Financial Management -CORRECT ANSWER = the overall coordination of financial resources.
= ultimate responsibility within an agency is with the CEO and Board but is shared with other employees
A. 01 Purchase Supplies
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Financial Management -CORRECT ANSWER = the overall coordination of financial resources.
= ultimate responsibility within an agency is with the CEO and Board but is shared with other employees
A. 01 Purchase Supplies, Equipment, and Services for Program Activities -CORRECT ANSWER = when authorized, staff members may buy goods directly using established agency procedures and forms.
1. Purchase Orders
2. P-Card
3. Credit Card
4. Petty Cash
Requisition -CORRECT ANSWER = employee has asked for approval to buy something
Purchase Order -CORRECT ANSWER = an agreement that the agency will pay for goods and services ordered.
2 Types of Purchase Orders -CORRECT ANSWER 1. Blanket Purchase Orders
2. Standard Purchase Orders
Blanket Purchase Orders -CORRECT ANSWER = used to consolidate small, continuous purchases.
= an account that is billed once a month
= often used by MAINTENANCE at hardware or supply stores.
= items bought regularly, this is more efficient method to purchase them.
Standard Purchase Orders -CORRECT ANSWER = one time delivery for a specific good or service.
= usually require authorization by the chief executive office or designee.
= when the good/services delivered are paid in full the order is complete.
P-Card -CORRECT ANSWER = Purchasing card
= works like a personal credit card
Credit Card -CORRECT ANSWER = Main difference between a P-card and credit card is billing
= Credit card can carry over a balance where as a P-card must be paid in full at the end of every month.
= Monthly use fees are typically higher for CC's than PC's
Petty Cash -CORRECT ANSWER = Actual cash kept on hand for small purchases that do not warrant a purchase order and the use of other methods of payment
= Requires form to obtain the cash and receipts for the purchase made.
A. 02 Operate within an Existing Budget -CORRECT ANSWER
Income Statements -CORRECT ANSWER = Demonstrate profitability of the facility or cost center during a period of time such as: month, quarter, or fiscal year.
= Revenues, expenses, and net income
Budget Statements -CORRECT ANSWER = A report of allocated and expended monies.
Allocated Monies -CORRECT ANSWER = The amount of money budgeted and approved by the governing body.
Expended Monies -CORRECT ANSWER = The dollars that have been spent to date.
Cash Flow Statements -CORRECT ANSWER = Also examines revenues and expenditures, but cash flow statements depict whether cash flow is positive or negative.
= shown on a monthly basis
* important for seasonal programs.
Balance Sheet -CORRECT ANSW
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