Financial Management & Budgeting Flashcards
7 cards from real CRA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Financial Management & Budgeting flashcards as text
What does the term 'carryover' mean in the context of federal grant management?
Answer: Spending unobligated balances from one budget period in a subsequent budget period
Carryover refers to the authorized use of unobligated funds remaining at the end of one budget period in a subsequent budget period.
Under 2 CFR 200, which of the following is a characteristic of an allowable cost?
Answer: It must be allocable, reasonable, consistent with institutional policies, and conform to award terms
Uniform Guidance establishes that allowable costs must be necessary, reasonable, allocable, consistent with institutional policies, and conform to applicable award terms.
A subrecipient under a federal pass-through award is BEST described as:
Answer: An entity that receives a subaward to carry out part of a federal program's substantive scope of work
A subrecipient is an entity receiving a subaward to perform substantive programmatic work under the federal award, as distinguished from a contractor/vendor.
What is the primary purpose of effort reporting in federally sponsored research?
Answer: To certify that the proportion of effort charged to a grant matches the actual effort expended
Effort reporting certifies that salaries charged to federal awards correspond to the actual proportional effort devoted to those projects.
When must an institution obtain prior approval before incurring pre-award costs on a federal grant?
Answer: When required by the terms of the award or the federal agency's regulations
Pre-award costs may be incurred up to 90 days before the award when the non-federal entity accepts full financial responsibility, but some agencies require prior approval per their specific terms.
In a modular NIH grant budget, what is the maximum allowable amount per module?
Answer: $25,000
NIH modular budgets are structured in modules of $25,000 each, up to a maximum of $250,000 direct costs per year for qualifying mechanisms.
Which of the following best describes 'float' in the context of research administration financial management?
Answer: The time difference between when costs are incurred and when they are posted to the ledger
Float refers to the lag time between when expenditures are incurred and when they are actually posted to the financial accounting system.