CH 3

Question 1

7 Steps of the budgeting process

Answer 1

planning
feedback/data
consensus
presenting
approval
implement
evaluate your budget SWOT

Question 2

Budget

Answer 2

an itemized estimate of expected income & expenses for a given period in the future/itemized allotment of funds, time, etc for a given period

Question 3

Important Q’s for budget planning

Answer 3

what has i cost program in past?
what needs to change for current needs?
what programs can use as comparison?
can current staffing needs meet stated mission?

Question 4

Presenting the budget for approval

Answer 4

budget requests should be finalized & contain no hidden expenditures

Question 5

implementing the budget

Answer 5

requires program manager to ensure judicious spending of allocated funds outlined by budget

Question 6

evaluating the budget

Answer 6

closes feedback loop of the budget cycle & takes process back to planning stage

Question 7

budget cycle (budgeting period)

Answer 7

is the period of time during the calendar year when the budget is made

Question 8

fiscal year

Answer 8

represents period of time that a specific budget is implemendted

Question 9

short-term budget

Answer 9

“annual budget” covers day to day costs of operating a given program

Question 10

operational budget

Answer 10

includes items like salaries, administrative costs, & office operations

Question 11

(t/f) the equipment/ supplies and services budget will include the expendable & nonexpendable supplies, equipment, and annual services

Answer 11

true

Question 12

fixed expenses

Answer 12

can be determind by charge per patient treatment

Question 13

long-term budget

Answer 13

involves budget items that exceed the annual budget

Question 14

limited budget

Answer 14

monies managed throughout the year/money remaining in the budget toward the end of the fiscal year taken back & used in other parts of the organization

Question 15

line budget

Answer 15

budget is seperated into various categories or objects on a line->line items can be plotted over the course of the fiscal yr-> view resource expenditures over time

Question 16

program budget

Answer 16

allows for specific subdivisions of an overall system to have separate accountability

Question 17

incremental budgets

Answer 17

uses an existing budget & either adds or subtracts a specific percentage based on available funds

Question 18

zero-based budgets

Answer 18

help provide comprehensive, frugal method of financial monitoring “help control costs”

Question 19

planning program and budget system

Answer 19

relies on planning & linking expenditures to specific objects/ help evaluate budget choices based on comparing alternatives/compare all alternatives & move forward

Question 20

fixed budget

Answer 20

relies on set budget amount for a given period of time/larger buisness

Question 21

variable budget

Answer 21

“flexible budget”allows adjustments to monthly expenses based on monthly revenues

Question 22

interscholastic system

Answer 22

strapped financially for basic instructional resources/often controlled @ district level

Question 23

Revenue center

Answer 23

unit w/in organization that is responsible for generating revenues

Question 24

private sector venues

Answer 24

designed to gain profit

Question 25

public sector venues

Answer 25

designed to break even or not go over established budget

Question 26

cost center

Answer 26

part of an organization that does not produce direct profit & adds to the cost of running the organization

Question 27

purchasing process

Answer 27

process of acquiring goods & services on behalf of an organization for the purpose of fulfilling specific goals & objectives

Question 28

bid

Answer 28

document provided by vendor for goods and services

Question 29

competitive bids

Answer 29

a group of bids-> determined best price & value for items

Question 30

lot

Answer 30

a group of items that vendors bid on in a group

Question 31

requisition

Answer 31

a written document requesting goods & or. services from a group or department w/in your own organization

Question 32

internal requisition

Answer 32

written document requesting goods and or services from a group or department w/in your own organization

Question 33

purchase order

Answer 33

formal agreement to purchase items that have been requisitioned

Question 34

invitation for bids

Answer 34

formal invitation to supply bids for specific purchases or services