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CPRP EXAM > Finance > Flashcards

Finance Flashcards

1
Q

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

A

The CEO and board

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2
Q

What are the major resources for park and rec agencies?

A

Fees and charges, rental income, and retail sales

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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

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4
Q

What is petty cash?

A

Actual cash kept on hand for small purchases

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5
Q

Where do grants come from?

A

State and federal government programs or private foundations

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6
Q

What do park and rec agencies use grants for?

A

Capital projects

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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
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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
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9
Q

What are sponsorships?

A

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

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10
Q

What are the 3 levels of sponsorship?

A
  1. Local businesses or individuals
  2. Regional businesses
  3. National companies
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11
Q

What should a sponsorship proposal include?

A
  1. History of event
  2. Logistics
  3. Benefits of the event
  4. Establish sponsorship packages
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12
Q

What is a budget statement?

A

A report of allocated and expended monies

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13
Q

What are allocated monies?

A

Monies that have been budgeted and approved

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14
Q

What are expended monies?

A

Dollars that have been spent to date.

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15
Q

What are encumbrances?

A

Committed funds
Guaranteed expenditures

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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

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17
Q

What formula is used to develop a balance sheet?

A

Assets = liabilities + equity

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18
Q

What does a balance sheet show?

A

What an agency owns and what it owes to others

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19
Q

What are assets?

A

The economic resources the agency has

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20
Q

What are liabilities?

A

What the agency owes

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21
Q

What is equity?

A

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

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22
Q

What kind of data does an agency collect?

A

Attendance figures
Room counts
Cash reports
Maintenance reports

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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)

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