CRA Financial Management of Sponsored Programs

Question 1

What is the primary goal of financial management in sponsored programs?

Accepted Answer

Ensure appropriate and compliant use of funds

Answer

Track PI vacation days

Answer

Monitor research publications

Answer

Set staff goals

Question 2

Who is responsible for financial oversight of a grant?

Accepted Answer

PI and institutional grants office

Answer

Only finance office

Answer

Only the dean

Answer

Peer reviewers

Question 3

Why is timely expense reporting important?

Accepted Answer

To meet sponsor audit and reporting requirements

Answer

To impress collaborators

Answer

To apply for new grants

Answer

To recruit staff

Question 4

What is cost sharing?

Accepted Answer

Institutional contribution to project costs

Answer

A matching contribution by staff

Answer

Bonus fund for investigators

Answer

PI’s salary

Question 5

Which document outlines allowable costs?

Accepted Answer

Award terms and sponsor guidelines

Answer

Lab manual

Answer

PI's preference

Answer

Meeting minutes

Question 6

What is a no-cost extension?

Accepted Answer

Extending project period without extra funds

Answer

Cancels the award

Answer

Adds new staff

Answer

Replaces all objectives

Question 7

How often are financial reports typically submitted?

Accepted Answer

Quarterly or annually

Answer

Every day

Answer

Every 5 years

Answer

Only at project end

Question 8

What is effort reporting?

Accepted Answer

Verifying time spent on project activities

Answer

Vacation tracking

Answer

Payroll system name

Answer

Reassigning tasks

Question 9

Which tool is used to track expenses?

Accepted Answer

Institutional financial system

Answer

Google Sheets

Answer

Peer-reviewed journals

Answer

Email updates