GPC Financial Management & Budgeting 2

Question 1

What is the primary purpose of a Single Audit for organizations receiving federal funds?

Accepted Answer

To examine an organization's financial statements and federal award compliance

Answer

To review a grant proposal before it is submitted to funders

Answer

To evaluate only the programmatic outcomes of a single federal grant

Answer

To assess the qualifications of grant writing staff

Question 2

At what dollar threshold of annual federal expenditures does an organization become subject to a Single Audit under 2 CFR Part 200?

Accepted Answer

$750,000

Answer

$500,000

Answer

$1,000,000

Answer

$250,000

Question 3

What is the Schedule of Expenditures of Federal Awards (SEFA)?

Accepted Answer

A financial schedule detailing all federal grant expenditures during the audit fiscal year

Answer

A document listing all proposed costs in a grant budget

Answer

A schedule of grant application deadlines for the fiscal year

Answer

A list of federal agencies that have approved grant applications

Question 4

What is 'drawdown' in the context of federal grant financial management?

Accepted Answer

The act of requesting and receiving grant funds from the awarding agency

Answer

The process of reducing the grant budget due to poor performance

Answer

The final closeout report submitted to the grantor

Answer

The transfer of grant funds between fiscal years

Question 5

Which financial document shows the comparison between budgeted and actual grant expenditures?

Accepted Answer

Budget vs. actual variance report

Answer

Balance sheet

Answer

Statement of cash flows

Answer

Profit and loss statement

Question 6

How is 'program income' defined in federal grant management?

Accepted Answer

Gross income earned by the grantee that is directly generated by supported grant activities

Answer

The total amount of the grant award received by the organization

Answer

The indirect cost recovery received from the funder

Answer

Revenue generated by the organization's non-grant-funded programs

Question 7

What does 'carryover' mean in federal grant management?

Accepted Answer

The transfer of unobligated funds from one budget period to the next with funder authorization

Answer

The process of automatically extending the grant beyond its original end date

Answer

Moving expenses from one budget category to another within the same period

Answer

Carrying over reporting requirements to the next fiscal year