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CPRP Exam Questions And 100% Correct Answers
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CPRP Exam Questions And 100% Correct AnswersFinancial Management - Answer = the complete coordination of financial resources.
= ultimate responsibility within an organization rests with the Chief Executive Officer
and Board but is shared with other staff
A. 01 Purchase Supplies, Equipment, and Services for Program Activities - Answer =
when authorized, staff may purchase goods directly in conformance with agency's
established procedures and forms.
1. Purchase Orders
2. P-Card
3. Credit Card
4. Petty Cash
Requisition - Answer = employee has requested permission to make a purchase
Purchase Order - Answer = a commitment that the agency will pay for goods and
services received.
2 Types of Purchase Orders - Answer 1. Blanket Purchase Orders
2. Standard Purchase Orders
Blanket Purchase Orders - Answer = utilized to accumulate minor, ongoing purchases.
= an account that is billed once a month
= normally utilized by MAINTENANCE at hardware or supply stores.
= things bought on a regular basis, it is a more economical way to purchase.
Standard Purchase Orders - Answer = one time delivery for a particular good or service.
, = usually needs to be authorized by the chief executive office or designee.
= once the good/services provided are paid for in full the order is closed.
P-Card - Answer = Purchasing card
= works like a personal credit card
Credit Card - 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 - Answer = Actual cash kept for small purchases that do not need a purchase
order and other means of paying.
= Involve a requisition form to obtain the cash and a receipt for a purchase made.
A. 02 Operate within an Existing Budget - Answer
Income Statements Answer = Reflect the profitability of the facility or cost center over a
period of time such as: month, quarter, or fiscal year.
= Revenues, expenses, and net income
Budget Statements Answer = A report of allocated and expended monies.
Allocated Monies Answer = The amount of money budgeted and approved by the
governing body.
Expended Monies Answer = The dollars that have been spent to date.
Cash Flow Statements-Answer = Also looks at revenues and expenses, but cash flow
statements shows whether the cash is positive or negative.
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