Free NCG Financial Management & Recordkeeping Questions and Answers

Question 1

What is the guardian’s duty regarding the ward’s finances?

Accepted Answer

Manage conservatively in the ward’s best interest

Answer

Invest for maximum personal gain

Answer

Spend freely without oversight

Answer

Transfer funds to family accounts

Question 2

What should a guardian do with receipts and financial records?

Accepted Answer

Keep organized and submit with reports

Answer

Discard them after one month

Answer

Submit only if requested

Answer

Share only with family

Question 3

Which financial tool helps track the ward’s income and expenses?

Accepted Answer

Budget

Answer

Loan agreement

Answer

Power of attorney

Answer

Medical summary

Question 4

What should a guardian do before making large financial decisions?

Accepted Answer

Get court approval

Answer

Ask a family member

Answer

Consult the ward’s friend

Answer

Proceed without delay

Question 5

Why is recordkeeping important in guardianship?

Accepted Answer

To provide transparency and accountability

Answer

So records can be destroyed later

Answer

To keep information secret

Answer

To reduce workload

Question 6

What is a red flag in a guardian’s financial management?

Accepted Answer

Mixing personal funds with the ward’s

Answer

Keeping separate accounts

Answer

Using the ward’s income only for their needs

Answer

Preparing financial statements annually

Question 7

What is the most appropriate action a guardian should take when managing a ward’s bank account?

Accepted Answer

Maintain a separate account in the ward’s name with proper documentation

Answer

Add their own name to the ward’s account for convenience

Answer

Use a shared family account to simplify expenses

Answer

Deposit funds into the guardian’s personal account temporarily

Question 8

How often should a guardian update and review the financial records of the ward?

Accepted Answer

On an ongoing basis with regular reviews and documented reports

Answer

Only at the end of the year

Answer

Every time the ward makes a request

Answer

Once before the court’s annual audit

Question 9

Which type of expenditure would generally be considered inappropriate for a guardian to make using a ward’s funds?

Accepted Answer

Purchasing luxury items for the guardian’s personal use

Answer

Paying for a professional caregiver’s services

Answer

Buying mobility aids for the ward

Answer

Paying the ward’s medical bills