Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CPRP EXAM > Finance > Flashcards

Finance Flashcards

1
Q

Who has the ultimate responsibility of financial management within an agency?

A

The CEO and board

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the major resources for park and rec agencies?

A

Fees and charges, rental income, and retail sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What 3 things improve the internal processing of cash collection and deposits?

A

Revenue collection policies and procedures for each major source
2. Established procedures for each collection location
3. Special deposit procedures to handle revenue processing and security

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is petty cash?

A

Actual cash kept on hand for small purchases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Where do grants come from?

A

State and federal government programs or private foundations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What do park and rec agencies use grants for?

A

Capital projects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What three steps must an agency do to obtain a grant?

A
  1. Planning the project
  2. Searching for funding opportunities
  3. Writing and submitting the proposal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What items are most often found in a grant application?

A
  1. Cover letter
  2. Executive summary
  3. Need description
  4. Work schedule
  5. Budget
    6 . Qualifications
  6. Appendices
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are sponsorships?

A

Cash or in-kind services dobated by companies for needed money, supplies, equipment, or staff.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the 3 levels of sponsorship?

A
  1. Local businesses or individuals
  2. Regional businesses
  3. National companies
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What should a sponsorship proposal include?

A
  1. History of event
  2. Logistics
  3. Benefits of the event
  4. Establish sponsorship packages
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a budget statement?

A

A report of allocated and expended monies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are allocated monies?

A

Monies that have been budgeted and approved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are expended monies?

A

Dollars that have been spent to date.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are encumbrances?

A

Committed funds
Guaranteed expenditures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does a cash flow statement depict?

A

Positive or negative cash flow
It shows money coming into and out of the agency on a monthly statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What formula is used to develop a balance sheet?

A

Assets = liabilities + equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What does a balance sheet show?

A

What an agency owns and what it owes to others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are assets?

A

The economic resources the agency has

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are liabilities?

A

What the agency owes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is equity?

A

The portion of the organization that is owned free and clear of any debt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What kind of data does an agency collect?

A

Attendance figures
Room counts
Cash reports
Maintenance reports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are the three stages in a typical budget process?

A

Preparation
Adoption/authorization
Execution/implementation

24
Q

How are entry-level park and rec professionals involved in budget development?

A
  1. Preparing a budget for thier area of responsibility
  2. Assisting supervisory and administrative staff with components of budget preparation
25
Q

What are revenues?

A

Monies coming into the organization

26
Q

What are 5 sources of revenue?

A
  1. Real property taxes
  2. Personal property taxes
  3. Sales tax
  4. Excise tax
  5. Income taxes
27
Q

What are excise taxes?

A

Taxes imposed in certain goods like hotels, car rentals, cigarettes, alcohol

28
Q

What is compulsory income?

A

Taxes

29
Q

What are real property taxes?

A

Tax assessed on land and anything built or growing it.

30
Q

What are personal property taxes?

A

Taxes on house and business properties such as cars, furniture, stocks and bonds

31
Q

What is earned income?

A

Income generated through fees and charges

32
Q

Why are contracts used?

A

When an agency cannot provide a service as effectively as a commercial organization

33
Q

What are expenditures?

A

A disbursement, expense or cost related to doing businesss

34
Q

What are the biggest expenditures?

A

Personel

35
Q

What is subsidization?

A

Cost recovery of a program

36
Q

What is the demand of a program?

A

The minimum and maximum enrollment for a program or the projected number of participants

37
Q

What is the paramount importance in establishing the proper price of a program?

A

Knowing how many people will participate in the program

38
Q

What are fixed costs?

A

Costs that do not change with the number of participants and remain constant for the duration

39
Q

What kind of costs area result of conducting a specific program?

A

Direct fixed costs

40
Q

What are indirect fixed costs?

A

Overhead costs like administrative expenses, utilities, maintenance, debt payment

41
Q

What are the two popular approaches in assigning fixed costs to programs?

A

Equal-share allocation and equal share

42
Q

What are variable costs?

A

Costs that result from the actual operation I on of the program and change directly and proportionately to the people enrolled

43
Q

What is the formula for the break-even price?

A

P=(F+V)/N

Price=(all fixed costs + variable costs)/ demand for the program

44
Q

What is the cost-recovery rate?

A

The percent that the program will either be subsidized, break even, or make a profit.

45
Q

What is the formula for determining the cost of a program after the cost recovery rate has be found?

A

Price=unit cost × (1- subsidy rate)

46
Q

What does “object” mean in the object-classification budget?

A

Line item

47
Q

What is a cost center?

A

Any organizational unit that is administered by responsible staff who is responsible for the activities of that unit

48
Q

Which financial statement shows the allocated and expended monies, percent of encumbered monies, and the account balances allowing Stagg to make fiscal projections?

A

Budget statement

49
Q

What is a purchase that is most likely to be made with petty cash?

A

A $10 replacement basketball net

50
Q

Tax rates are sometimes expressed in mills? How many mills is $1?

A

1000

51
Q

Which financial statement depicts assets, liabilities and equity, and a summary of what the agency owes and its owns outright?

A

Balance sheet

52
Q

A grant would be a good source of funding for ..

A

Trail construction

53
Q

You have a break even price of $20. What is the cost if the program is subsidized 100%?

A

$0

54
Q

The tax rate is 40 mills on a house with an assessed of $100,000. What is the property tax owed by the homeowner?

A

$4,000

55
Q

Given the following information, what are the agency’s total liabilities?
Current assets=$100,000
Fixed assets=$75,000
Equities=$50,000

A

$125,000

56
Q

Making your park and rec agency the beneficiary of a life insurance policy is …

A

Consider a planned gift

57
Q

True/false
P-cards can have a rolling monthly balance.

A

False

CPRP EXAM (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions