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FMD Pro AR > FMD Key Concepts > Flashcards

FMD Key Concepts Flashcards

1
Q

Funding sources

A

Government

Philanthropist

Corporate Sector

Public Donation

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2
Q

funds and finances

A

Funding is actually the money provided by companies or by a government sector for a specific purpose, whereas, financing is a process of receiving capital or money for the business purpose, and it is usually provided by financial institutions, such as banks or other lending agencies.

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3
Q

financial management

A

Financial management involves planning, organizing, monitoring, and controlling the financial resources of an organization to achieve its objectives.

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4
Q

financial management aims to

A

help an organization achieve its objectives.

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5
Q

If stakeholders at all levels of an organization need to exercise weak financial management so what will happen?

A

the organization can’t realize its strategic and operational objectives.

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6
Q

If there are no clear strategies implemented

A

there will not promote financial sustainability, diversify income, and build strategic reserves.

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7
Q

Financial management processes and practices are critical to

A

achieving the shorter-term operational objectives of all programs and projects.

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8
Q

financial management activities are

A

Planning,

organizing,

monitoring, and

controlling.

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9
Q

What do we do in planning activity?

A

looking ahead, identifying upcoming activities, and building a comprehensive overview of the resources needed to implement them.

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10
Q

strategic documents planning tools are

A

Strategic plan,

Theory of Change, and

Financing strategies

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11
Q

operational documents planning tools are

A

Log frames,

Activity plans,

Calendars, and,

of course, budgets.

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12
Q

What do we do in organizing activity?

A

identifying, obtaining, and aligning the resources and people needed to implement projects efficiently.

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13
Q

organizing activity tools are

A

Organization’s constitution,

organograms,

job descriptions,

code of conduct,

accounting and coding systems,

policies and procedures manuals,

forms and once again, budgets.

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14
Q

What do we do in monitoring activity?

A

Tracking progress using up-to-date financial information with the intent of identifying risks and issues early on and taking corrective action, if needed.

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15
Q

What are the monitoring activity tools?

A

Project evaluation reports,

periodic progress reports,

audit reports,

budget monitoring reports,

cash flow reports,

reports to funders, and

once again, budgets.

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16
Q

What do we do in controlling activity?

A

Setting up and implementing the systems, rules, procedures, and practices that make sure financial and other resources are used efficiently and effectively.

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17
Q

Controls protect both organizational resources and ……….?

A

staff

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18
Q

Why do we need to setting up and implementing the systems, rules, procedures, and practices in the controlling?

A

for making sure financial and other resources are used efficiently and effectively.

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19
Q

good control tools are

A

Financial policies and procedures,

delegated authority document,

audits,

procurement processes,

vehicle policies,

insurance, and

once again, budgets.

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20
Q

If the aim of financial management is to help an organization “achieve its objectives”, this means that

A

good financial management is everyone’s responsibility, not just members of the finance staff.

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21
Q

Financial management definition and the four principles Planning, Organizing, Monitoring, and Controlling are

A

broad and apply to all kinds of accounting at all levels.

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22
Q

Does management accounting a statutory requirement?

A

It is not usually a statutory requirement.

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23
Q

statutory

A

قانوني

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24
Q

management accounting is

A

relevant to the project team.

It is forward-looking and helps you make project-level forecasts and decisions.

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25
Q

financial accounting is

A

relevant to donors, funders, and external stakeholders.

It is backward-looking, in that, it reports the actual numbers

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26
Q

Does financial accounting a statutory obligation?

A

It is often a statutory obligation

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27
Q

project team members contribute to strategic and operational objectives through

A

a system of delegated authority

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28
Q

Who has the ultimate steward of the organization?

A

organization board

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29
Q

Organization board aims to

A

Make sure that funds are used appropriately and benefit all those they are intended to help.

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30
Q

Organization board delegate some of their work to

A

operate efficiently, a board may need to delegate decision-making and operational authority to others who can act on their behalf.

