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WGU D023 SCHOOL FINANCIAL LEADERSHIP QUESTIONS AND ANSWERS 2024
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WGU D023 SCHOOL FINANCIAL LEADERSHIP QUESTIONS AND ANSWERS 2024
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WGU D023 SCHOOL FINANCIALLEADERSHIP
Types of Budgets - ANSWERS-1) Cash;
2) Capital;
3) Operating;
4) Master
Best Practices in school budgeting - ANSWERS-to maintain often, align priorities
and resources with performance goals
expenditure - ANSWERS-an expense; the amount needed to be paid out
revenue - ANSWERS-An increase in owner's equity resulting from the operation of
a business; incoming money
line-item, or "traditional," budgeting; - ANSWERS-Line-item budgeting is the most
common approach used in schools because of its simplicity and focus on control.
With this strategy, the budget is developed based on historical expenditures and
revenue data. Funding is determined by the previous year's allocation, with
possible adjustments for inflation, enrollment fluctuations, cutbacks, and other
similar influences. The line-item categories of revenues and expenses are
mutually exclusive; revenue and expense items must fit into only one category
and be submitted for approval.
,Easy to prepare, organized, less flexible, does not consider outcome of school
goals
performance budgeting - ANSWERS-budgeting that takes into account the
outcomes of government programs
program and planning budgeting; (PPBS) - ANSWERS-budget requests are
summarized in terms of a few broad programs rather than in the intricate detail
of line-item expenditures. For educational budgeting purposes, the chief thrust is
on identifying the fundamental objectives of the school and then relating all
program expenditures back to these objectives. This conceptual framework
includes the practices of explicitly projecting the long-term costs of programs and
evaluating different program alternatives that may be used to reach long-term
goals and objectives.
zero-based budgeting (ZBB) - ANSWERS-Assume you're starting from scratch
when budgeting. Each expenditure must be justified in terms of the new goals
and action plans.
-bottom up
-involvement of faculty and staff
-use every few years
Site-Based Budgeting (SBB) - ANSWERS--Superintendent gives you "X" amount of
$. Principal works with stakeholders and might even break up departments and
give them $ amounts and tell them to create their own budgets. Takes less time
and decision put into stakeholder hands.
,outcome focused budgeting - ANSWERS-has become increasingly more outcome
focused as a result of the No Child Left Behind Act and subsequent ESEA waiver
requirements. In addition, competition for limited resources has created the need
to ensure a more effective and efficient use of resources at all levels of the
educational system. Similar to the PPB method, the outcome-focused budgeting
approach links the allocation of resources to outcomes, assigning resources to
those programs or activities that best meet the school's goals and objectives.
Total Quality Management (TQM) - ANSWERS-a management philosophy that
focuses on satisfying customers through empowering employees to be an active
part of continuous quality improvement
What type of budget?
A principal is allowed to involve campus stakeholders in making decisions
concerning the campus budget. - ANSWERS-Site based
The site-based budget model involves a collaborative process where school
stakeholders and the site-based decision-making team have a say in where
campus dollars are spent. The principal is able to involve teachers and others
invested in the school in the budgeting process.
What type of budget?
The superintendent charges a principal to create a budget that justifies each and
every expenditure made at the campus. - ANSWERS-Zero-based
A zero-based budget is a model where a principal is charged (typically by the
superintendent) to justify every expenditure made in a campus budget beginning
, with zero dollars. This process is typically used less frequently and is designed to
justify budgetary needs.
What type of budget?
A principal is allowed to involve A principal is expected to implement new math
and reading programs for the campus during the next school year. The
superintendent has charged the principal with creating a budget that considers
the effectiveness and cost of different math and reading programs. - ANSWERS-
PPBS
PPBS budgeting is a process where a principal has the opportunity to explore the
best model and cost effectiveness among different alternatives of instructional
and supportive school products and resources. It allows an effective budgeting
process to evaluate and decide on the best resources and programs for a campus
based on the cost and effectiveness of various alternatives.
What type of budget?
Revenue and expenditures are mutually exclusive. This budgeting practice is
based on fluctuations by category from the previous year to the new year's
projection. It is the most simplistic form of budgeting but cannot be modified
easily once crafted. - ANSWERS-Line-item
Line-item budgeting is the most common budget model used in schools and
districts. It is grounded in a review of the previous year's budget and budget
trends—including expenditures and revenues. Then a new year budget is
projected and allocated based on this analysis.
What type of budget?
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