Budget Test EDUC 616 Charleston Southern University Questions with Answers
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Course
Budget EDUC 616
Institution
Budget EDUC 616
Budget Test EDUC 616 Charleston Southern University Questions with Answers
p-card (procurement card or purchasing card) - Answer-A credit card used to streamline the traditional purchase order and invoice payment processes.
$0-$2500 - Answer-No bids - can use p-card - no shipment cards
$250...
Budget Test EDUC 616 Charleston
Southern University Questions
with Answers
p-card (procurement card or purchasing card) - Answer-A credit card used to streamline
the traditional purchase order and invoice payment processes.
$0-$2500 - Answer-No bids - can use p-card - no shipment cards
$2500-$10,000 - Answer-Need 3 different quotes and procurement is a good resource
for this
$10,000-$50,000 - Answer-abbreviated advertisement required- can take down in 7
days
- Request for quote- most common at school level. Ex. Turf for football field
$50,000 and above - Answer-there is a 28-day procurement process? 21-28 days for
advertisement Need an RFP (Request for Proposal) There is a 60-day window- must be
reviewed by a 3 person finance board committee- then goes to full board vote
Sole Source - Answer-(Loopholes) Emergency purchases need "Justification Forms"
When should you dry out accounts? - Answer-May
What month should you have all money spent and orders received? - Answer-June 30th
(after send back merchandise)
003 - Answer-Yearbook
001 - Answer-Slush Fund (easy to find ways to use it)
Which account can money not transfer? - Answer-General Account
Budgets are loaded on what day and month? - Answer-July 1st
Procurement "3Rs" - Answer-Right goods
Right price
Right time
Procurement - Answer-an acquisition- planning, negotiating, exchange of goods and
services, money exchange, delivery, etc. It is the WHOLE process...
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