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31
Q

Do you have an example of how the organization board can delegate some of the work?

A

The boards delegates to the CEO, the CEO delegates to the senior managers, and the senior managers delegate to the project and operational teams.

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32
Q

Authority delegated down to

A

project teams to make decisions and run operations.

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33
Q

teams are accountable for their

A

operations and decisions they make and must report upwards.

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34
Q

Reporting on the progress of operations gives

A

the management of an organization strong data to manage strategically.

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35
Q

What are the inputs for strong strategic management?

A

Operations progress reporting, that is produced by the project team.

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36
Q

Accountability flows up from a project and team staff to

A

the governing body of an organization.

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37
Q

woven

A

نسج

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38
Q

At the operational level, your knowledge helps you make

A

informed decisions about your project, and your actions feed up into the wider financial system, contributing to an organization’s strategic objectives.

39
Q

Project management is complex and involves a variety of disciplines such as

A

Scope management, time management, risk management, stakeholder management, and financial management

40
Q

In order to ensure that my project effectively addresses the needs of the world’s most vulnerable communities

A

I need to understand how to plan, organize, monitor, and control my project’s financial (and non-financial) resources.

41
Q

Finance team can be especially helpful providing support to project staff with

A

setting up strong finance systems,

recording financial data in a timely way,

administering payment and reconciliation processes,

producing financial reports,

and advising project teams on the best approaches to complex financial issues (compliance issues, cost sharing, depreciation, etc.)

42
Q

Having detailed knowledge of the project operations helps the project team to

A

identify where there are risks and opportunities for improvement in the use of project financial resources.

43
Q

Use financial reports to

A

monitor project performance and identify actions to keep project finances on track.

44
Q

Use internal controls to

A

protect NGO assets and minimize the risk and impact of fraud and errors

45
Q

Implement clear strategies to

A

promote:

financial sustainability,

diversify income, and

build strategic reserves.

46
Q

Authority delegated down to project teams to

A

make decisions and run operations.

47
Q

Financial management four building blocks are

A

Accounting records

Financial planning

Financial monitoring

Internal control

48
Q

Every organization must keep an accurate and complete record of all

A

financial transactions that take place during the financial year? this show how funds have been used.

(accounting records building block)

49
Q

Accounting records includes

A

both the physical paperwork (such as receipts and invoices) and the books of account where the transactions are recorded and summarized.

50
Q

Other examples of planning tools include

A

cash flow forecasts and a financing strategy.

financial planning building block

51
Q

managers uses budget monitoring reports to

A

monitor the progress of their projects

financial monitoring building block

52
Q

annual financial statement provides accountability to

A

external stakeholders

financial monitoring building block

53
Q

Internal control is

A

a system of common sense controls, checks, and balances designed to manage internal risk and safeguard an organization’s money, equipment, and other financial resources.

(Internal control building block)

54
Q

The purpose of internal controls is to

A

minimize losses, such as through theft, fraud or incompetence;

To detect errors and omissions in the accounting records. An effective internal control system also protects staff, an organization’s most important asset!

(Internal control building block)

55
Q

omissions

A

اغفالات

56
Q

books of account relating to

A

accounting records

57
Q

cash flow forecast relating to

A

financial planning

58
Q

annual financial statement relating to

A

financial monitoring

59
Q

checks, and balances that protect against fraud and errors relating to

A

Internal control

60
Q

project monitoring report relating to

A

financial monitoring

61
Q

Budgets relating to

A

financial planning

62
Q

receipts, invoices, and documents relating to financial transactions are relating to

A

accounting records

63
Q

audits relating to

A

Internal control

64
Q

Policies and procedures relating to

A

Internal control

65
Q

Finance manual helps in

A

describes how an organization manages its finances.

guides project teams in setting up its finance processes.

it serves as a reference to avoid misunderstandings

encourages consistency by setting out policies and procedures.

it establishes the framework within which a team can manage project finances and

helping to avoid misunderstandings and encourage consistency.

