Chapter 4 - Cash Management, Petty Cash, Change Funds, Bank Reconciliations

Question 1

Each local unit shall adopt a ___ ___ ___ and shall deposit, or invest, its funds pursuant to that plan

Answer 1

Cash Management Plan

Question 2

The cash management plan shall include the designation of a depository, also known as the ____

Answer 2

Governmental Unit Deposit Protection Act (GUDPA)

Question 3

Who is responsible for administering the cash management plan?

Answer 3

The CFO

Question 4

All moneys collected by a local unit must be deposited within ___ hours.

Answer 4

48 hours

Question 5

A limited sum of cash left on hand to make small dollar purchases in an expeditious manner

Answer 5

Petty Cash

Question 6

On or before ____ petty cash funds must be returned, in total, to the treasurer for redeposit to the Current Fund checking account

Answer 6

December 31st

Question 7

To facilitate handling the daily cash collections within a local unit, a small quantity of currency and coin may be kept on hand at the start of each day, known as a ___ ___.

Answer 7

Change Fund