As a school admin if a financial mistake occurs:

investigate, take corrective action and report up

a snapshot and plan for what is valued by the community

Embezzlement is basically:

unathorized use of school funds for personal gain

From this school finance course I am more confident about:

matters most closely related to budget compliance issues

considered only internal school funds

Repeating mistakes in the area of school finance can be:

a threat to your continued employment

The composite index is:

determined by data imputs that change over time

A school administrator should keep in mind the following about public school finance:

revenue and expenitures vary by situation and specific year

In its simplest form bookkeeping is:

recorded tracking of funds under principal control

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Final school finance

25 termsStudBud Administration20 plays

A final review

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Questions 25

Answers

1
As a school admin if a financial mistake occurs:
investigate then call the local newspaper and share the info
investigate, take corrective action and report up
any of the above depending on the circumstances
investigate then send an email to all school board members
2
Don't mess with:
the bell schedule
the money
the instructional program
the career and tech program
3
A budget is:
a snapshot and plan for what is valued by the community
a snapshot and plan for what is valued by VEA members
a snapshot and plan for new employees
none of the above
4
One who holds a legal/ethical relationship of trust charged with the prudent care of money.
a fiduciary
an informal leader
all of the above
a con man
5
Admitting a mistake to your supervisor in the area of school finance is:
not a weakness
all of the above
an attempt to be transparent
suggested good practice
6
ADM basically tells you:
how many students are enrolled
how many special needs students attend your school
how many staff members have advanced degrees
how many students are interested in gifted programs
7
School division leaders prefer local budgeted dollars be appropriated from the BOS/CC by:
category annually
category monthly
lump sum
at the end of each academic year
8
Embezzlement is basically:
purchase of items for a child in need
unauthorized use of the school media center
authorized use of school funds for transportation
unathorized use of school funds for personal gain
9
Elevator speeches offer a succinct way to:
all of the above
summarize important details
communicate salient information
influence others
10
Positive relationships usually yield:
insignificant progress toward the stated goal
desired results
no return on your investment of time and energy
limited benefit unless you are related to somone in power
11
From this school finance course I am more confident about:
matters most closely related to community relations
matters most closely related to budget compliance issues
matters most closely related to individual personnel cases
matters most closely related to how a principal should act
12
Activity funds are:
considered only internal school funds
considered party funds for staff celebrations and gifts
considered only external school funds
considered part of the Perkins grant funds
13
Repeating mistakes in the area of school finance can be:
something that happens all of the time in a school division
a threat to your continued employment
a fun adrenaline rush
no big deal
14
Most school divisions use a ____________ budget.
outcome based
performance based
line item
zero based
15
The composite index is:
deterimed by the GA of Virginia
determined by data imputs that change over time
determined by how politicians feel the economy is doing
determined by data that is static
16
A school administrator should keep in mind the following about public school finance:
students have a major role in helping with school fianance
none of the above
revenue and expenitures vary by situation and specific year
school staff know a lot about division financial matters
17
Audits:
can put you and your staff under scrutiny
are followed up by a formal reporting component
all of the above
are expected and occur annually and/or when needed
18
In its simplest form bookkeeping is:
none of the above
recorded history of money that went unspent
recorded tracking of funds under principal control
a record of how many finance mistakes staff make each year
19
The Code of Va. does not require:
adoption of a budget calendar
expending only the funds which were appropriated
all of the above
preparation of a budget by the supt/designee
20
When planning for future budget initiatives, a highly effective principal:
collaboratively involves all potential stakeholders
establishes trust with partners in the planned endeavor
all of the above
clearly communicates the intended message
21
Internal financial controls allow for:
all of the above
protection of staff from suspicion of theft and/or laxness
stewardship of public funds
protection of school assets
22
__________ % of US businesses have no employees (not counting the owner).
36 %
76 %
56 %
16 %
23
School finance and romance:
can be exciting
can get you a promotion
can get you the evil eye
can get you fired
24
Ten days public notice, in a newspaper of local circulation, is required prior to:
the approval of meal price increases for students
the approval of a recommended personnel report by the supt.
the approval of a comprehensive plan
the approval of a budget
25
Budget priorities should be aligned with:
none of the above
division goals
only the mission of elementary schools within the division
only the vision of your comprehensive high school(s)

Final school finance Flashcards | StudBud