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Finance Comprehensive Exam – ELPS: Questions With Correct Answers
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Finance Comprehensive Exam – ELPS: Questions With Correct Answers
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Finance Comprehensive Exam – ELPS: Questions With Correct Answers Categorical aid programs tend to require greater control than basic revenues Right Ans - TrueSchool districts who have shown responsible financial accounting for a substantial period of years are not required to conduct an audit every year. Right Ans - False
Categorical funds may be distributed based on enrollment or eligibility formulas Right Ans - True
Annual school district audits may be conducted by in-house fiscal advisors Right Ans - False
Sale of food items on campus must legally be authorized by the school board Right Ans - True
Student organizations receive an allocation of revenue from the district to operate their programs. Right Ans - False
Annual external audits for student body funds are not required - only periodic internal audits Right Ans - False
A Mello-Roos is used most often when there is vacant land in the school district. Right Ans - True
Districts may charge parents to transport regular education students to and from school unless parents or guardians are "indigent'. Right Ans - True
The term "operations" refers to a district's housekeeping routines that keep school plants functional Right Ans - True
Repairs and replacement of facilities is a maintenance function Right Ans - True Contracting out food services has been clearly shown to be superior both in terms of food quality and of financial success to food prepared in-house in school district cafeterias. Right Ans - False
School district policies on maintenance and operations should include the district's philosophy on contracting out of services. Right Ans - True
Food services monies are placed in the district's general fund. Right Ans - False
The advantage of a COP loan is that it can be easily paid back by the district from extra taxes collected. Right Ans - False
Most of California's school buildings were built more than 25 years ago Right Ans - True
State bond issues require a simple majority vote for approval. Right Ans - True
Proposition 39, in November 2000, changed the 2/3 voter approval requierement for local district general obligation bonds. Right Ans - True
Building new prisons competes for dollars from the same state fund with public schools. Right Ans - True
Currently the major way of financing school construction in California is general obligation bonds Right Ans - True
In order to receive School Improvement Program (SIP) funds, schools must have a plan developed by the school site council. Right Ans - True
The California Supreme Court recently ruled that schools may charge fees for extra curricular activities Right Ans - False
A 55% vote is required to pass bond issues for local districts Right Ans - True What is the largest and most active fund of a school district which contains such expenditures as salaries, benefits, textbooks and instructional supplies?
a. special reserve fund
b. proprietary fund
c. child development fund
d. general fund Right Ans - General fund
Two of the highest funded categorical aid programs from the federal government include:
a. child nutrition (for district food services) and year round incentives.
b. ECIA Title 1 and Child Nutrition
c. transportation aid and GATE
d. School Improvement Program (SIP) and adult education Right Ans - ECIA
Title 1 and Child Nutrition
There continues to be much discussion about doing this to improve flexibility in categorical programs funded both in California and at the federal level:
a. increase in students from other countries
b. requirements of school site councils
c. consolidation
d. encroachment Right Ans - consolidation
Who has the legal responsibility to establish regulations and procedures for student body organizations and student body funds?
a. the school principal
b. school boards
c. the state legislature
d. the student council Right Ans - school boards
What type of information does a financial audit not provide school districts:
a. financial condition of the district
b. accounting methods used by staff
c. impact of financial expenditures on educational programs
d. compliance with laws and regulations Right Ans - impact of financial expenditures on educational programs
What must student body organizations do to make sure they are properly and legally functioning?
a. have a constitution stating the purpose of the organization
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