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CPRP- Chapter 2- Budget and Finance Exam Questions & Answers 2023/2024
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CPRP- Chapter 2- Budget and Finance Exam Questions & Answers 2023/2024 Budget - ANSWER-a prepared plan for financing the work of an organization for a given period of time Who is responsible for monitoring a budget? - ANSWER-managers, CEO and board, but also employees and staff. A fiscal...

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  • October 5, 2023
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  • 2023/2024
  • Exam (elaborations)
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CPRP- Chapter 2- Budget and Finance
Exam Questions & Answers 2023/2024

Budget - ANSWER-a prepared plan for financing the work of an organization for a given period of time



Who is responsible for monitoring a budget? - ANSWER-managers, CEO and board, but also employees
and staff.



A fiscally sound budget... - ANSWER-balances revenue and expenditures, is inclusive of all financial
obligations, serves as a guide to decision making, and use of financial resources available to accomplish
the goals of the agency.



Three stages of the budget process - ANSWER-1. Preparation

2. adoption or authorization

3. execution or implementation



Budget documents vary from agency to agency but should detail... - ANSWER-anticipated revenues and
expenditures for the fiscal year as well as make clear the agency goals and objectives to be achieved.



Revenue - ANSWER-The money coming into the organization



Revenues comes for five sources... - ANSWER-compulsory income, gratuitous income, earned income,
investment income, and contractual receipts



Expenditure - ANSWER-a disbursement, expense, or cost related to doing business



Most agencies largest expense - ANSWER-Personnel



most widely used budgeting system for P&R - ANSWER-line-item-based object classification system

, "object" in line-item-object classification means... - ANSWER-the item of financial cost such as personnel,
supplies, and equipment.



"Classification" in line-item-object classification means.. - ANSWER-refers to the uniform method of
grouping like things together



Cost control center - ANSWER-any organizational unit that is administered by a staff person who is
responsible for the activities of that unit including its budget.



Fees are set to... - ANSWER-recover costs, create new resources for other programs, establish value of
the program offered, and to influence user behavior.



differential pricing - ANSWER-charge different prices for the same activity based on the desirability of the
facility used, its location, prime- or non-prime-time hours of service, and customer characteristics such
as the ability to pay or age.



pre-determined subsidy levels - ANSWER-different programs may be subsidized by a higher or lower
percentage based on community need. Must be realistically achievable.



To determine program costs - ANSWER-first project the minimum and maximum demand for a program-
an educated guess. Second determine the fixed cost



Fixed Cost - ANSWER-those that do not change with the number of participants and remain constant
throughout the program



direct fixed cost - ANSWER-the result of running a specific program. If the program does not take place,
the cost is not incurred.



Indirect fixed cost - ANSWER-commonly referred to as overhead costs. Each program is required to
absorb a share of the costs associated with administration expenses.



equal share allocation - ANSWER-each program area pays an equal share of the indirect costs

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