpose of a budget review?
Hire staff
Increase funds
Reduce costs
Monitor expenditure
2
What is the role of cost centre managers?
Writes the Operational Plan to outline the expenditure of their budget.
Organize events and activities related to their budget
Teach students about financial literacy
Supervise staff in their team
3
Why did the accountant break up with the calculator?
It couldn't handle the interest
It had too many functions
It just didn't balance anymore
It kept adding up problems
4
What is the role of a receiving officer?
Deliver goods
Order goods
Verify the goods ordered are correct on the invoice received
Make payment
5
What must be done with donated assets?
Ignore them
Return them
Sell them
Treat as school property
6
Are you able to use personal credit/EFTPOS and loyalty cards to make purchases?
In an emergency
Yes
No
If I obtain permission from my Line Manager
7
What is required for fundraising activities?
Student vote
No approval
Approval by Finance Committee
Teacher approval
8
What is the name of the directory used for Government purchasing in the Education Department?
Bulk Office Supplies Procurement
Government-wide Purchasing
Common Use Agreement
Master Supply Agreement
9
What is the main purpose of financial management?
To save money
To increase profits
To oversee assets and resources
To reduce taxes
10
You are able to loan school property if it is for personal use.
True
False
11
What is the name of the report Cost Centre Managers receive at the end of each month's reporting?
Budget review summary
Expense tracking report
Budget health report
Monthly budget analysis report
12
Who must verify a school bank account?
Finance Committee
MCS
Principal
Teacher
13
What information is essential when ordering or purchasing goods?
The vendor has a current ABN.
Invoice
Bank statement
Receipt
14
What must be done with unexpended cost centre funds?
Donate to charity
Return to parents
Reallocate by Finance Committee
Save for next year
15
How often are stocktakes conducted at Burrendah Primary School
6 monthly
Every twelve months
When we have time
Every 3 years
16
What must be done with school keys?
Copy them
Share with friends
Leave at home
Keep secure
17
Which form is used for hospitality expenditure?
Order form
Reimbursement form
Payment voucher
Hospitality Expenditure Application
18
What document is given to parents 2 months in advance of the next school year related payments?
2025 Contributions & Charges
2025 Project Costs
2025 Cost Sheet for Excursions and In-school Activities
2025 School Operational Costs
19
What is the correct procedure in dealing with lost school equipment?
Report the missing item/s to Reception
Ignore the problem
Phone a friend
Replace it
20
What is the main focus of the Financial Management Act 2006?
Increase taxes
Improve education
Public accountability
Reduce spending
21
True or false: Purchasing cards can be shared amongst staff?
False
True
22
Can school funds be used for private use?
Yes
No
If it's a good special.
If I obtain approval from my Line Manager
23
Who appoints cost centre managers?
Teacher
Parent
Principal
Student
24
What is required for property disposal?
Phone call
Disposal form
Email confirmation
Verbal approval
25
Who coordinates the annual stocktake?
Reception Staff
Principal
MCS
Anyone who's not busy