66
Q

financial control system establishment isn’t an easy task

A

Even in small organizations, the financial control system can become quite complex. Each of the four building blocks needs a collection of financial policies and procedures that guide operations and inform how an organization uses and manages its money.

67
Q

It is important to document organization policies and procedures to

A

ensure that all staff knows what is expected.

68
Q

Policies are

A

principles or guidelines for a key area of activity within an organization. For example, a vehicle policy will clarify who can drive an organization’s vehicles, how the vehicle should be disposed of when no longer needed, and outlines the rules on private use by staff.

69
Q

Procedures describe

A

the steps for carrying out the guidelines in a policy. They often include a requirement to complete standard forms, to gather data, and ensure authorization for actions. A vehicle procedure might require the completion of vehicle requisition forms and journey log-sheets.

70
Q

Policies are usually written by senior managers and are approved by

A

the board or management team. Once approved, everyone in an organization must follow the policy.

71
Q

some possible contents of a typical finance manual are

A

Accounting rules and routines

Bank and cash handling procedures

Code of conduct

Coding structures

Delegated authority

Financial planning and budget management processes

Financial reporting routines

Fixed assets

Foreign exchange

Fraud and other irregularities

Grant management guidelines

Insurance

Procurement procedures

Staff benefits, allowances, and expenses

Stock control

Vehicle management

72
Q

Project teams should implement all activities with the aim of

A

continuous improvement of the project and its processes, practices, and activities.

73
Q

All financial management activities should be

A

implemented in the context of a Plan–Do–Review cycle that allows your team to learn from experience.

74
Q

Plan is

Plan - Do - Review

A

The project team sets its objectives and plans activities. Then, the team prepares a budget that estimates the costs involved in running the activities and develops proposals to raise the required funds.

75
Q

Do is

Plan - Do - Review

A

The project team implements the activities, according to the project plan. The team spend money and account for the financial transactions which take place, using the resources estimated in the budget.

76
Q

Review is

Plan - Do - Review

A

Throughout the project the team monitors progress by comparing the original plans to what actually happened. Managers will use the monitoring information to identify actions so the project stays on track. The learning from this phase is used in the next planning phase, adjusting budgets if needed. There is a continual process of review, learning and adaptation.

77
Q

Risks bribery and corruption is

A

Weak financial management

78
Q

allows staff to adapt procedures depending on the situation is

A

Weak financial management

79
Q

helps an organization achieve its objectives is

A

Strong financial management

80
Q

involves planning for when and how to spend is

A

Strong financial management

81
Q

relies on one individual for financial control is

A

Weak financial management

82
Q

belongs only to finance team is

A

Weak financial management

83
Q

Sets up controls, policies, and procedures is

A

Strong financial management

84
Q

is focused on shorter-term, immediate needs are

A

Weak financial management

85
Q

monitoring progress is

A

Strong financial management

86
Q

Ensures an organization’s resources are used effectively is

A

Strong financial management

87
Q

happens at all level on an organization is

A

Strong financial management

88
Q

Concentrates on organizational needs rather than on funder requirements are

A

Weak financial management

89
Q

Which of the four building blocks of financial management includes documentation of financial transactions that take place to show how funds have been used?

A

Accounting records

90
Q

Who is ultimately the steward of the organization’s finances, making sure that funds are used appropriately and benefit all those they are intended to help?

A

Board

91
Q

Which statement best describes how the Plan–Do–Review cycle is linked to the financial management process?

A

it shows how the project teams sets budgets, spend money, and continually learn from, and make the improvement to financial management processes.

92
Q

What is the main purpose of the internal control building block?

A

protects resources and staff from risks such as fraud and errors.

93
Q

Which of these financial management tasks falls primarily on project staff?

A

Monitoring project budgets and expenditures and reporting issues to managers

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